JOYY Inc. (NASDAQ:YY), a global technology company, saw its stock soar 5.6% in pre-market trading on Wednesday following its third quarter 2024 earnings release. While the company's revenue of $558.7 million missed estimates, it reported an adjusted earnings per ADS of $1.07, beating consensus expectations of $0.94.

Despite a 1.5% year-over-year decline in revenue, JOYY delivered solid profitability in Q3. The company posted a net profit of $60.6 million and a non-GAAP net profit of $61.2 million, representing respective net margins of 10.8% and 10.9%. JOYY's core BIGO segment also saw improvement in operating income, both on a GAAP and non-GAAP basis.

A major positive for JOYY was its aggressive share buyback program, with the company repurchasing $117.8 million worth of its shares during the quarter. This brought the total buybacks to $243.7 million over the first three quarters of 2024, underscoring management's confidence in the company's prospects.