JOYY (JOYY) Q3 2025 earnings summary

Executive summary

• Q3 2025 net revenues reached $540.2 million, up 6.4% quarter-over-quarter, with live streaming and AdTech showing strong sequential growth.

• BIGO Ads revenue grew 33.1% year-over-year and 19.7% quarter-over-quarter, now representing a significant portion of group revenues.

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

• Operating cash flow was $73.4 million, and net cash stood at $3,320.9 million as of September 30, 2025.

• Continued active share repurchases and dividend payouts as part of a $900 million three-year shareholder return program.

Financial highlights

• Live streaming revenue was $388.5 million, up 3.5% quarter-over-quarter, marking two consecutive quarters of sequential growth.

• BIGO Ads revenue reached $104 million, up 33.1% year-over-year and 19.7% quarter-over-quarter.

• Non-live streaming revenues now contribute 28.1% of total group revenues, up from 21.3% a year ago.

• Group gross profit was $193.1 million with a gross margin of 35.8%.

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

Outlook and guidance

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

• Advertising (BIGO Ads) expected to deliver mid-double-digit year-over-year growth in Q4.

• Clear visibility for group year-over-year revenue growth in 2026, with live streaming, AdTech, and SaaS all expected to deliver strong double-digit growth.

• Group MAU expected to remain broadly stable in 2026, with continued improvement in user quality.

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