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  "documentTitle": "Joyy Inc. (YY)",
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  "authorName": "Carson Block",
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  "presentationDate": "2020-11-18 00:00:00",
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  "notes": "The slide uses a 'bottom-up' revenue buildup to expose a discrepancy between reported figures and estimated actuals, highlighting a growing gap over time.",
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      "text": "Against YY's reported Bigo revenue of $417.0 million, this yields an estimate that 59.1% of Bigo revenue is fake.",
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      "text": "Estimated Fake Revenue: 59.1%",
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      "text": "We also found that the disparity between the company's claimed revenues and our estimates is growing. In 2018, we found only an estimated 29.0% difference...",
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      "text": "To derive this 59.1% ratio, this estimate also takes into account uncounted revenue sources from PC users, digital store fees, and non-monitored markets. We begin with estimated Bigo revenue per these data sources...",
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      "text": "70 There is a US$80.1 million dollar difference in the 2018 Bigo revenues reported by YY in its 2019 June 6-K vs. those in its 2018 Singapore filings.",
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      "text": "1 We include Hello Yo and IMO as Bigo subsidiaries... 2 Data is collected from the largest 60+ countries... 3 Per the Q2 & Q3 2019 earnings releases... 4 Based on discussions with former employees... 5 The Bigo livestreaming revenue...",
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      "text": "Conservative Case: Bigo Livestreaming Revenue Inflation Bottom-up Estimate table",
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