Q3 2024 Yalla Group Ltd Earnings Call Transcript
Key Points
- Yalla Group Ltd (YALA) reported record high revenues of USD88.9 million for the third quarter, exceeding guidance by 8%.
- Net income increased by 11.2% year-over-year to USD39.2 million, showcasing enhanced profitability.
- The company achieved a significant increase in average monthly active users, reaching 40.2 million, up 14.5% year-over-year.
- Yalla Ludo and 101 Okey Yalla set new quarterly revenue records, demonstrating strong product performance.
- The company maintained a solid cash position with USD570.1 million in cash and equivalents as of September 30, 2024.
- Total costs and expenses increased by 6.9% to USD56.4 million, impacting overall profitability.
- Cost of revenues rose by 14.6% due to higher commission fees, increasing the cost of revenues as a percentage of total revenues to 35.8%.
- General and administrative expenses increased by 38.3%, primarily due to higher incentive compensation.
- The introduction of the UAE Corporate Tax Law led to an increase in income tax expenses.
- Revenue guidance for the fourth quarter of 2024 is projected to be between USD77 million and USD84 million, indicating potential revenue decline compared to the third quarter.
Good morning, and good evening, ladies and gentlemen. Thank you for standing by for Yalla Group Limited's third-quarter 2024 earnings conference call. (Operator Instructions) Today's conference call is being recorded.
Now I will turn the call over to your speaker host today, Ms. Kerry Gao, IR Director of the company. Please go ahead.
Hello, everyone, and welcome to Yalla's third-quarter 2024 earnings conference call. We released our earnings press release earlier today, and the release is now available on our IR website as well as on Newswire outlets. Before we continue, please note that the discussion today will contain forward-looking statements made under the safe harbor provision of the US Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in our
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