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JOYY Reports Second Quarter 2025 Unaudited Financial Results

SINGAPORE, Aug. 27, 2025 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: JOYY) (鈥淛OYY鈥� or the 鈥淐ompany鈥�), a global technology company, today announced its unaudited financial results for the second quarter of 2025.

Second Quarter 2025 Financial Highlights¹

• Net revenues were US$507.8 million, compared to US$565.1 million in the corresponding period of 2024.
• Operating income was US$5.8 million in the second quarter of 2025, compared to operating income of US$2.3 million in the corresponding period of 2024.
• Non-GAAP EBITDA²听was US$48.2听尘颈濒濒颈辞苍, compared to US$38.4 million in the corresponding period of 2024.
• Net income from continuing operations attributable to controlling interest of JOYY³ was US$60.8 million, compared to net income of US$52.1 million in the corresponding period of 2024.
• Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY⁴ was US$77.0 million, compared to US$74.0 million in the corresponding period of 2024.
  

Second Quarter 2025 Operational Highlights

• Global average mobile MAUs⁵ was 262.5 million, compared to 275.2 million in the corresponding period of 2024, primarily due to the Company鈥檚 optimization of overall sales and marketing strategies to be more focused on return-on-investment and disciplined spending on advertising across various product lines.
• Average mobile MAUs of Bigo Live was 29.6 million, compared to 37.7 million in the corresponding period of 2024.
• Average mobile MAUs of Likee was 28.5 million, compared to 35.6 million in the corresponding period of 2024.
• Average mobile MAUs of Hago was 3.0 million, compared to 4.4 million in the corresponding period of 2024.
• Total number of paying users of BIGO (including Bigo Live, Likee and imo)⁶ was 1.50 million, compared to 1.66 million in the corresponding period of 2024.
• Average revenue per paying user, or ARPPU, of BIGO (including Bigo Live, Likee and imo)⁷ was US$215.2, compared to US$233.5 in the corresponding period of 2024.

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, 鈥淚n the second quarter of 2025, we delivered a solid performance as our live streaming business reached a stable footing, while our non-livestreaming business achieved robust and accelerated growth. Our live streaming revenue was US$375.4 million, increasing by 1.1% quarter over quarter, while our non-livestreaming revenue was US$132.4 million, increasing by 25.6% year over year. Our operating income increased from US$2.3 million to US$5.8 million while our non-GAAP EBITDA reached US$48.2 million, growing by 25.7% year over year, due to continued disciplined execution and enhanced operating efficiency. We maintained our commitment to shareholder returns, distributing US$98.5 million in dividends and repurchasing US$36.5 million worth of shares from January 1, 2025 to June 30, 2025.鈥�

鈥淥ur dual growth engine strategy yielded positive results, as evidenced by the impressive revenue growth of BIGO Ads. In the second quarter, BIGO鈥檚 non livestreaming business, primarily BIGO Ads, achieved approximately 29.0% year-over-year growth and 8.9% quarter-over-quarter growth in revenue, with our third-party ad network revenues recording year-over-year growth in mid-double digits. We are making substantial progress on all fronts of our advertising business, including expansion of our traffic and rising advertisers鈥� demand across channels and verticals. As we grow in scale, we are accelerating the training and optimization of our algorithms to further improve our campaign performance and return-on-investment, which we believe in turn will drive further growth in advertisers鈥� demand and publisher traffic, fostering a self-reinforcing strategic flywheel. With our global operational capabilities, tech infrastructure, and vibrant ecosystem, we are confident in building a meaningful and lasting presence in the advertising technology industry while delivering sustained, long-term value for our shareholders.鈥�

Second Quarter 2025 Financial Results

NET REVENUES

Net revenues were US$507.8 million in the second quarter of 2025, compared to US$565.1 million in the corresponding period of 2024.

Live streaming revenues were US$375.4 million in the second quarter of 2025, compared to US$459.7 million in the corresponding period of 2024. The decrease was mainly due to the decline in the number of paying users and ARPPU of BIGO, as well as adjustments to the interactive features of the Company鈥檚 non-core audio livestreaming products for compliance enhancement.

Other revenues increased by 25.6% to US$132.4 million in the second quarter of 2025 from US105.4 million in the corresponding period of 2024, primarily due to the substantial growth of the advertising revenues.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues decreased by 11.9% to US$322.5 million in the second quarter of 2025 from US$366.2 million in the corresponding period of 2024, primarily driven by the decrease in BIGO segment. BIGO鈥檚 cost of revenues decreased by 12.8% to US$285.6 million, primarily driven by a US$36.5 million decrease in revenue-sharing fees and content costs. All other鈥檚 cost of revenues decreased by 4.1% to US$36.9 million, mainly due to a decrease in revenue-sharing fees and content costs.

Gross profit was US$185.2 million in the second quarter of 2025, compared to US$198.9 million in the corresponding period of 2024. Gross margin was 36.5% in the second quarter of 2025, compared to 35.2% in the corresponding period of 2024.

OPERATING EXPENSES AND INCOME

Operating expenses were US$179.8 million in the second quarter of 2025, compared to US$198.7 million in the corresponding period of 2024. Among the operating expenses, sales and marketing expenses decreased to US$71.9 million in the second quarter of 2025 from US$88.1 million in the corresponding period of 2024, as the Company optimized overall sales and marketing strategies across various social products to be more focused on return-on-investment and user acquisition effectiveness. Research and development expenses decreased to US$60.1 million in the second quarter of 2025 from US$69.9 million in the corresponding period of 2024, primarily due to decreases in salary and welfare of US$6.8 million and share-based compensation expenses of US$1.7 million. General and administrative expenses increased to US$47.9 million in the second quarter of 2025 from US$40.7 million in the corresponding period of 2024, primarily due to an increase in impairment of investments of US$5.6 million.

Operating income was US$5.8 million in the second quarter of 2025, compared to operating income of US$2.3 million in the corresponding period of 2024, representing a 155.4% year-over-year increase. Operating income margin was 1.1% in the second quarter of 2025, compared to operating income margin of 0.4% in the corresponding period of 2024.

Non-GAAP operating income⁸ was US$38.3 million in the second quarter of 2025, compared to US$30.0 million in the corresponding period of 2024, representing a 27.9% year-over-year increase. Non-GAAP operating income margin⁹ was 7.5% in the second quarter of 2025, compared to 5.3% in the corresponding period of 2024.

Non-GAAP EBITDA was US$48.2 million, compared to US$38.4 million in the corresponding period of 2024. Non-GAAP EBITDA margin¹⁰ was 9.5%, compared to 6.8% in the corresponding period of 2024.

NET INCOME

Net income from continuing operations attributable to controlling interest of JOYY was US$60.8 million in the second quarter of 2025, compared to US$52.1 million in the corresponding period of 2024. Net income margin was 12.0% in the second quarter of 2025, compared to net income margin of 9.2% in the corresponding period of 2024.

Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$77.0 million in the second quarter of 2025, compared to US$74.0 million in the corresponding period of 2024. Non-GAAP net income margin¹¹ was 15.2% in the second quarter of 2025, compared to non-GAAP net income margin of 13.1% in the corresponding period of 2024.

NET INCOME PER ADS

Diluted net income from continuing operations per ADS¹² was US$1.13 in the second quarter of 2025, compared to US$0.83 in the corresponding period of 2024.

Non-GAAP diluted net income from continuing operations per ADS¹³ was US$1.44 in the second quarter of 2025, compared to US$1.17 in the corresponding period of 2024, up by 23.1% year over year.

BALANCE SHEET AND CASH FLOWS

As of June 30, 2025, the Company had net cash¹⁴ of US$3,318.8 million, compared with US$3,275.9 million as of December 31, 2024. For the second quarter of 2025, net cash from operating activities was US$57.6 million.

SHARES OUTSTANDING

As of June 30, 2025, the Company had a total of 1,027.3 million common shares outstanding, representing the equivalent of 51.4 million ADSs assuming the conversion of all common shares into ADSs.

Business Outlook

For the third quarter of 2025, the Company expects net revenues to be between US$525 million and US$539 million. This forecast reflects the Company鈥檚 current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from increasing macroeconomic uncertainties.

Share Repurchase Programs

Pursuant to the Company's share repurchase program authorized in March 2025, which is effective till the end of 2027, the Company had repurchased 0.83 million ADSs for an aggregate consideration of US$36.5 million on the open market as of June 30, 2025.

Quarterly Dividend Program

On March 19, 2025, the board of directors authorized a quarterly dividend program from 2025 to 2027, under which a total of approximately US$600 million in cash will be distributed on a quarterly basis over the three-year period. Pursuant to this quarterly dividend program, the board of directors has accordingly declared a dividend of US$0.95 per ADS, or US$0.0475 per common share, for the third quarter of 2025, which is expected to be paid on October 10, 2025 to shareholders of record as of the close of business on September 22, 2025. The ex-dividend date will be September 22, 2025.

Conference Call Information

The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Tuesday, August 26, 2025 (9:00 AM Singapore/Hong Kong Time on Wednesday, August 27, 2025). Details for the conference call are as follows:

Event Title: JOYY Inc. Second Quarter 2025 Earnings Conference Call

Conference ID: #10049735

All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10049735-yoj182.html

A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com.

The replay will be accessible through September 4, 2025, by dialing the following numbers:

About JOYY Inc.

JOYY is a leading global technology company with a mission to enrich lives through technology. With a diversified product portfolio spanning live streaming, short-form videos, casual games, instant messaging, and emerging initiatives like advertising, JOYY has evolved beyond social entertainment into a multifaceted ecosystem powered by AI and data-driven technologies. Headquartered in Singapore and operating across the globe, JOYY has fostered a vibrant user community through its localized strategies. JOYY鈥檚 ADSs have been listed on the NASDAQ since November 2012.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the 鈥渟afe harbor鈥� provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 鈥渨ill,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥渇uture,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥渆stimates鈥� and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY鈥檚 strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (鈥淪EC鈥�), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY鈥檚 beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY鈥檚 goals and strategies; JOYY鈥檚 future business development, results of operations and financial condition; the expected growth of the global online social entertainment and advertising market; the expectation regarding the rate at which to gain active users, especially paying users; JOYY鈥檚 ability to monetize the user base; JOYY鈥檚 ability to attract new advertisers and publishers; JOYY鈥檚 ability to adopt the latest technology to enhance its operations; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY鈥檚 filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (鈥淯.S. GAAP鈥�). JOYY uses non-GAAP operating (loss) income, non-GAAP operating income (loss) margin, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on deconsolidation and disposal of subsidiaries and business. Non-GAAP operating income (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations is net income (loss) from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds鈥� amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP EBITDA is non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions), and non-GAAP EBITDA margin is non-GAAP EBITDA as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds鈥� amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY is net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds鈥� amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries鈥� preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) from continuing operations attributable to non-controlling interest shareholders. After the non-GAAP adjustment, non-GAAP net income (loss) from continuing operations attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) from continuing operations per ADS is non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses, amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, and interest expenses related to the convertible bonds鈥� amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries鈥� preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) from continuing operations attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company鈥檚 net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned 鈥淛OYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results鈥� near the end of this press release.

Investor Relations Contact

JOYY Inc.
Investor Relations
Email: [email protected]

¹鈥疶he financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended June 30, 2024, March 31, 2025 and June 30, 2025 and for the six months ended June 30, 2024 and June 30, 2025, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment.

²鈥� Non-GAAP EBITDA is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions). Please refer to the section titled 鈥淯se of Non-GAAP Financial Measures鈥� and the table captioned 鈥淛OYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results鈥� near the end of this press release for details.

³Net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders.

⁴鈥疦on-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US$16.1 million and US$22.0 million in the second quarter of 2025 and 2024, respectively. Please refer to the section titled 鈥淯se of Non-GAAP Financial Measures鈥� and the table captioned 鈥淛OYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results鈥� near the end of this press release for details.

⁵ Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company鈥檚 mobile active users for each month of such period, by (ii) the number of months in such period.

⁶鈥疶he number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period.

^7鈥�Average revenue per user is calculated by dividing the Company鈥檚 total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company鈥檚 live streaming services on these platforms for that period.

⁸鈥疦on-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on deconsolidation and disposal of subsidiaries and business. Please refer to the section titled 鈥淯se of Non-GAAP Financial Measures鈥� and the table captioned 鈥淛OYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results鈥� near the end of this press release for details.

⁹ Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled 鈥淯se of Non-GAAP Financial Measures鈥� and the table captioned 鈥淛OYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results鈥� near the end of this press release for details.

¹⁰ Non-GAAP EBITDA margin is a non-GAAP financial measure, which is defined as non-GAAP EBITDA as a percentage of net revenues. Please refer to the section titled 鈥淯se of Non-GAAP Financial Measures鈥� and the table captioned 鈥淛OYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results鈥� near the end of this press release for details.

¹¹ Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues.

¹² ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.

¹³ Non-GAAP diluted net income (loss) from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled 鈥淯se of Non-GAAP Financial Measures鈥� and the table captioned 鈥淛OYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results鈥� near the end of this press release for details.

¹⁴ Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments, long-term deposits and held-to-maturity investments, less convertible bonds and short-term and long-term loans.