JOYY Announces Q3 2025 Results: Ad Revenue Surges 29.2% YoY, Livestreaming Revenue Grows for Second Consecutive Quarter

SINGAPORE, November 19, 2025 – JOYY Inc. (NASDAQ: JOYY), a global technology company with a focus on social media and entertainment platforms, today announced its unaudited financial results for the third quarter of 2025, showcasing a resilient performance driven by strategic diversification and technological advancements.

The company reported revenue of $540 million, a 6.4% increase quarter-over-quarter, signaling a continued upward trajectory. The results underscore JOYY’s ability to navigate a dynamic market landscape and capitalize on emerging opportunities.

A key highlight of the quarter was the continued sequential growth in livestreaming revenue, which reached $388 million, a 3.5% increase from the previous quarter. This marks the second consecutive quarter of such growth, demonstrating the effectiveness of JOYY’s strategic initiatives in content enhancement and user engagement within its core livestreaming platforms, particularly Bigo Live.

Beyond livestreaming, JOYY is making significant strides in diversifying its revenue streams. BIGO Ads, the company’s advertising technology platform, delivered a standout performance, generating $104 million in revenue, a 33.1% year-over-year increase. This robust growth brought the total contribution of non-livestreaming revenue to 28.1% of JOYY’s total, highlighting the increasing importance of advertising and other ventures to the company’s overall financial health.

Profitability metrics also showed positive momentum. JOYY’s GAAP and non-GAAP operating income rose by approximately 19.1% and 16.6% year-over-year, reaching $20 million and $41 million respectively. Non-GAAP EBITDA reached $51 million, a 16.8% year-over-year increase and 4.9% quarter-over-quarter gain. The company’s operating cash flow for the quarter was $73 million. As of September 30, 2025, JOYY held a substantial $3.32 billion in net cash, providing a solid financial foundation for future investments and shareholder returns.

JOYY remains committed to returning value to its shareholders. The company previously announced a shareholder return program encompassing approximately $900 million in dividends and share repurchases from 2025 through 2027. To date, JOYY has distributed $148 million in dividends and repurchased shares worth $89 million from January 1, 2025, through November 14, 2025.

“In the third quarter of 2025, we sustained a steady sequential recovery in our livestreaming revenue while accelerating top-line growth in our advertising business,” stated Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY. “We made significant progress in advancing our dual growth engine strategy and strengthening synergies within our ecosystem. BIGO Ads achieved revenue growth both year-over-year and quarter-over-quarter. As we approach 2026, we are positioned for a resumption in year-over-year group-level revenue growth, with our livestreaming 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 Highlights

• Net revenues in the third quarter of 2025 were $540 million, representing an increase of 6.4% from $508 million in the second quarter of 2025.
  • Livestreaming revenue was $388 million, representing an increase of 3.5% from $375 million in the second quarter of 2025.
  • Advertising revenue increased by 29.2% to $113 million from $87 million in the corresponding period of 2024 and by 17.1% from $96 million in the second quarter of 2025.
  • Other revenues increased by 22.3% to $39 million from $32 million in the corresponding period of 2024 and by 8.3% from $36 million in the second quarter of 2025.
• Operating income was $20 million in the third quarter of 2025, representing an increase of 19.1% from $16 million in the corresponding period of 2024.
• Non-GAAP EBITDA was $51 million in the third quarter of 2025, representing an increase of 16.8% from $43 million in the corresponding period of 2024.
• Net income from continuing operations attributable to controlling interest of JOYY was $62 million in the third quarter of 2025, representing an increase of 2.3% from $61 million in the corresponding period of 2024.
• Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was $72 million in the third quarter of 2025, compared to $61 million in the corresponding period of 2024, representing an 18.4% year-over-year increase.
• Net Cash as of September 30, 2025 was $3.32 billion.
• Net cash from operating activities was $73 million, compared with $61.1 million in the corresponding period of 2024.

Third Quarter 2025 Business Highlights

Livestreaming Business

In the third quarter, JOYY’s global average mobile MAUs reached 266 million, up 1.4% quarter-over-quarter. The acquisition of high-quality global users traffic effectively supports livestreaming monetization. In the third quarter, the Company’s livestreaming revenue reached $388 million. BIGO livestreaming revenue was $368 million, up 3.5% quarter-over-quarter, maintaining the sequential growth trend. BIGO’s total paying users grew 0.8% quarter-over-quarter, while ARPPU increased 3.4% quarter-over-quarter.

Bigo Live delivered positive sequential growth for the second consecutive quarter. This recovery reflects its comprehensive, integrated approach, where the business has leveraged effective streamer incentive programs, a healthy and diverse high-quality content ecosystem, AI-powered user touchpoint enhancements which improve content discovery and payment experiences, and strong local operational campaigns.

Since the second half of last year, Bigo Live has restructured its streamer incentive mechanisms across regions, improving streamer engagement and content quality across the platform. In the third quarter, average streaming hours for newly signed streamers on Bigo Live rose 3.5% quarter-over-quarter and average viewer numbers increased 3.9% quarter-over-quarter.

Bigo Live continues advancing AI-powered improvements across content distribution and payment experiences. By incorporating richer user signals through AI and optimizing strategies for cross-regional and in-app scenarios in Bigo Live, it enhanced viewing experiences and drove users’ average viewing time up 3.4% quarter-over-quarter. Meanwhile, the real-time translation subtitles now support 15 languages, significantly improving user interactions across different regions. Bigo Live 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. Bigo Live also used targeted strategies to further optimize its tiered paying user benefits system. In the third quarter, mid-tier user ARPPU increased 2% quarter-over-quarter, while the total number of premium paying users achieved double-digit quarter-over-quarter growth.

Advertising Business

While livestreaming revenue has continued to grow steadily quarter over quarter this year, JOYY’s ad-tech platform, BIGO Ads, has delivered accelerated top-line growth. In the third quarter, BIGO Ads achieved $104 million in advertising revenue, up 33.1% year-over-year and 19.7% quarter over quarter. BIGO Audience Network revenue was particularly strong, recording mid-double-digit year-over-year growth and 25% sequential growth.

BIGO Ads has continued to expand its third-party traffic by deepening integrations with mediation platforms and mobile app developers. In the third quarter, SDK ad requests were up 228% year-over-year and 29% quarter-over-quarter.

During the quarter, BIGO Ads upgraded its IAA D7 ROAS optimization with AI-driven, real-time prediction and bidding capabilities. The enhancement enables advertisers to scale budgets with greater confidence, acquiring higher-quality users while maintaining strong return efficiency.

BIGO Ads delivered strong growth across the board, driven by algorithm iterations, increased traffic volume, new market expansion, and strong advertiser demand across multiple verticals. BIGO Ads’ daily gross revenue reached new heights, and continues to grow with strong momentum. Improved ad delivery and effectiveness substantially drove advertisers spending. Total spending from key cohorts increased by 30% quarter-over-quarter. At the same time, performance gains attracted a steady influx of new advertisers, with the number of key cohorts up by 17% quarter-over-quarter.

During the third quarter, BIGO Ads continued to deepen its penetration in developed countries, with revenue in North America growing 22% quarter-over-quarter and that in Western Europe rising 41%, laying a strong foundation for its continued growth.

1. This press release includes certain non-GAAP financial measures as additional clarifying items to aid investors in further understanding the Company’s performance and the impact that these items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. For details of the non-GAAP measures, including the reconciliations of GAAP measures to non-GAAP measures, please refer to the press release titled “JOYY Reports Third Quarter 2025 Unaudited Financial Results” issued by the Company on November 20, 2025.