SINGAPORE, Aug. 27, 2025 (GLOBE NEWSWIRE) — JOYY Inc. (NASDAQ: JOYY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the second quarter of 2025.
Second Quarter 2025 Financial Highlights1
Net revenues were US$507.8 million, compared to US$565.1 million in the corresponding period of 2024.Operating income was US$5.8 million in the second quarter of 2025, compared to operating income of US$2.3 million in the corresponding period of 2024.Non-GAAP EBITDA2 was US$48.2 million, compared to US$38.4 million in the corresponding period of 2024.Net income from continuing operations attributable to controlling interest of JOYY3 was US$60.8 million, compared to net income of US$52.1 million in the corresponding period of 2024.Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY4 was US$77.0 million, compared to US$74.0 million in the corresponding period of 2024.
Second Quarter 2025 Operational Highlights
Global average mobile MAUs5 was 262.5 million, compared to 275.2 million in the corresponding period of 2024, primarily due to the Company’s optimization of overall sales and marketing strategies to be more focused on return-on-investment and disciplined spending on advertising across various product lines.Average mobile MAUs of Bigo Live was 29.6 million, compared to 37.7 million in the corresponding period of 2024.Average mobile MAUs of Likee was 28.5 million, compared to 35.6 million in the corresponding period of 2024.Average mobile MAUs of Hago was 3.0 million, compared to 4.4 million in the corresponding period of 2024.Total number of paying users of BIGO (including Bigo Live, Likee and imo)6 was 1.50 million, compared to 1.66 million in the corresponding period of 2024.Average revenue per paying user, or ARPPU, of BIGO (including Bigo Live, Likee and imo)7 was US$215.2, compared to US$233.5 in the corresponding period of 2024.
Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “In the second quarter of 2025, we delivered a solid performance as our live streaming business reached a stable footing, while our non-livestreaming business achieved robust and accelerated growth. Our live streaming revenue was US$375.4 million, increasing by 1.1% quarter over quarter, while our non-livestreaming revenue was US$132.4 million, increasing by 25.6% year over year. Our operating income increased from US$2.3 million to US$5.8 million while our non-GAAP EBITDA reached US$48.2 million, growing by 25.7% year over year, due to continued disciplined execution and enhanced operating efficiency. We maintained our commitment to shareholder returns, distributing US$98.5 million in dividends and repurchasing US$36.5 million worth of shares from January 1, 2025 to June 30, 2025.”
“Our dual growth engine strategy yielded positive results, as evidenced by the impressive revenue growth of BIGO Ads. In the second quarter, BIGO’s non livestreaming business, primarily BIGO Ads, achieved approximately 29.0% year-over-year growth and 8.9% quarter-over-quarter growth in revenue, with our third-party ad network revenues recording year-over-year growth in mid-double digits. We are making substantial progress on all fronts of our advertising business, including expansion of our traffic and rising advertisers’ demand across channels and verticals. As we grow in scale, we are accelerating the training and optimization of our algorithms to further improve our campaign performance and return-on-investment, which we believe in turn will drive further growth in advertisers’ demand and publisher traffic, fostering a self-reinforcing strategic flywheel. With our global operational capabilities, tech infrastructure, and vibrant ecosystem, we are confident in building a meaningful and lasting presence in the advertising technology industry while delivering sustained, long-term value for our shareholders.”
Second Quarter 2025 Financial Results
NET REVENUES
Net revenues were US$507.8 million in the second quarter of 2025, compared to US$565.1 million in the corresponding period of 2024.
Live streaming revenues were US$375.4 million in the second quarter of 2025, compared to US$459.7 million in the corresponding period of 2024. The decrease was mainly due to the decline in the number of paying users and ARPPU of BIGO, as well as adjustments to the interactive features of the Company’s non-core audio livestreaming products for compliance enhancement.
Other revenues increased by 25.6% to US$132.4 million in the second quarter of 2025 from US105.4 million in the corresponding period of 2024, primarily due to the substantial growth of the advertising revenues.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues decreased by 11.9% to US$322.5 million in the second quarter of 2025 from US$366.2 million in the corresponding period of 2024, primarily driven by the decrease in BIGO segment. BIGO’s cost of revenues decreased by 12.8% to US$285.6 million, primarily driven by a US$36.5 million decrease in revenue-sharing fees and content costs. All other’s cost of revenues decreased by 4.1% to US$36.9 million, mainly due to a decrease in revenue-sharing fees and content costs.
Gross profit was US$185.2 million in the second quarter of 2025, compared to US$198.9 million in the corresponding period of 2024. Gross margin was 36.5% in the second quarter of 2025, compared to 35.2% in the corresponding period of 2024.
OPERATING EXPENSES AND INCOME
Operating expenses were US$179.8 million in the second quarter of 2025, compared to US$198.7 million in the corresponding period of 2024. Among the operating expenses, sales and marketing expenses decreased to US$71.9 million in the second quarter of 2025 from US$88.1 million in the corresponding period of 2024, as the Company optimized overall sales and marketing strategies across various social products to be more focused on return-on-investment and user acquisition effectiveness. Research and development expenses decreased to US$60.1 million in the second quarter of 2025 from US$69.9 million in the corresponding period of 2024, primarily due to decreases in salary and welfare of US$6.8 million and share-based compensation expenses of US$1.7 million. General and administrative expenses increased to US$47.9 million in the second quarter of 2025 from US$40.7 million in the corresponding period of 2024, primarily due to an increase in impairment of investments of US$5.6 million.
Operating income was US$5.8 million in the second quarter of 2025, compared to operating income of US$2.3 million in the corresponding period of 2024, representing a 155.4% year-over-year increase. Operating income margin was 1.1% in the second quarter of 2025, compared to operating income margin of 0.4% in the corresponding period of 2024.
Non-GAAP operating income8 was US$38.3 million in the second quarter of 2025, compared to US$30.0 million in the corresponding period of 2024, representing a 27.9% year-over-year increase. Non-GAAP operating income margin9 was 7.5% in the second quarter of 2025, compared to 5.3% in the corresponding period of 2024.
Non-GAAP EBITDA was US$48.2 million, compared to US$38.4 million in the corresponding period of 2024. Non-GAAP EBITDA margin10 was 9.5%, compared to 6.8% in the corresponding period of 2024.
NET INCOME
Net income from continuing operations attributable to controlling interest of JOYY was US$60.8 million in the second quarter of 2025, compared to US$52.1 million in the corresponding period of 2024. Net income margin was 12.0% in the second quarter of 2025, compared to net income margin of 9.2% in the corresponding period of 2024.
Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$77.0 million in the second quarter of 2025, compared to US$74.0 million in the corresponding period of 2024. Non-GAAP net income margin11 was 15.2% in the second quarter of 2025, compared to non-GAAP net income margin of 13.1% in the corresponding period of 2024.
NET INCOME PER ADS
Diluted net income from continuing operations per ADS12 was US$1.13 in the second quarter of 2025, compared to US$0.83 in the corresponding period of 2024.
Non-GAAP diluted net income from continuing operations per ADS13 was US$1.44 in the second quarter of 2025, compared to US$1.17 in the corresponding period of 2024, up by 23.1% year over year.
BALANCE SHEET AND CASH FLOWS
As of June 30, 2025, the Company had net cash14 of US$3,318.8 million, compared with US$3,275.9 million as of December 31, 2024. For the second quarter of 2025, net cash from operating activities was US$57.6 million.
SHARES OUTSTANDING
As of June 30, 2025, the Company had a total of 1,027.3 million common shares outstanding, representing the equivalent of 51.4 million ADSs assuming the conversion of all common shares into ADSs.
Business Outlook
For the third quarter of 2025, the Company expects net revenues to be between US$525 million and US$539 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 increasing 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 0.83 million ADSs for an aggregate consideration of US$36.5 million on the open market as of June 30, 2025.
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$0.95 per ADS, or US$0.0475 per common share, for the third quarter of 2025, which is expected to be paid on October 10, 2025 to shareholders of record as of the close of business on September 22, 2025. The ex-dividend date will be September 22, 2025.
Conference Call Information
The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Tuesday, August 26, 2025 (9:00 AM Singapore/Hong Kong Time on Wednesday, August 27, 2025). Details for the conference call are as follows:
Event Title: JOYY Inc. Second Quarter 2025 Earnings Conference Call
Conference ID: #10049735
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/10049735-yoj182.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 September 4, 2025, by dialing the following numbers:
United States:1-855-883-1031Singapore:800-101-3223Hong Kong:800-930-639Conference ID:#10049735
About JOYY Inc.
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, casual games, instant messaging, and emerging initiatives like advertising, JOYY has evolved beyond social entertainment into a multifaceted ecosystem powered by AI and data-driven technologies. Headquartered in Singapore and operating across the globe, JOYY has fostered a vibrant user community through its localized strategies. 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; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; JOYY’s ability to attract new advertisers and publishers; 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: [email protected]
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 June 30, 2024, March 31, 2025 and June 30, 2025 and for the six months ended June 30, 2024 and June 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 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.
3Net 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.
4 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$16.1 million and US$22.0 million in the second 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.
5 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.
6 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.
7 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.
8 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.
9 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.
10 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.
11 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.
12 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.
13 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.
14 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 convertible bonds and short-term and long-term loans.
JOYY INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except share, ADS and per ADS data) December 31, June 30, 2024 2025 US$ US$Assets Current assets Cash and cash equivalents444,761 400,965Restricted cash and cash equivalents371,332 25,265Short-term deposits1,061,011 672,024Restricted short-term deposits20,722 18,588Short-term investments288,589 537,080Accounts receivable, net121,861 132,915Amounts due from related parties467 162Prepayments and other current assets(1)247,538 223,197Assets held for sale- 10,489 Total current assets2,556,281 2,020,685 Non-current assets Long-term deposits and held-to-maturity investments1,124,308 1,681,649Deferred tax assets2,563 2,740Investments530,685 526,241Property and equipment, net499,723 515,875Land use rights, net303,115 300,080Intangible assets, net277,257 249,465Right-of-use assets, net20,457 16,705Goodwill2,194,324 2,194,330Other non-current assets19,084 10,475 Total non-current assets4,971,516 5,497,560 Total assets7,527,797 7,518,245 Liabilities, mezzanine equity and shareholders’ equity Current liabilities Short-term loans34,853 16,744Accounts payable84,015 76,165Deferred revenue66,813 63,509Advances from customers4,031 7,147Income taxes payable78,304 72,219Accrued liabilities and other current liabilities(1)2,393,923 533,762Amounts due to related parties1,378 23,085Lease liabilities due within one year10,775 9,015 Total current liabilities2,674,092 801,646 Non-current liabilities Lease liabilities9,948 7,828Deferred revenue12,635 11,550Deferred tax liabilities47,631 51,009 Total non-current liabilities70,214 70,387 Total liabilities2,744,306 872,033
JOYY INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)(All amounts in thousands, except share, ADS and per ADS data) December 31, June 30, 2024 2025 US$ US$ Mezzanine equity23,733 24,533 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 700,748,911 shares outstanding as of June 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 June 30, 2025, respectively)3 3 Treasury shares (US$0.00001 par value; 603,177,267 and 605,985,533 shares held as of December 31, 2024 and June 30, 2025, respectively)(1,223,186) (1,212,328)Additional paid-in capital3,345,536 3,307,423 Statutory reserves40,500 36,148 Retained earnings2,796,745 4,684,101 Accumulated other comprehensive loss(247,615) (234,053) Total JOYY Inc.’s shareholders’ equity4,711,990 6,581,301 Non-controlling interests47,768 40,378 Total shareholders’ equity4,759,758 6,621,679 Total liabilities, mezzanine equity and shareholders’ equity7,527,797 7,518,245 (1)JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits. Correspondingly, the advanced payments received were recorded as accrued liabilities and other current liabilities on our consolidated balance sheet as of December 31, 2024. On February 25, 2025, the Company entered into agreements with Baidu and closed the sale of YY Live to Baidu.
JOYY INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(All amounts in thousands, except share, ADS and per ADS data) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2024 2025 2025 2024 2025 US$ US$ US$ US$ US$Net revenues Live streaming 459,730 371,348 375,409 926,121 746,757Others 105,398 123,003 132,351 203,567 255,354 Total net revenues(1) 565,128 494,351 507,760 1,129,688 1,002,111 Cost of revenues(2) (366,189) (315,736) (322,515) (735,386) (638,251) Gross profit 198,939 178,615 185,245 394,302 363,860 Operating expenses(2) Research and development expenses (69,856) (62,426) (60,075) (138,895) (122,501)Sales and marketing expenses (88,132) (72,131) (71,852) (182,770) (143,983)General and administrative expenses (40,686) (32,690) (47,922) (72,429) (80,612) Total operating expenses (198,674) (167,247) (179,849) (394,094) (347,096) Gain on disposal of subsidiary 1,643 – – 1,643 -Other income 361 839 400 3,961 1,239 Operating income 2,269 12,207 5,796 5,812 18,003 Interest expenses (1,864) (106) (151) (4,000) (257)Interest income and investment income 46,702 39,387 40,799 95,629 80,186Foreign currency exchange gains (losses), net 1,125 (761) 1,191 1,893 430(Loss) gain on fair value change of investments (619) 705 17,633 366 18,338 Income before income tax expenses 47,613 51,432 65,268 99,700 116,700 Income tax expenses (2,628) (5,211) (6,066) (7,165) (11,277) Income before share of income (loss) in equity method investments, net of income taxes 44,985 46,221 59,202 92,535 105,423 Share of income (loss) in equity method investments, net of income taxes 2,805 (3,318) (1,176) (4,590) (4,494) Net income from continuing operations 47,790 42,903 58,026 87,945 100,929 Gain on disposal of YY (3) – 1,875,921 – – 1,875,921 Net income 47,790 1,918,824 58,026 87,945 1,976,850 Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders 4,276 2,499 2,799 9,407 5,298 Net income attributable to controlling interest of JOYY Inc. 52,066 1,921,323 60,825 97,352 1,982,148 Including： Net income from continuing operations attributable to controlling interest of JOYY Inc. 52,066 45,402 60,825 97,352 106,227Gain on disposal of YY (3) – 1,875,921 – – 1,875,921Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value (347) (347) (347) (694) (694)Net income attributable to common shareholders of JOYY Inc. 51,719 1,920,976 60,478 96,658 1,981,454 Including: Net income from continuing operations attributable to common shareholders of JOYY Inc. 51,719 45,055 60,478 96,658 105,533Gain on disposal of YY (3) – 1,875,921 – – 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 Six Months Ended June 30, March 31, June 30, June 30, June 30, 2024 2025 2025 2024 2025 US$ US$ US$ US$ US$ Net income per ADS — — Basic 0.87 36.09 1.15 1.59 37.36Continuing operations 0.87 0.85 1.15 1.59 1.99Discontinued operations – 35.24 – – 35.37 — — Diluted 0.83 35.72 1.13 1.52 36.97Continuing operations 0.83 0.84 1.13 1.52 1.97Discontinued operations – 34.88 – – 35.00 Weighted average number of ADS used in calculating net income per ADS — — Basic 59,537,049 53,237,127 52,788,040 60,660,104 53,040,855 — — Diluted 64,101,951 53,780,111 53,353,026 65,625,455 53,593,910 (1) Revenues by geographical areas were as follows: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2024 2025 2025 2024 2025 US$ US$ US$ US$ US$ Developed countries and regions 306,099 277,615 291,145 597,135 568,760Middle East 75,530 66,651 61,268 162,988 127,919Mainland China 62,604 48,385 51,291 122,405 99,676Southeast Asia and others 120,895 101,700 104,056 247,160 205,756 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 Six Months Ended June 30, March 31, June 30, June 30, June 30, 2024 2025 2025 2024 2025 US$ US$ US$ US$ US$ Cost of revenues 778 635 677 1,441 1,312Research and development expenses 3,282 2,138 1,605 6,674 3,743Sales and marketing expenses 108 229 255 239 484General and administrative expenses 2,183 2,235 1,430 4,125 3,665 (3) Gain from disposal of YY Live amounted to approximately US$ 1.9 billion 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 Six Months Ended June 30, March 31, June 30, June 30, June 30, 2024 2025 2025 2024 2025 US$ US$ US$ US$ US$ Operating income 2,269 12,207 5,796 5,812 18,003Share-based compensation expenses 6,351 5,237 3,967 12,479 9,204Amortization of intangible assets from business acquisitions 13,590 13,540 13,540 28,722 27,080Impairment of investments 9,386 – 15,000 9,386 15,000Gain on disposal of subsidiary (1,643) – – (1,643) -Non-GAAP operating income 29,953 30,984 38,303 54,756 69,287Depreciation and other amortization 8,402 9,402 9,891 17,388 19,293Non-GAAP EBITDA 38,355 40,386 48,194 72,144 88,580 Net income from continuing operations 47,790 42,903 58,026 87,945 100,929Share-based compensation expenses 6,351 5,237 3,967 12,479 9,204Amortization of intangible assets from business acquisitions 13,590 13,540 13,540 28,722 27,080Impairment of investments 9,386 – 15,000 9,386 15,000Gain on disposal of subsidiary (1,643) – – (1,643) -Loss (gain) on fair value change of investments 619 (705) (17,633) (366) (18,338)Interest expenses related to the convertible bonds’ amortization to face value 198 – – 435 -Income tax effects on non-GAAP adjustments (1,883) (1,404) 913 (4,105) (491)Reconciling items on the share of equity method investments (3,700) 1,887 1,034 734 2,921Non-GAAP net income from continuing operations 70,708 61,458 74,847 133,587 136,305 Net income from continuing operations attributable to common shareholders of JOYY Inc. 51,719 45,055 60,478 96,658 105,533Share-based compensation expenses 6,351 5,237 3,967 12,479 9,204Amortization of intangible assets from business acquisitions 13,590 13,540 13,540 28,722 27,080Impairment of investments 9,386 – 15,000 9,386 15,000Gain on disposal of subsidiary (1,643) – – (1,643) -Loss (gain) on fair value change of investments 619 (705) (17,633) (366) (18,338)Interest expenses related to the convertible bonds’ amortization to face value 198 – – 435 -Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders 347 347 347 694 694Income tax effects on non-GAAP adjustments (1,883) (1,404) 913 (4,105) (491)Reconciling items on the share of equity method investments (3,700) 1,887 1,034 734 2,921Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders (949) (761) (690) (1,755) (1,451)Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc. 74,035 63,196 76,956 141,239 140,152 Non-GAAP net income from continuing operations per ADS — — Basic 1.24 1.19 1.46 2.33 2.64 — — Diluted 1.17 1.18 1.44 2.19 2.62 Weighted average number of ADS used in calculating Non-GAAP net income from continuing operations per ADS — — Basic 59,537,049 53,237,127 52,788,040 60,660,104 53,040,855 — — Diluted 64,101,951 53,780,111 53,353,026 65,625,455 53,593,910
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$Net revenues Live streaming355,318 20,091 – 375,409Others87,415 45,233 (297) 132,351 Total net revenues442,733 65,324 (297) 507,760 Cost of revenues(2)(285,645) (36,933) 63 (322,515) Gross profit157,088 28,391 (234) 185,245 Operating expenses(2) Research and development expenses(37,427) (22,825) 177 (60,075)Sales and marketing expenses(51,990) (19,883) 21 (71,852)General and administrative expenses(16,057) (31,901) 36 (47,922) Total operating expenses(105,474) (74,609) 234 (179,849) Other income56 344 – 400 Operating income (loss)51,670 (45,874) – 5,796 Interest expenses(821) (77) 747 (151)Interest income and investment income14,220 27,326 (747) 40,799Foreign currency exchange gains, net947 244 – 1,191Gain on fair value change of investments822 16,811 – 17,633 Income (loss) before income tax expenses66,838 (1,570) – 65,268 Income tax expenses(5,124) (942) – (6,066) Income (loss) before share of loss in equity method investments, net of income taxes61,714 (2,512) – 59,202 Share of loss in equity method investments, net of income taxes- (1,176) – (1,176) Net income (loss) from continuing operations61,714 (3,688) – 58,026
(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three Months Ended June 30, 2025 BIGO All other Total US$ US$ US$ Cost of revenues440 237 677Research and development expenses520 1,085 1,605Sales and marketing expenses95 160 255General and administrative expenses289 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 expenses1,344 2,623 3,967 Amortization of intangible assets from business acquisitions8,950 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 amortization4,629 5,262 9,891 Non-GAAP EBITDA66,593 (18,399) 48,194 Net income (loss) from continuing operations61,714 (3,688) 58,026 Share-based compensation expenses1,344 2,623 3,967 Amortization of intangible assets from business acquisitions8,950 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 operations70,548 4,299 74,847
JOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended March 31, 2025 BIGO All other Elimination(1) Total US$ US$ US$ US$Net revenues Live streaming351,598 19,750 – 371,348Others80,263 43,185 (445) 123,003 Total net revenues431,861 62,935 (445) 494,351 Cost of revenues(2)(279,100) (36,720) 84 (315,736) Gross profit152,761 26,215 (361) 178,615 Operating expenses(2) Research and development expenses(40,380) (22,310) 264 (62,426)Sales and marketing expenses(52,113) (20,047) 29 (72,131)General and administrative expenses(13,886) (18,872) 68 (32,690) Total operating expenses(106,379) (61,229) 361 (167,247) Other income431 408 – 839 Operating income (loss)46,813 (34,606) – 12,207 Interest expenses(799) (33) 726 (106)Interest income and investment income12,917 27,196 (726) 39,387Foreign currency exchange losses, net(522) (239) – (761)Gain (loss) on fair value change of investments753 (48) – 705 Income (loss) before income tax (expenses) benefits59,162 (7,730) – 51,432 Income tax (expenses) benefits(5,956) 745 – (5,211) Income (loss) before share of loss in equity method investments, net of income taxes53,206 (6,985) – 46,221 Share of loss in equity method investments, net of income taxes- (3,318) – (3,318) Net income (loss) from continuing operations53,206 (10,303) – 42,903
(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three Months Ended March 31, 2025 BIGO All other Total US$ US$ US$ Cost of revenues363 272 635Research and development expenses852 1,286 2,138Sales and marketing expenses80 149 229General and administrative expenses441 1,794 2,235
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 March 31, 2025 BIGO All other Total US$ US$ US$ Operating income (loss)46,813 (34,606) 12,207Share-based compensation expenses1,736 3,501 5,237Amortization of intangible assets from business acquisitions8,950 4,590 13,540Non-GAAP operating income (loss)57,499 (26,515) 30,984Depreciation and other amortization4,237 5,165 9,402Non-GAAP EBITDA61,736 (21,350) 40,386 Net income (loss) from continuing operations53,206 (10,303) 42,903Share-based compensation expenses1,736 3,501 5,237Amortization of intangible assets from business acquisitions8,950 4,590 13,540(Gain) loss on fair value change of investments(753) 48 (705)Income tax effects on non-GAAP adjustments(650) (754) (1,404)Reconciling items on the share of equity method investments- 1,887 1,887Non-GAAP net income (loss) from continuing operations62,489 (1,031) 61,458
JOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended June 30, 2024 BIGO All other Elimination(1) Total US$ US$ US$ US$Net revenues Live streaming439,394 20,336 – 459,730Others67,760 38,024 (386) 105,398 Total net revenues507,154 58,360 (386) 565,128 Cost of revenues(2)(327,735) (38,530) 76 (366,189) Gross profit179,419 19,830 (310) 198,939 Operating expenses(2) Research and development expenses(42,715) (27,370) 229 (69,856)Sales and marketing expenses(66,720) (21,435) 23 (88,132)General and administrative expenses(12,180) (28,564) 58 (40,686) Total operating expenses(121,615) (77,369) 310 (198,674) Gain on disposal of subsidiary- 1,643 – 1,643Other income177 184 – 361 Operating income (loss)57,981 (55,712) – 2,269 Interest expenses(1,475) (1,400) 1,011 (1,864)Interest income and investment income15,256 32,457 (1,011) 46,702Foreign currency exchange gains, net1,005 120 – 1,125(Loss) gain on fair value change of investments(2,610) 1,991 – (619) Income (loss) before income tax (expenses) benefits70,157 (22,544) – 47,613 Income tax (expenses) benefits(5,575) 2,947 – (2,628) Income (loss) before share of income in equity method investments, net of income taxes64,582 (19,597) – 44,985 Share of income in equity method investments, net of income taxes- 2,805 – 2,805 Net income (loss) from continuing operations64,582 (16,792) – 47,790
(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three Months Ended June 30, 2024 BIGO All other Total US$ US$ US$ Cost of revenues446 332 778Research and development expenses1,543 1,739 3,282Sales and marketing expenses45 63 108General and administrative expenses408 1,775 2,183
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, 2024 BIGO All other Total US$ US$ US$ Operating income (loss)57,981 (55,712) 2,269Share-based compensation expenses2,442 3,909 6,351Amortization of intangible assets from business acquisitions8,950 4,640 13,590Impairment of investments- 9,386 9,386Gain on disposal of subsidiary- (1,643) (1,643)Non-GAAP operating income (loss)69,373 (39,420) 29,953Depreciation and other amortization3,068 5,334 8,402Non-GAAP EBITDA72,441 (34,086) 38,355 Net income (loss) from continuing operations64,582 (16,792) 47,790Share-based compensation expenses2,442 3,909 6,351Amortization of intangible assets from business acquisitions8,950 4,640 13,590Impairment of investments- 9,386 9,386Gain on disposal of subsidiary- (1,643) (1,643)Loss (gain) on fair value change of investments2,610 (1,991) 619Interest expenses related to the convertible bonds’ amortization to face value- 198 198Income tax effects on non-GAAP adjustments(778) (1,105) (1,883)Reconciling items on the share of equity method investments- (3,700) (3,700)Non-GAAP net income (loss) from continuing operations77,806 (7,098) 70,708
