JOYY (JOYY) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered total revenues of $556 million, up 12.4% year-over-year, with all three business segments—Social Entertainment, BIGO Ads, and Shopline—contributing to growth and now reported as standalone segments.

• Non-GAAP operating profit and EBITDA reached $38 million and $46 million, up 22.5% and 13.2% year-over-year, respectively.

• Operating income and net income from continuing operations improved year-over-year but declined sequentially.

• Accelerated shareholder returns with $157 million returned YTD and a new $1.5 billion three-year return program announced.

• The company launched a new three-segment reporting structure: Social Entertainment, BIGO Ads, and Shopline.

Financial highlights

• Net revenues: $555.7 million, up 12.4% year-over-year, down from $581.9 million in Q4 2025.

• Social Entertainment revenue: $400 million, up 3.2% year-over-year; live streaming revenue up 2.4%.

• BIGO Ads revenue: $125 million, up 55.6% year-over-year; Audience Network up 78.8%.

• Shopline revenue: $31 million, up 16.1% year-over-year; gross margin expanded to 51.5%.

• Non-GAAP net income: $55.9 million; margin 10.1%. Excluding FX losses, non-GAAP net income was $69.5 million, up 8.7% year-over-year.

Outlook and guidance

• Q2 2026 net revenues expected between $562 million and $581 million, implying 10.7%-14.4% year-over-year growth.

• Social Entertainment: low-to-mid-single-digit year-over-year growth expected in Q2 and steady growth for full year.

• BIGO Ads: mid-double-digit year-over-year growth expected for Q2 and full year.

• Shopline: revenue growth to accelerate above 25% year-over-year in Q2; double-digit growth expected for full year.

• Group non-GAAP operating profit and EBITDA expected to deliver steady teens year-over-year growth in 2026.