JOYY Inc. (NASDAQ: YY) saw its stock price plummet 6.16% in after-hours trading on Wednesday following the release of its fourth quarter and full year 2024 financial results. The sharp decline came as the company reported a significant net loss and a substantial goodwill impairment charge.

For the fourth quarter of 2024, JOYY reported a net loss attributable to controlling interest of $304.1 million, compared to a net income of $45.8 million in the same period last year. The company's bottom line was heavily impacted by a $454.9 million non-cash goodwill impairment charge, primarily associated with prior acquisitions and driven by lower valuations amid current market conditions.

Despite the net loss, JOYY's non-GAAP net income attributable to controlling interest and common shareholders increased to $96.1 million, up from $64.2 million in Q4 2023. The company's net revenues for the quarter were $549.4 million, slightly below the IBES estimate of $549.5 million. JOYY's gross profit for Q4 was $203.8 million, with a gross margin of 37.1%. The company's live streaming revenues declined to $422.4 million from $486.2 million in the corresponding period of 2023, primarily due to a decrease in the number of paying users and average revenue per paying user (ARPPU) of BIGO.