Benzinga | Sep 9, 2021 08:43AM EDT

JOYY Unleashes $200M Share Buyback

* Video-based social media company JOYY Inc's (NASDAQ:YY) board has authorized a new share buyback plan enabling it to repurchase up to $200 million of its shares over the next 12 months.

* JOYY's Q2 Non-GAAP loss per ADS was $(0.01) beat the consensus loss of $(0.7).

* JOYY held $4.9 billion in cash and equivalents as of Q2. It expects to fund repurchases under this plan from its existing funds.

* The company's principal shareholders recently disclosed plans of privatizing the company.

* Price Action: YY shares traded lower by 2.03% at $63.25 in the premarket session on the last check Thursday.