JOYY (JOYY) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $507.8 million, up 2.7% quarter-over-quarter but down from $565.1 million year-over-year, with stabilization in live streaming and robust growth in advertising.

• Non-GAAP operating profit reached $38.3 million, up 27.9% year-over-year; non-GAAP EBITDA was $48.2 million, up 25.7% year-over-year.

• Non-live streaming (mainly advertising) revenue grew 25.6% year-over-year, now contributing 26.1% of total revenue; BIGO Ads ad revenue up 29% year-over-year and 8.9% quarter-over-quarter.

• Net income attributable to controlling interest was $60.8 million, up from $52.1 million year-over-year; non-GAAP net income was $77 million, up 3.9% year-over-year.

• Distributed $98.5 million in dividends and repurchased $36.5 million in shares in H1 2025.

Financial highlights

• Gross profit was $185.2 million with a gross margin of 36.5%, up from 35.2% last year.

• Operating expenses for the quarter were $139.8 million, down from $198.7 million in the same period of 2024.

• Non-GAAP net income margin was 15.2%, up from 13.1% year-over-year.

• Net cash position stood at $3.3 billion as of June 30, 2025.

• Diluted net income per ADS was $1.13, up from $0.83 year-over-year; non-GAAP diluted net income per ADS was $1.44, up 23.1%.

Outlook and guidance

• Q3 2025 net revenue guidance: $525–$539 million, reflecting seasonality, business adjustments, and macroeconomic uncertainties.

• Expect continued sequential recovery in live streaming and double-digit year-over-year growth in advertising for the second half.

• Full-year 2025 non-GAAP operating profit and EBITDA expected to show an improving trend.