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JOYY (JOYY) investor relations material
JOYY Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net revenues for Q2 2025 were $507.8M, down from $565.1M year-over-year, with live streaming revenue declining but non-livestreaming revenue, especially ad tech, growing 25.6% year-over-year and now contributing 26.1% of total revenue.
Operating income rose to $5.8M from $2.3M year-over-year, and non-GAAP EBITDA increased 25.7% to $48.2M.
Net income from continuing operations attributable to controlling interest was $60.8M, up from $52.1M year-over-year; non-GAAP net income from continuing operations attributable to controlling interest and common shareholders was $77.0M, up from $74.0M year-over-year.
Strategic focus on high-quality operations, sustainable growth, AI-driven innovation, and organizational vitality.
Global average mobile MAUs reached 262.5M, down from 275.2M year-over-year, with improved user engagement but a decline in user base due to disciplined marketing.
Financial highlights
Gross profit for Q2 2025 was $185.2M, with a gross margin of 36.5%, up from 35.2% year-over-year.
Non-GAAP operating income was $38.3M, up 27.9% year-over-year; non-GAAP EBITDA was $48.2M, up 25.7% year-over-year.
Operating expenses decreased to $179.8M from $198.7M year-over-year, mainly due to lower sales, marketing, and R&D costs.
Non-GAAP net income attributable to controlling interest: $77M, up 3.9% year-over-year; non-GAAP net income margin: 15.2%, up from 13.1% year-over-year.
Net cash position of $3.3B as of June 30, 2025.
Outlook and guidance
Q3 2025 net revenues are expected to be between $525M and $539M, reflecting current market and operational conditions and macroeconomic uncertainties.
Sequential recovery in live streaming and double-digit year-over-year growth in ad tech anticipated for the second half.
Full-year 2025 non-GAAP operating profit and EBITDA expected to show an improving trend.
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