YY Inc. (NASDAQ:YY) Q2 2020 Earnings Conference Call - Final Transcript
Aug 12, 2020 • 09:00 pm ET
Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Inc.'s Second Quarter 2020 Earnings Call. [Operator Instructions] After the management's prepared remarks, there will be a question-and-answer session. [Operator Instructions].
I'd now like to hand the conference over to your host today, Mr. Matthew Zhao, the company's General Manager of Investor Relations. Please go ahead, Matthew.
Thank you, operator. Good morning and good evening, everyone. Welcome to JOYY's second quarter 2020 earnings conference call. Joining us today are Mr. David Xueling Li, Chairman and CEO of JOYY; CFO, Mr. Bing Jin; and COO, Ms. Ting Li.
For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session. The second quarter 2020 financial results and webcast of this conference call are available at ir.yy.com. A replay of this call will also be available on our website in a few hours.
Before we continue, I refer you to our Safe Harbor statement in our earnings press release, which apply to this call as we will make forward-looking statements. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in renminbi.
I will now turn the call over to our Chairman and CEO, Mr. David Xueling Li. Please go ahead, sir.
David Xueling Li
Thank you, Mathew.
Hello, everyone. Welcome to our second quarter 2020 Earnings Call.
Before we jump into details about the business development in order to provide everyone with a better picture of our quarterly performance, I would like to remind you that starting from this quarter we have deconsolidated Huya's financial results and listed them as discontinued operations. Such deconsolidation applies to both current quarter and historical comparative period.
In light of the rapidly changing market dynamics due to the COVID-19 and recent geopolitical uncertainties, we have been actively reviewing our global dual-engine growth strategy. Our conclusions are three-fold. First, we remain committed to global expansion. Although our business in certain countries experienced some setbacks due to local regulatory changes, we believe such setbacks are temporary as we are convinced that the movement towards worldwide activity is irresistible. Not only does globalization lead to streamlining of information exchange, emergence of innovative technologies and replication of successful business models across geographic boundaries, it also unleashed the power of Internet to boost productivity and raise living standards.
We are at the forefront of this globalization wave and we intend to ride it out deftly and profitably. For example, through Bigo Live, our global live streaming platform, we plan to expand to more regions and further reduce reliance on any single market. As Bigo Live's user base expands, we will remain focused on developing a highly integrated ecosystem for social and entertainment live streaming. We believe Bigo Live has the potential to generate four times as much revenue as YY Live over the next few years.
Secondly, we continue to advance our local operations in response to growing geopolitical tensions