JOYY (JOYY) Q3 2025 earnings summary

Executive summary

• Q3 2025 net revenues were $540.2 million, up 6.4% quarter-over-quarter, with live streaming revenue at $388.5 million and BIGO Ads delivering $104 million, up 33.1% year-over-year.

• Advertising revenues surged 29.2% year-over-year to $112.5 million, driven by BIGO Ads' growth.

• Non-GAAP operating income was $41 million, up 16.6% year-over-year; non-GAAP EBITDA was $51 million, up 16.8% year-over-year.

• Net income from continuing operations attributable to controlling interest was $62 million, up 2.3% year-over-year.

• Operating cash flow was $73 million, with net cash of $3.3 billion as of September 30, 2025.

Financial highlights

• Gross profit was $193.1 million, with a gross margin of 35.8%, up 4.3% quarter-over-quarter but down from 37.3% a year ago.

• Non-GAAP net income attributable to controlling interest was $72.4 million, up 18.4% year-over-year; non-GAAP net income margin was 13.4%.

• Diluted net income per ADS was $1.15; non-GAAP diluted net income per ADS was $1.36.

• Operating expenses decreased to $174.2 million, reflecting disciplined R&D and marketing spend.

• Net cash from operating activities was $73.4 million.

Outlook and guidance

• Q4 2025 net revenues expected between $538 million and $578 million, implying up to 5.2% year-over-year growth.

• Group expects to return to year-over-year revenue growth in 2026, with live streaming, AdTech, and SaaS all contributing.

• BIGO Ads anticipated to deliver mid-double-digit year-over-year growth in Q4 2025.

• Non-GAAP operating profit and EBITDA expected to continue improving in 2026.