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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.
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Q2 2025 earnings summary27 Aug, 2025

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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Frequently asked questions

JOYY Inc. operates social media platforms that offer users engaging and experience across various video and audio-based social platforms. JOYY Inc operates JoyApp, a creative social media app that allows users to share their daily photos, as well as create and share various video/audio slideshows with friends and family members within their social network; and JoyLive, a live streaming platform for lectures, product launches, concerts, award ceremonies, charity events and conferences. The company also provides JOYY Player, an end-to-end live streaming playback solution that allows users to search for live or archived broadcasts that they want to watch on their TVs via connected set-top boxes or other devices.

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