EX-99.1 2 tm2531838d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

JOYY Reports Third Quarter 2025 Unaudited Financial Results

 

Singapore, November 20, 2025 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: JOYY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the third quarter of 2025.

 

Third Quarter 2025 Financial Highlights1

 

·Net revenues were US$540.2 million, compared with US$558.7 million in the corresponding period of 2024, representing an increase of 6.4% from US$507.8 million in the second quarter of 2025.

 

oLive streaming revenues were US$388.5 million, compared with US$439.5 million in the corresponding period of 2024, representing an increase of 3.5% from US$375.4 million in the second quarter of 2025.

 

oAdvertising revenues2 increased by 29.2% to US$112.5 million from US$87.1 million in the corresponding period of 2024 and by 17.1% from US$96.1 million in the second quarter of 2025.

 

oOther revenues increased by 22.3% to US$39.2 million from US$32.1 million in the corresponding period of 2024 and by 8.3% from US$36.2 million in the second quarter of 2025.

 

·Operating income was US$19.6 million in the third quarter of 2025, representing an increase of 19.1% from US$16.4 million in the corresponding period of 2024 and an increase of 237.3% from US$5.8 million in the second quarter of 2025.

 

·Non-GAAP EBITDA3 was US$50.6 million, representing an increase of 16.8% from US$43.3 million in the corresponding period of 2024 and an increase of 4.9% from US$48.2 million in the second quarter of 2025.

 

·Net income from continuing operations attributable to controlling interest of JOYY4 was US$62.0 million, representing an increase of 2.3% from US$60.6 million in the corresponding period of 2024 and an increase of 1.9% from US$60.8 million in the second quarter of 2025.

 

·Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY5 was US$72.4 million, representing an increase of 18.4% from US$61.2 million in the corresponding period of 2024, compared with US$77.0 million in the second quarter of 2025.

 

·Net Cash6 as of September 30, 2025 was US$3,320.9 million.

 

·Net cash from operating activities was US$73.4 million, compared with US$61.1 million in the corresponding period of 2024.

 

Third Quarter 2025 Business Highlights

 

Global community：

 

· Global average mobile MAUs7 reached 266.2 million in the third quarter of 2025, compared with 272.4 million in the corresponding period of 2024. The global average mobile MAUs was up by 1.4% from 262.5 million in the second quarter of 2025.

 

· The Company continued to optimize its marketing strategies to focus on return-on-investment and high-value users.

 

Live streaming：

 

· Live streaming revenues reached US$388.5 million in the third quarter, including US$367.7 million from BIGO, up by 3.5% from the previous quarter, marking the second consecutive quarter of sequential growth.

 

· Live streaming revenues grew by 7.6% quarter-over-quarter in Developed Countries and regions and by 4.4% in Southeast Asia and others.

 

· Total paying users of BIGO8 rose by 0.8% quarter-over-quarter to 1.50 million, while ARPPU9 increased by 3.4% quarter-over-quarter to US$222.6.

 

· The Company implemented AI-powered improvements across content distribution and payment experiences. By incorporating richer user behavior touchpoints and optimizing strategies for cross-regional and in-app scenarios in Bigo Live, the Company enhanced viewing experiences and drove users' average viewing time up quarter-over-quarter. Meanwhile, the Company’s real-time translation subtitles now support 15 languages, significantly improving user interactions across different regions. The Company is also using AIGC technology to efficiently generate localized virtual gifts. In October, AI-powered interactive gifts represented 25% of total virtual gift consumption, demonstrating strong user adoption of AI-enhanced features.

 

Recent Development on Our New Initiatives- Advertising Technology：

 

· Beginning in 2022, the Company ramped up efforts to diversify its revenue stream, cultivating its new initiatives in advertising technology and others. The Company has made steady progress advancing towards its strategic positioning as a global tech company powered by multiple growth engines.

 

Total non-live streaming revenues reached US$151.7 million in the third quarter, up by 27.3% year-over-year. In particular, revenues from BIGO Ads reached US$103.9 million in the third quarter, achieving 33.1% year-over-year and 19.7% quarter-over-quarter revenue growth.

 

· BIGO Ads is an AI-powered programmatic advertising platform. Launched to provide one-stop marketing and monetization solutions, it leverages deep learning, real-time bidding, and smart bidding models (such as oCPC and ROAS optimization) to enable brands to scale user acquisition and app developers to effectively unlock monetization potentials through connecting premium global demand.

 

· The Company has access to a vast traffic pool, comprising its own global average mobile MAU base of 266.2 million, and an extensively expanded network of third-party traffic by seamlessly integrating developer traffic across major channels. In recent quarters, the Company has significantly scaled its third-party Software Development Kit (SDK) network traffic through successful integrations with mediation platforms. The Company’s SDK advertising requests were up by 228% year-over-year and by 29% quarter-over-quarter.

 

· Leveraging cross-channel and cross-industry user behavior and attrition data, the Company employs machine learning for predictive modeling, real-time-bidding and automated optimization. In the third quarter, the Company upgraded its IAA D7 ROAS optimization feature. The enhancement enables advertisers to acquire higher-quality users while maintaining strong return efficiency, allowing them to scale budgets with greater confidence.

 

· As a result, the average daily advertising revenue of BIGO Ads reached new height, driven by strong advertiser demand across multiple verticals, with number of key cohorts up by 17% quarter-over-quarter and total spending from key cohorts up by 30% quarter-over-quarter.

 

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “In the third quarter of 2025, we sustained a steady sequential recovery in our live streaming revenues while accelerating top-line growth in our advertising business. Our live streaming revenue was US$388.5 million, increasing by 3.5% quarter-over-quarter, marking our second consecutive quarter of sequential growth, while our non-live streaming revenue was US$151.7 million, increasing by 27.3% year-over-year. Our operating income increased from US$16.4 million to US$19.6 million while our non-GAAP EBITDA reached US$50.6 million, up 16.8% year-over-year, demonstrating our continued operational excellence. We maintained our commitment to shareholder returns, distributing US$147.9 million in cash dividends and repurchasing US$88.6 million worth of shares from January 1, 2025 to November 14, 2025.”

 

“We made significant progress in advancing our dual growth engine strategy and strengthening synergies within our ecosystem. BIGO Ads achieved approximately 33.1% year-over-year and 19.7% quarter-over-quarter revenue growth, building remarkable momentum through traffic expansion, algorithm optimization and multi-vertical expansion. As we approach 2026, we are positioned for a resumption in year-over-year group-level revenue growth, with our live streaming business expected to return to a steady positive trajectory and our advertising technology and smart commerce SaaS businesses poised to deliver robust revenue growth. We are leveraging the powerful synergies of our integrated ecosystem to strengthen our position as a global technology company, and we remain dedicated to generating sustained long-term value for our shareholders.”

 

 

 

 

Third Quarter 2025 Financial Results

 

NET REVENUES

 

Net revenues were US$540.2 million in the third quarter of 2025, compared with US$558.7 million in the corresponding period of 2024, representing an increase of 6.4% from US$507.8 million in the second quarter of 2025.

 

Live streaming revenues were US$388.5 million in the third quarter of 2025, compared with US$439.5 million in the corresponding period of 2024, representing an increase of 3.5% from US$375.4 million in the second quarter of 2025. The year-over-year decrease was primarily due to proactive adjustments to the operational strategies and product features to enhance efficiency and compliance. The quarter-over-quarter increase was primarily driven by improved user spending sentiment through a more diversified content ecosystem and effective localized operations.

 

Advertising revenues increased by 29.2% to US$112.5 million in the third quarter of 2025 from US$87.1 million in the corresponding period of 2024, and an increase of 17.1% from US$96.1 million in the second quarter of 2025. The year-over-year and quarter-over-quarter increases were due to strong performance of BIGO Ads, driven by expansion of traffic, geographic and vertical market diversification, and enhanced algorithm performance that resulted in improved advertisement delivery efficiency and higher advertiser spending.

 

Other revenues increased by 22.3% to US$39.2 million in the third quarter of 2025 from US$32.1 million in the corresponding period of 2024, and by 8.3% from US$36.2 million in the second quarter of 2025, mainly driven by the continued steady growth of the Company’s smart commerce SaaS business.

 

COST OF REVENUES AND GROSS PROFIT

 

Cost of revenues was US$347.1 million in the third quarter of 2025, compared with US$350.5 million in the corresponding period of 2024 and US$322.5 million in the second quarter of 2025. BIGO’s cost of revenues decreased by 1.4% year-over-year to US$308.1 million, and increased by 7.9% from US$285.6 million in the second quarter of 2025. The quarter-over-quarter sequential change was primarily attributable to a US$19.2 million increase in revenue-sharing fees and content costs, resulting from higher traffic acquisition costs paid to third-party partners in relation to the expansion of the Company’s advertising business. All others’ cost of revenues increased by 2.6% year-over-year to US$39.1 million, and by 5.7% from the second quarter of 2025, generally in line with the increase in segment revenue.

 

Gross profit was US$193.1 million in the third quarter of 2025, compared with US$208.1 million in the corresponding period of 2024 and US$185.2 million in the second quarter of 2025. Gross margin was 35.8% in the third quarter of 2025, compared with 37.3% in the corresponding period of 2024 and 36.5% in the second quarter of 2025.

 

OPERATING EXPENSES AND INCOME

 

Operating expenses were US$174.2 million in the third quarter of 2025, compared with US$192.0 million in the same period of 2024 and US$179.8 million in the second quarter of 2025. Among the operating expenses, sales and marketing expenses were US$72.1 million, compared with US$83.5 million in the corresponding period of 2024 and US$71.9 million in the second quarter of 2025, as the Company continued to optimize sales and marketing strategies across various social products, with a stronger focus on return-on-investment and user acquisition efficiency. Research and development expenses were US$63.1 million, compared with US$72.4 million in the corresponding period of 2024 and US$60.1 million in the second quarter of 2025. The year-over-year decrease was mainly attributable to a US$8.2 million decrease in employee compensation and welfare expenses and a US$0.5 million decrease in share-based compensation expenses. This reflects continued prudence and discipline in spending through enhanced resources sharing and operational synergy across different business units, while strategically allocating incremental share of research and development resources towards BIGO Ads. General and administrative expenses were US$39.1 million, compared with US$36.1 million in the corresponding period of 2024 and US$47.9 million in the second quarter of 2025. The quarter-over-quarter decrease was mainly attributable to the US$15.0 million impairment of investments recorded in the previous quarter.

 

Operating income was US$19.6 million in the third quarter of 2025, representing an increase of 19.1% from US$16.4 million in the corresponding period of 2024 and an increase of 237.3% from US$5.8 million in the second quarter of 2025.

 

Non-GAAP operating income10 was US$40.7 million in the third quarter of 2025, representing an increase of 16.6% from US$34.9 million in the corresponding period of 2024 and an increase of 6.1% from US$38.3 million in the second quarter of 2025. Non-GAAP operating income margin11 was 7.5% in the third quarter of 2025, compared with 6.2% in the corresponding period of 2024 and 7.5% in the second quarter of 2025.

 

Non-GAAP EBITDA was US$50.6 million, compared with US$43.3 million in the corresponding period of 2024 and US$48.2 million in the second quarter of 2025. Non-GAAP EBITDA margin12 was 9.4%, compared with 7.7% in the corresponding period of 2024 and 9.5% in the second quarter of 2025.

 

NET INCOME

 

Net income from continuing operations attributable to controlling interest of JOYY was US$62.0 million, representing an increase of 2.3% from US$60.6 million in the corresponding period of 2024 and an increase of 1.9% from US$60.8 million in the second quarter of 2025. Net income margin was 11.5% in the third quarter of 2025, compared with net income margin of 10.8% in the corresponding period of 2024 and 12.0% in the second quarter of 2025.

 

Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$72.4 million, representing an increase of 18.4% from US$61.2 million in the corresponding period of 2024, compared with US$77.0 million in the second quarter of 2025. Non-GAAP net income margin13 was 13.4% in the third quarter of 2025, compared with non-GAAP net income margin of 10.9% in the corresponding period of 2024 and 15.2% in the second quarter of 2025.

 

NET INCOME PER ADS

 

Diluted net income from continuing operations per ADS14 was US$1.15 in the third quarter of 2025, compared with US$1.05 in the corresponding period of 2024 and US$1.13 in in the second quarter of 2025.

 

Non-GAAP diluted net income from continuing operations per ADS15 was US$1.36 in the third quarter of 2025, compared with US$1.07 in the corresponding period of 2024 and US$1.44 in the second quarter of 2025.

 

 

 

 

BALANCE SHEET AND CASH FLOWS

 

As of September 30, 2025, the Company had net cash5 of US$3,320.9 million, compared with US$3,275.9 million as of December 31, 2024. For the third quarter of 2025, net cash from operating activities was US$73.4 million.

 

SHARES OUTSTANDING

 

As of September 30, 2025, the Company had a total of 1,019.6 million common shares outstanding, representing the equivalent of 51.0 million ADSs assuming the conversion of all common shares into ADSs.

 

Business Outlook

 

For the fourth quarter of 2025, the Company expects net revenues to be between US$563 million and US$578 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from macroeconomic uncertainties.

 

Share Repurchase Programs

 

Pursuant to the Company's share repurchase program authorized in March 2025, which is effective till the end of 2027, the Company had repurchased approximately 1.34 million ADSs for an aggregate consideration of US$67.3 million on the open market as of September 30, 2025.

 

Between September 30 and November 14, 2025, the Company repurchased an additional approximately 0.36 million ADSs, bringing total repurchases to approximately 1.70 million ADSs for an aggregate consideration of US$88.6 million in 2025. The remaining unutilized amount under the authorized share repurchase program was approximately US$211.4 million as of the date of this announcement.

 

Quarterly Dividend Program

 

On March 19, 2025, the board of directors authorized a quarterly dividend program from 2025 to 2027, under which a total of approximately US$600 million in cash will be distributed on a quarterly basis over the three-year period. Pursuant to this quarterly dividend program, the board of directors has accordingly declared a dividend of US$0.97 per ADS, or US$0.0483 per common share, for the fourth quarter of 2025, which is expected to be paid on January 13, 2026 to shareholders of record as of the close of business on January 2, 2026. The ex-dividend date will be January 2, 2026.

 

 

 

 

Conference Call Information

 

The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Wednesday, November 19, 2025 (10:00 AM Singapore/Hong Kong Time on Thursday, November 20, 2025). Details for the conference call are as follows:

 

Event Title: JOYY Inc. Third Quarter 2025 Earnings Conference Call

 

Conference ID: # 10051480

 

All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.

 

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10051480-8u6d2a.html

 

A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com.

 

The replay will be accessible through November 28, 2025, by dialing the following numbers:

 

United States: 1-855-883-1031
Singapore: 800-101-3223
Hong Kong: 800-930-639
Conference ID: #10051480

 

About JOYY Inc.

 

JOYY (NASDAQ: JOYY) is a leading global technology company with a mission to enrich lives through technology. With a diversified product portfolio spanning live streaming, short-form videos, instant messaging, and emerging initiatives such as advertising and smart commerce SaaS, JOYY has transformed into a dynamic ecosystem powered by AI and data intelligence. Headquartered in Singapore and operating across the globe, JOYY empowers creators, merchants and enterprises worldwide. JOYY’s ADSs have been listed on the NASDAQ since November 2012.

 

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online social entertainment and advertising market; JOYY’s ability to attract and retain users and advertisers; JOYY’s expectations regarding demand for and market acceptances of its products and services; JOYY’s ability to adopt the latest technology to enhance its operations; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

 

 

 

Use of Non-GAAP Financial Measures

 

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating (loss) income, non-GAAP operating income (loss) margin, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on deconsolidation and disposal of subsidiaries and business. Non-GAAP operating income (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations is net income (loss) from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP EBITDA is non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions), and non-GAAP EBITDA margin is non-GAAP EBITDA as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY is net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) from continuing operations attributable to non-controlling interest shareholders. After the non-GAAP adjustment, non-GAAP net income (loss) from continuing operations attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) from continuing operations per ADS is non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses, amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, and interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) from continuing operations attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

 

 

 

 

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release.

 

Investor Relations Contact

 

JOYY Inc.

Investor Relations

Email: joyy-ir@joyy.com

 

1 The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended September 30, 2024, June 30, 2025 and September 30, 2025 and for the nine months ended September 30, 2024 and September 30, 2025, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment.

 

2 The Company is presenting advertising revenues as a separate line item in the financial statements in this quarter, to better reflect the performance of its emerging advertising business.

 

3 Non-GAAP EBITDA is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions). Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

 

4 Net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders.

 

5 Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US$10.5 million and US$0.6 million in the third quarter of 2025 and 2024, respectively. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

 

6 Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments, long-term deposits and held-to-maturity investments, less short-term and long-term loans.

 

7 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period.

 

8 The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period.

 

9 Average revenue per user is calculated by dividing the Company’s total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period.

 

 

 

 

10 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on deconsolidation and disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

 

11 Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

 

12 Non-GAAP EBITDA margin is a non-GAAP financial measure, which is defined as non-GAAP EBITDA as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

 

13 Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues.

 

14 ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.

 

15 Non-GAAP diluted net income (loss) from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

 

 

 

 

JOYY INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS and per ADS data)

 

   December 31,   September 30, 
   2024   2025 
   US$   US$ 
Assets          
Current assets          
Cash and cash equivalents   444,761    383,826 
Restricted cash and cash equivalents   371,332    24,255 
Short-term deposits   1,061,011    304,532 
Restricted short-term deposits   20,722    18,597 
Short-term investments   288,589    563,058 
Accounts receivable, net   121,861    143,753 
Amounts due from related parties   467    120 
Prepayments and other current assets(1)   247,538    227,777 
Assets held for sale   -    7,007 
           
Total current assets   2,556,281    1,672,925 
           
Non-current assets          
Long-term deposits and held-to-maturity investments   1,124,308    2,043,571 
Deferred tax assets   2,563    2,278 
Investments   530,685    537,710 
Property and equipment, net   499,723    534,556 
Land use rights, net   303,115    300,230 
Intangible assets, net   277,257    235,650 
Right-of-use assets, net   20,457    17,550 
Goodwill   2,194,324    2,194,341 
Other non-current assets   19,084    9,319 
           
Total non-current assets   4,971,516    5,875,205 
           
Total assets   7,527,797    7,548,130 
           
           
Liabilities, mezzanine equity and shareholders’ equity          
Current liabilities          
Short-term loans   34,853    16,900 
Accounts payable   84,015    76,541 
Deferred revenue   66,813    62,008 
Advances from customers   4,031    7,055 
Income taxes payable   78,304    56,866 
Accrued liabilities and other current liabilities(1)   2,393,923    575,525 
Amounts due to related parties   1,378    24,186 
Lease liabilities due within one year   10,775    8,675 
           
Total current liabilities   2,674,092    827,756 
           
Non-current liabilities          
Lease liabilities   9,948    9,111 
Deferred revenue   12,635    9,665 
Deferred tax liabilities   47,631    51,802 
           
Total non-current liabilities   70,214    70,578 
           
Total liabilities   2,744,306    898,334 

 

 

 

 

JOYY INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share, ADS and per ADS data)

 

   December 31,   September 30, 
   2024   2025 
   US$   US$ 
Mezzanine equity   23,733    24,933 
           
Shareholders’ equity          
Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,317,840,464 shares issued and 714,663,197 shares outstanding as of December 31, 2024; 1,306,734,444 shares issued and 693,061,124 shares outstanding as of September 30, 2025, respectively)   7    7 
Class B common shares (US$0.00001 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively)   3    3 
Treasury shares (US$0.00001 par value; 603,177,267 and 613,673,320 shares held as of December 31, 2024 and September 30, 2025, respectively)   (1,223,186)   (1,238,309)
Additional paid-in capital   3,345,536    3,309,785 
Statutory reserves   40,500    36,148 
Retained earnings   2,796,745    4,696,266 
Accumulated other comprehensive loss   (247,615)   (216,982)
           
Total JOYY Inc.’s shareholders’ equity   4,711,990    6,586,918 
           
Non-controlling interests   47,768    37,945 
           
Total shareholders’ equity   4,759,758    6,624,863 
           
Total liabilities, mezzanine equity and shareholders’ equity   7,527,797    7,548,130 

   
(1) JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits. Correspondingly, the advanced payments received have been recorded as accrued liabilities and other current liabilities on the Company’s consolidated balance sheet as of December 31, 2024. On February 25, 2025, the Company entered into agreements with Baidu and closed the sale of YY Live to Baidu.

 

 

 

 

JOYY INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except share, ADS and per ADS data)

 

   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30,   September 30, 
   2024   2025   2025   2024   2025 
   US$   US$   US$   US$   US$ 
Net revenues                         
Live streaming(1)   439,482    375,409    388,474    1,365,603    1,135,231 
Advertising   87,107    96,125    112,516    233,443    297,288 
Others   32,065    36,226    39,231    89,296    109,813 
                          
Total net revenues   558,654    507,760    540,221    1,688,342    1,542,332 
                          
Cost of revenues(2)   (350,536)   (322,515)   (347,090)   (1,085,922)   (985,341)
                          
Gross profit   208,118    185,245    193,131    602,420    556,991 
                          
Operating expenses(2)                         
Research and development expenses   (72,360)   (60,075)   (63,094)   (211,255)   (185,595)
Sales and marketing expenses   (83,524)   (71,852)   (72,072)   (266,294)   (216,055)
General and administrative expenses   (36,073)   (47,922)   (39,050)   (108,502)   (119,662)
                          
Total operating expenses   (191,957)   (179,849)   (174,216)   (586,051)   (521,312)
                          
Gain on disposal of subsidiary   -    -    -    1,643    - 
Other income   255    400    637    4,216    1,876 
                          
Operating income   16,416    5,796    19,552    22,228    37,555 
                          
Interest expenses   (535)   (151)   (97)   (4,535)   (354)
Interest income and investment income   41,067    40,799    41,548    136,696    121,734 
Foreign currency exchange (losses) gains, net   (10,742)   1,191    (6,370)   (8,849)   (5,940)
Gain on fair value change of investments   9,281    17,633    4,102    9,647    22,440 
                          
Income before income tax expenses   55,487    65,268    58,735    155,187    175,435 
                          
Income tax expenses   (6,279)   (6,066)   (3,784)   (13,444)   (15,061)
                          
Income before share of income (loss) in equity method investments, net of income taxes   49,208    59,202    54,951    141,743    160,374 
                          
Share of income (loss) in equity method investments, net of income taxes   6,746    (1,176)   4,236    2,156    (258)
                          
Net income from continuing operations   55,954    58,026    59,187    143,899    160,116 
                          
Gain on disposal of YY Live(3)   -    -    -    -    1,875,921 
                          
Net income   55,954    58,026    59,187    143,899    2,036,037 
                          
Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders   4,603    2,799    2,773    14,010    8,071 
                          
Net income attributable to controlling interest of JOYY Inc.   60,557    60,825    61,960    157,909    2,044,108 
                          
Including：                         
Net income from continuing operations attributable to controlling interest of JOYY Inc.   60,557    60,825    61,960    157,909    168,187 
Gain on disposal of YY Live(3)   -    -    -    -    1,875,921 
                          
Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value   (347)   (347)   (347)   (1,041)   (1,041)
                          
Net income attributable to common shareholders of JOYY Inc.   60,210    60,478    61,613    156,868    2,043,067 
                          
Including：                         
Net income from continuing operations attributable to common shareholders of JOYY Inc.   60,210    60,478    61,613    156,868    167,146 
Gain on disposal of YY Live(3)   -    -    -    -    1,875,921 
                          

 

 

 

JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
                     

   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30,   September 30, 
   2024   2025   2025   2024   2025 
   US$   US$   US$   US$   US$ 
Net income per ADS                         
——Basic   1.06    1.15    1.17    2.65    38.64 
Continuing operations   1.06    1.15    1.17    2.65    3.16 
Discontinued operations   -    -    -    -    35.48 
——Diluted   1.05    1.13    1.15    2.55    38.20 
Continuing operations   1.05    1.13    1.15    2.55    3.13 
Discontinued operations   -    -    -    -    35.07 
                          
Weighted average number of ADS used in calculating net income per ADS                         
——Basic   56,573,411    52,788,040    52,557,478    59,287,792    52,877,958 
——Diluted   57,220,581    53,353,026    53,354,913    62,803,046    53,484,775 

 

(1)    Revenues by geographical areas were as follows:

 

   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30,   September 30, 
   2024   2025   2025   2024   2025 
   US$   US$   US$   US$   US$ 
Developed countries and regions   306,633    291,145    325,027    903,768    893,787 
Middle East   77,152    61,268    57,404    240,140    185,323 
Mainland China   57,952    51,291    49,229    180,357    148,905 
Southeast Asia and others   116,917    104,056    108,561    364,077    314,317 

 

Note: Developed countries and region mainly included the United States of America, Singapore, Japan, South Korea and Great Britain. Middle East mainly included Saudi Arabia and other countries located in the region. Southeast Asia and others mainly included Indonesia, Vietnam and rest of the world.

 

(2)    Share-based compensation was allocated in cost of revenues and operating expenses as follows:

                     

   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30,   September 30, 
   2024   2025   2025   2024   2025 
   US$   US$   US$   US$   US$ 
Cost of revenues   (16)   677    1,416    1,425    2,728 
Research and development expenses   2,960    1,605    2,444    9,634    6,187 
Sales and marketing expenses   193    255    326    432    810 
General and administrative expenses   1,778    1,430    3,372    5,903    7,037 

 

(3)    Gain from disposal of YY Live amounted to approximately US$1.9 billion, which was reported as part of the net income from discontinued operations in the first quarter of 2025.

                      

 

 

 

JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS and per ADS data)
                       

   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30,   September 30, 
   2024   2025   2025   2024   2025 
   US$   US$   US$   US$   US$ 
Operating income   16,416    5,796    19,552    22,228    37,555 
Share-based compensation expenses   4,915    3,967    7,558    17,394    16,762 
Amortization of intangible assets from business acquisitions   13,540    13,540    13,540    42,262    40,620 
Impairment of investments   -    15,000    -    9,386    15,000 
Gain on disposal of subsidiary   -    -    -    (1,643)   - 
Non-GAAP operating income   34,871    38,303    40,650    89,627    109,937 
Depreciation and other amortization   8,419    9,891    9,905    25,807    29,198 
Non-GAAP EBITDA   43,290    48,194    50,555    115,434    139,135 
                          
Net income from continuing operations   55,954    58,026    59,187    143,899    160,116 
Share-based compensation expenses   4,915    3,967    7,558    17,394    16,762 
Amortization of intangible assets from business acquisitions   13,540    13,540    13,540    42,262    40,620 
Impairment of investments   -    15,000    -    9,386    15,000 
Gain on disposal of subsidiary   -    -    -    (1,643)   - 
Gain on fair value change of investments   (9,281)   (17,633)   (4,102)   (9,647)   (22,440)
Interest expenses related to the convertible bonds’ amortization to face value   -    -    -    435    - 
Income tax effects on non-GAAP adjustments   (1,574)   913    (1,930)   (5,679)   (2,421)
Reconciling items on the share of equity method investments   (6,167)   1,034    (4,111)   (5,433)   (1,190)
Non-GAAP net income from continuing operations   57,387    74,847    70,142    190,974    206,447 
                          
Net income from continuing operations attributable to common shareholders of JOYY Inc.   60,210    60,478    61,613    156,868    167,146 
Share-based compensation expenses   4,915    3,967    7,558    17,394    16,762 
Amortization of intangible assets from business acquisitions   13,540    13,540    13,540    42,262    40,620 
Impairment of investments   -    15,000    -    9,386    15,000 
Gain on disposal of subsidiary   -    -    -    (1,643)   - 
Gain on fair value change of investments   (9,281)   (17,633)   (4,102)   (9,647)   (22,440)
Interest expenses related to the convertible bonds’ amortization to face value   -    -    -    435    - 
Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders   347    347    347    1,041    1,041 
Income tax effects on non-GAAP adjustments   (1,574)   913    (1,930)   (5,679)   (2,421)
Reconciling items on the share of equity method investments   (6,167)   1,034    (4,111)   (5,433)   (1,190)
Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders   (819)   (690)   (492)   (2,574)   (1,943)
Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc.   61,171    76,956    72,423    202,410    212,575 
                          
Non-GAAP net income from continuing operations per ADS                         
    ——Basic   1.08    1.46    1.38    3.41    4.02 
    ——Diluted   1.07    1.44    1.36    3.26    3.97 
                          
Weighted average number of ADS used in calculating Non-GAAP net income from continuing operations per ADS                         
    ——Basic   56,573,411    52,788,040    52,557,478    59,287,792    52,877,958 
    ——Diluted   57,220,581    53,353,026    53,354,913    62,803,046    53,484,775 

 

 

 

 

JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
               

   Three Months Ended 
   September 30, 2025 
   BIGO   All other   Elimination(1)   Total 
   US$   US$   US$   US$ 
Net revenues                    
Live streaming   367,744    20,730    -    388,474 
Advertising   103,942    8,574    -    112,516 
Others   749    38,785    (303)   39,231 
                     
Total net revenues   472,435    68,089    (303)   540,221 
                     
Cost of revenues(2)   (308,107)   (39,051)   68    (347,090)
                     
Gross profit   164,328    29,038    (235)   193,131 
                     
Operating expenses(2)                    
Research and development expenses   (40,950)   (22,331)   187    (63,094)
Sales and marketing expenses   (51,832)   (20,263)   23    (72,072)
General and administrative expenses   (18,385)   (20,690)   25    (39,050)
                     
Total operating expenses   (111,167)   (63,284)   235    (174,216)
                     
Other income   270    367    -    637 
                     
Operating income (loss)   53,431    (33,879)   -    19,552 
                     
Interest expenses   (826)   (22)   751    (97)
Interest income and investment income   14,305    27,994    (751)   41,548 
Foreign currency exchange losses, net   (6,085)   (285)   -    (6,370)
Gain on fair value change of investments   91    4,011    -    4,102 
                     
Income (loss) before income tax (expenses) benefits   60,916    (2,181)   -    58,735 
                     
Income tax (expenses) benefits   (5,626)   1,842    -    (3,784)
                     
Income (loss) before share of income in equity method investments, net of income taxes   55,290    (339)   -    54,951 
                     
Share of income in equity method investments, net of income taxes   -    4,236    -    4,236 
                     
Net income from continuing operations   55,290    3,897    -    59,187 

                 

(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.

 

 

 

 

(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

 

   Three Months Ended 
   September 30, 2025 
   BIGO   All other   Total 
   US$   US$   US$ 
Cost of revenues   1,230    186    1,416 
Research and development expenses   1,903    541    2,444 
Sales and marketing expenses   259    67    326 
General and administrative expenses   390    2,982    3,372 

 

 

 

 

JOYY INC.

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT

(All amounts in thousands, except share, ADS and per ADS data)

                   

   Three Months Ended 
   September 30, 2025 
   BIGO   All other   Total 
   US$   US$   US$ 
Operating income (loss)   53,431    (33,879)   19,552 
Share-based compensation expenses   3,782    3,776    7,558 
Amortization of intangible assets from business acquisitions   8,950    4,590    13,540 
Non-GAAP operating income (loss)   66,163    (25,513)   40,650 
Depreciation and other amortization   4,574    5,331    9,905 
Non-GAAP EBITDA   70,737    (20,182)   50,555 
                
Net income from continuing operations   55,290    3,897    59,187 
Share-based compensation expenses   3,782    3,776    7,558 
Amortization of intangible assets from business acquisitions   8,950    4,590    13,540 
Gain on fair value change of investments   (91)   (4,011)   (4,102)
Income tax effects on non-GAAP adjustments   (763)   (1,167)   (1,930)
Reconciling items on the share of equity method investments   -    (4,111)   (4,111)
Non-GAAP net income from continuing operations   67,168    2,974    70,142 

 

 

 

 

JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
               

   Three Months Ended 
   June 30, 2025 
   BIGO   All other   Elimination(1)   Total 
   US$   US$   US$   US$ 
Net revenues                
Live streaming  355,318   20,091   -   375,409 
Advertising  86,801   9,324   -   96,125 
Others  614   35,909   (297)  36,226 
                 
Total net revenues  442,733   65,324   (297)  507,760 
                 
Cost of revenues(2)  (285,645)  (36,933)  63   (322,515)
                 
Gross profit  157,088   28,391   (234)  185,245 
                 
Operating expenses(2)                
Research and development expenses  (37,427)  (22,825)  177   (60,075)
Sales and marketing expenses  (51,990)  (19,883)  21   (71,852)
General and administrative expenses  (16,057)  (31,901)  36   (47,922)
                 
Total operating expenses  (105,474)  (74,609)  234   (179,849)
                 
Other income  56   344   -   400 
                 
Operating income (loss)  51,670   (45,874)  -   5,796 
                 
Interest expenses  (821)  (77)  747   (151)
Interest income and investment income  14,220   27,326   (747)  40,799 
Foreign currency exchange gains, net  947   244   -   1,191 
Gain on fair value change of investments  822   16,811   -   17,633 
                 
Income (loss) before income tax expenses  66,838   (1,570)  -   65,268 
                 
Income tax expenses  (5,124)  (942)  -   (6,066)
                 
Income (loss) before share of loss in equity method investments, net of income taxes  61,714   (2,512)  -   59,202 
                 
Share of loss in equity method investments, net of income taxes  -   (1,176)  -   (1,176)
                 
Net income (loss) from continuing operations  61,714   (3,688)  -   58,026 

 

(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.  

 

 

 

 

(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

                  

   Three Months Ended 
   June 30, 2025 
   BIGO   All other   Total 
   US$   US$   US$ 
Cost of revenues   440    237    677 
Research and development expenses   520    1,085    1,605 
Sales and marketing expenses   95    160    255 
General and administrative expenses   289    1,141    1,430 

 

 

 

 

JOYY INC.  
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT  
(All amounts in thousands, except share, ADS and per ADS data)  
                 

   Three Months Ended 
   June 30, 2025 
   BIGO   All other   Total 
   US$   US$   US$ 
Operating income (loss)   51,670    (45,874)   5,796 
Share-based compensation expenses   1,344    2,623    3,967 
Amortization of intangible assets from business acquisitions   8,950    4,590    13,540 
Impairment of investments   -    15,000    15,000 
Non-GAAP operating income (loss)   61,964    (23,661)   38,303 
Depreciation and other amortization   4,629    5,262    9,891 
Non-GAAP EBITDA   66,593    (18,399)   48,194 
                
Net income (loss) from continuing operations   61,714    (3,688)   58,026 
Share-based compensation expenses   1,344    2,623    3,967 
Amortization of intangible assets from business acquisitions   8,950    4,590    13,540 
Impairment of investments   -    15,000    15,000 
Gain on fair value change of investments   (822)   (16,811)   (17,633)
Income tax effects on non-GAAP adjustments   (638)   1,551    913 
Reconciling items on the share of equity method investments   -    1,034    1,034 
Non-GAAP net income from continuing operations   70,548    4,299    74,847 

 

 

 

 

JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
               

   Three Months Ended 
   September 30, 2024 
   BIGO   All other   Elimination(1)   Total 
   US$   US$   US$   US$ 
Net revenues                
Live streaming  417,762   21,720   -   439,482 
Advertising  78,083   9,024   -   87,107 
Others  164   32,293   (392)  32,065 
                 
Total net revenues  496,009   63,037   (392)  558,654 
                 
Cost of revenues(2)  (312,561)  (38,050)  75   (350,536)
                 
Gross profit  183,448   24,987   (317)  208,118 
                 
Operating expenses(2)                
Research and development expenses  (44,884)  (27,702)  226   (72,360)
Sales and marketing expenses  (61,582)  (21,968)  26   (83,524)
General and administrative expenses  (14,249)  (21,889)  65   (36,073)
                 
Total operating expenses  (120,715)  (71,559)  317   (191,957)
                 
Other income  6   249   -   255 
                 
Operating income (loss)  62,739   (46,323)  -   16,416 
                 
Interest expenses  (1,335)  (117)  917   (535)
Interest income and investment income  13,107   28,877   (917)  41,067 
Foreign currency exchange losses, net  (10,290)  (452)  -   (10,742)
Gain on fair value change of investments  5,466   3,815   -   9,281 
                 
Income (loss) before income tax (expenses) benefits  69,687   (14,200)  -   55,487 
                 
Income tax (expenses) benefits  (6,408)  129   -   (6,279)
                 
Income (loss) before share of income in equity method investments, net of income taxes  63,279   (14,071)  -   49,208 
                 
Share of income in equity method investments, net of income taxes  -   6,746   -   6,746 
                 
Net income (loss) from continuing operations  63,279   (7,325)  -   55,954 

 

(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.

                 

 

 

 

(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

                 

   Three Months Ended 
   September 30, 2024 
   BIGO   All other   Total 
   US$   US$   US$ 
Cost of revenues   (261)   245    (16)
Research and development expenses   1,571    1,389    2,960 
Sales and marketing expenses   39    154    193 
General and administrative expenses   (186)   1,964    1,778 

 

 

 

 

JOYY INC.

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT

(All amounts in thousands, except share, ADS and per ADS data)  

 

   Three Months Ended 
   September 30, 2024 
   BIGO   All other   Total 
   US$   US$   US$ 
Operating income (loss)   62,739    (46,323)   16,416 
Share-based compensation expenses   1,163    3,752    4,915 
Amortization of intangible assets from business acquisitions   8,950    4,590    13,540 
Non-GAAP operating income (loss)   72,852    (37,981)   34,871 
Depreciation and other amortization   3,272    5,147    8,419 
Non-GAAP EBITDA   76,124    (32,834)   43,290 
                
Net income (loss) from continuing operations   63,279    (7,325)   55,954 
Share-based compensation expenses   1,163    3,752    4,915 
Amortization of intangible assets from business acquisitions   8,950    4,590    13,540 
Gain on fair value change of investments   (5,466)   (3,815)   (9,281)
Income tax effects on non-GAAP adjustments   (778)   (796)   (1,574)
Reconciling items on the share of equity method investments   -    (6,167)   (6,167)
Non-GAAP net income (loss) from continuing operations   67,148    (9,761)   57,387