$JOYY Inc.(YY)$ In November 2023, the Company’s board of directors authorized the continued use of the unutilized quota under the pre-existing share repurchase program of US$530 million, for another 12-month period starting from the end of November 2023.
As of March 15, 2024, the Company has repurchased US$25 million of its shares on the open market under this program.
They only used 1/20th of the buyback program. This is not a positive thing. This proves mismanagement. The cash on hand is a lie. No one with three times market cap in cash would just let the money sit around unless the plan is for the CEO to just take the money for themself.
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