JOYY Reports First Quarter 2026 Financial Results: Total Revenue Up 12.4% YoY, Substantially Expanding Shareholder Returns

Rhea-AI Summary

JOYY (NASDAQ: JOYY) reported unaudited Q1 2026 revenue of US$555.7 million, up 12.4% year over year, its fastest growth in recent years. Social entertainment revenue was US$400.4 million, BIGO Ads US$124.8 million, and SHOPLINE US$30.5 million.

Non-GAAP operating income reached US$38.0 million and non-GAAP EBITDA US$45.7 million. JOYY also launched a new US$1.5 billion shareholder return plan for 2026–2028, including a US$600 million share repurchase authorization and approximately US$900 million in planned quarterly dividends.

Positive

• Total Q1 2026 revenue US$555.7 million, up 12.4% year over year
• BIGO Ads revenue US$124.8 million, increasing 55.6% year over year
• SHOPLINE revenue US$30.5 million, up 16.1% year over year with 51.5% gross margin
• Non-GAAP operating income US$38.0 million, up 22.5% year over year
• Non-GAAP EBITDA US$45.7 million, up 13.2% year over year
• Net cash balance US$3,175.1 million as of March 31, 2026
• New US$1.5 billion shareholder return program for 2026–2028
• Global average mobile MAUs 276.3 million, up 6.1% year over year

Negative

• None.

News Market Reaction – JOYY

+17.77% 1.6x vol

46 alerts

+17.77% Session close to close

+10.0% Peak in 7 hr 25 min

$3.32B Market Cap

1.6x Rel. Volume

In the May 26 session, JOYY gained 17.77%, reflecting a significant positive market reaction. Argus tracked a peak move of +10.0% during that session. Our momentum scanner triggered 46 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 1.6x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +17.8% in the session following this news. A strong positive reaction aligns with J...

Analysis

The stock surged +17.8% in the session following this news. A strong positive reaction aligns with JOYY’s history of favorable responses to earnings, where prior updates averaged moves of about 4.18%. The Q1 2026 report combined double‑digit revenue growth, expanding non‑GAAP profitability, and a larger US$1.5B shareholder return program. Investors monitoring sustainability would watch whether advertising and e‑commerce growth can offset slower social entertainment trends and how consistently cash generation supports these elevated capital returns.

Key Figures

Total Q1 2026 revenue: US$555.7 million Social entertainment revenue: US$400.4 million BIGO Ads revenue: US$124.8 million +5 more

8 metrics

Total Q1 2026 revenue US$555.7 million Up 12.4% year over year from US$494.4 million

Social entertainment revenue US$400.4 million Q1 2026, up 3.2% year over year

BIGO Ads revenue US$124.8 million Q1 2026, up 55.6% year over year from US$80.2 million

SHOPLINE revenue US$30.5 million Q1 2026, up 16.1% year over year from US$26.3 million

Non-GAAP operating income US$38.0 million Q1 2026, up 22.5% from US$31.0 million in Q1 2025

Non-GAAP EBITDA US$45.7 million Q1 2026, up 13.2% from US$40.4 million in Q1 2025

New shareholder return program US$1.5 billion 2026–2028, up from US$900 million prior program

Global mobile MAUs 276.3 million Q1 2026, up 6.1% year over year and 1.5% quarter over quarter

Previous Earnings Reports

5 past events · Latest: Mar 10 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 10	Q4/FY25 earnings	Positive	+2.3%	Q4 revenue growth, BIGO Ads momentum and solid non-GAAP profitability.
Mar 10	Q4/FY25 earnings	Positive	+2.3%	Q4 net revenues up YoY with advertising strength and positive operating income.
Nov 19	Q3 2025 earnings	Positive	+6.3%	Q3 2025 revenue growth, rising livestreaming and strong advertising expansion.
Nov 19	Q3 2025 earnings	Positive	+6.3%	Q3 2025 unaudited results with net revenue gains and higher EBITDA.
Aug 26	Q2 2025 earnings	Positive	+3.9%	Q2 2025 revenue growth, non-livestreaming expansion and solid EBITDA.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases for JOYY have historically seen positive price reactions, suggesting the stock often trades higher on financial updates.

Recent Company History

Over the last several quarters, JOYY’s earnings updates have highlighted a shift toward advertising and diversified revenue, with BIGO Ads driving strong growth and livestreaming stabilizing. Net cash remained above US$3.2B and shareholder returns around US$900M through 2027 were reiterated. Past earnings headlines consistently showed revenue growth, expanding non-GAAP EBITDA, and continued capital returns, framing today’s Q1 2026 report and enlarged shareholder return program as a continuation of this trajectory.

Key Terms

non-gaap, ebitda, maus, sdk, +2 more

6 terms

non-gaap financial

"In the first quarter, non-GAAP[1] operating income and non-GAAP[1] EBITDA came in at US$38.0 million..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

ebitda financial

"non-GAAP[1] operating income and non-GAAP[1] EBITDA came in at US$38.0 million and US$45.7 million..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

maus technical

"global average mobile MAUs reached 276.3 million, up 6.1% year over year..."

Monthly active users (often abbreviated MAUs) counts the number of distinct people who use a digital product or service at least once during a 30-day period. Investors use it like a foot-traffic counter for an online business: rising MAUs suggest growing reach and potential sales, while falling MAUs can signal weakening engagement and future revenue risk. It helps gauge how well a company attracts and retains real, repeat customers over time.

sdk technical

"On the supply side, SDK traffic maintained strong growth, up 109% year over year..."

An SDK (software development kit) is a bundled set of tools, code samples and instructions that lets outside developers build software that works with a company’s platform or product. Think of it as a toolbox and recipe that makes it faster and easier for others to create compatible apps or services. For investors, an SDK matters because widespread developer use can boost product adoption, create new revenue streams and strengthen customer lock‑in, signaling potential future growth.

audience network technical

"third-party Audience Network ad revenue delivering 78.8% year-over-year growth."

A group of websites, apps and other digital places that a company uses to show ads or content to a targeted set of users. Think of it like a chain of billboards owned or partnered with a company that lets advertisers reach similar types of people across many locations; for investors, the size and quality of an audience network affect how easily a business can sell ads, grow revenue, and measure whether marketing is reaching the right customers.

omnichannel technical

"As global commerce enters the omnichannel era, merchants increasingly desire autonomy..."

A coordinated approach to selling and serving customers across all touchpoints—stores, websites, mobile apps, social media, and call centers—so the experience feels like one continuous conversation no matter where a customer interacts. For investors, omnichannel capability signals how well a company can attract and keep customers, turn interactions into sales, and use shared customer data to cut costs and boost revenue—making it a key driver of growth and competitive strength.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SINGAPORE, May 25, 2026 /PRNewswire/ -- JOYY Inc. (NASDAQ: JOYY) ("JOYY" or the "Company"), a leading global technology company, today announced its unaudited financial results for the first quarter ended March 31, 2026.

In the first quarter, JOYY's globally diversified ecosystem continued to take shape, with its three business pillars—social entertainment, advertising, and e-commerce—bolstering one another in a self-reinforcing strategic flywheel. The Company's total revenues for the quarter grew 12.4% year over year to US$555.7 million, the highest year-over-year growth rate the Company has delivered in recent years. Social entertainment revenue was US$400.4 million, up 3.2% year over year, while the Company's second growth engine, BIGO Ads ad tech and SHOPLINE e-commerce, continued to scale with strong momentum. BIGO Ads contributed US$124.8 million, up 55.6% year over year, while SHOPLINE revenue increased 16.1% year over year to US$30.5 million. In the first quarter, non-GAAP^[1] operating income and non-GAAP^[1] EBITDA came in at US$38.0 million and US$45.7 million, up 22.5% and 13.2% year over year, respectively. Operating cash inflow for the quarter was US$46.0 million.

Simultaneously, JOYY announced a new share repurchase program, under which the Company is authorized to repurchase up to US$600 million of its shares until the end of 2028, and a new quarterly dividend program, under which a total of approximately US$900 million in cash will be distributed on a quarterly basis between 2026 and 2028. The new shareholder return program, totaling US$1.5 billion, represents a significant increase compared to the previous program (US$900 million)  announced in 2025. From January 1 to May 22, 2026, JOYY had returned a total of US$156.8 million to shareholders through US$87.9 million in share repurchases and US$68.9 million in dividends, under its 2025 program.

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, "We delivered a strong start to 2026. Total revenues for the first quarter reached US$555.7 million, up by 12.4% year over year, our strongest year-over-year growth rate in recent years. This quarter marks the first time we are reporting results under our new three-segment structure: Social Entertainment, BIGO Ads, and SHOPLINE. Our AI-driven globally diversified ecosystem is taking shape with social entertainment, advertising, and e-commerce reinforcing one another in a powerful strategic flywheel. With AI serving as the backbone of our entire operations—driving content recommendation, advertising efficiency, and merchant intelligence across all three segments—our business pillars form a closed-loop system that deepens our competitive moat and drives long-term value creation for JOYY and our shareholders."

First Quarter 2026 Financial Highlights

• Net revenues in the first quarter of 2026 were US$555.7 million, representing an increase of 12.4% from US$494.4 million in the first quarter of 2025.

- Social Entertainment revenue increased by 3.2% to US$400.4 million from US$387.8 million in the first quarter of 2025.

- BIGO Ads revenue increased by 55.6% to US$124.8 million from US$80.2 million in the first quarter of 2025.

- SHOPLINE revenue increased by 16.1% to US$30.5 million from US$26.3 million in the first quarter of 2025.

• Operating income was US$6.8 million.
   
• Non-GAAP^[1] operating income was US$38.0 million, representing an increase of 22.5% from US$31.0 million in the first quarter of 2025.
  
  
• Non-GAAP^[1] EBITDA was US$45.7 million, representing an increase of 13.2% from US$40.4 million in the first quarter of 2025.
  
  
• Net cash as of March 31, 2026 was US$3,175.1 million.
  
  
• Net cash from operating activities was US$46.0 million.

First Quarter 2026 Business Highlights

Social Entertainment Business

In the first quarter, global average mobile MAUs reached 276.3 million, up 6.1% year over year and 1.5% quarter over quarter. Social entertainment revenue increased by 3.2% year over year to US$400.4 million, with livestreaming revenue up 2.4% year over year. Core livestreaming paying users grew 5.9% year over year.

For flagship product Bigo Live, the Company improved its streamer incentive structure, launched targeted support programs for high-quality content categories, and integrated new AI capabilities. These initiatives drove ongoing gains in both content engagement and payment conversion. Number of active streamers increased 1.5% quarter over quarter, and average effective streaming hours per streamer rose 1.4% quarter over quarter. The Company has now fully rolled out AI smart tools for streamers across core markets, meaningfully improving interaction efficiency. In April, AI-generated interactive virtual gifts accounted for 34% of total virtual gift consumption on Bigo Live.

On the operating side, Bigo Live successfully hosted BIGO Awards Gala 2026 in South Korea along with regional galas in countries including Indonesia and the Philippines during the first quarter. These events underscore Bigo Live's continued commitment to recognizing creator excellence, strengthening regional creator ecosystems, and connecting diverse communities worldwide. Bigo Live continued to pursue content innovation and successfully launched the inaugural BIGO Content Award in North America, drawing over 300 top-tier, highly active streamers to drive measurable growth in DAUs and user retention. Additionally, Bigo Live launched a Ramadan-themed initiative featuring a digital revival of traditional content, which drove user engagement during a key cultural period and reinforced its capability to deliver scalable and localized content experiences across diverse markets.

BIGO Ads Advertising Technology Business

In the first quarter, broader traffic coverage, multi-vertical advertiser expansion, and ongoing algorithm optimization fueled the growth momentum of JOYY's ad tech business. BIGO Ads generated US$124.8 million in advertising revenue, up 55.6% year over year, with third-party Audience Network ad revenue delivering 78.8% year-over-year growth.

On the supply side, SDK traffic maintained strong growth, up 109% year over year in the first quarter. On the demand side, the Company's strategic presence across multiple verticals drove an enrichment of its advertiser mix and enhanced ecosystem density. This multi-vertical approach not only accelerated data accumulation and algorithmic iteration, but also strengthened its traffic bidding capabilities. Notably, web-based demand grew 90% year over year and delivered positive sequential growth, while IAA demand sustained 97% year-over-year growth. Geographically, BIGO Ads continued to prioritize high-value developed markets. North America remains its largest market, while Western Europe delivered notable momentum, with revenue up 27% quarter over quarter.

On the algorithm side, BIGO Ads is steadily and prudently scaling its computing infrastructure and strengthening its R&D talent base. By integrating data feedback from advertisers across channels and leveraging the dual growth of traffic scale and advertiser density, BIGO Ads has built a rich behavioral data layer. This enables multi-dimensional, precise user profiling and real-time model iteration, which in turn improves ad delivery efficiency.

SHOPLINE E-Commerce Business

In the first quarter, SHOPLINE delivered strong results. Revenue was US$30.5 million, up 16.1% year over year, with gross margin expanding further to 51.5%. Revenue growth from cross-border merchants remained robust, sustaining over 60% year-over-year growth. This is the first quarter the Company is reporting SHOPLINE as a standalone segment, underscoring the Company's diversified growth.

As global commerce enters the omnichannel era, merchants increasingly desire autonomy and full-funnel data ownership. The Company is building SHOPLINE as an AI-native, one-stop omnichannel commerce infrastructure that offers merchants a fully open and connectable retail operating system. Through deep integration of payment, logistics, and marketing modules, SHOPLINE empowers merchants across every stage of their journey, from store setup and transactions to fulfillment and full-lifecycle customer retention.

SHOPLINE is accelerating the integration of a suite of AI-powered capabilities. These tools will drive SHOPLINE's evolution from an enablement tool to an AI-driven commerce engine. AI-powered traffic allocation and automated decision-making will unlock new growth opportunities and new levels of precision across omnichannel retail.

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 First Quarter 2026 Unaudited Financial Results" issued by the Company on May 26, 2026.

 

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SOURCE JOYY Inc.

FAQ

What were JOYY (NASDAQ: JOYY) Q1 2026 earnings results and revenue growth?

JOYY reported Q1 2026 revenue of US$555.7 million, up 12.4% year over year. According to JOYY, non-GAAP operating income was US$38.0 million and non-GAAP EBITDA reached US$45.7 million, reflecting double-digit year-over-year increases across both profitability metrics.

How did JOYY’s social entertainment segment perform in Q1 2026?

JOYY’s social entertainment revenue reached US$400.4 million in Q1 2026, up 3.2% year over year. According to JOYY, global average mobile MAUs were 276.3 million, increasing 6.1% year over year, while core livestreaming paying users also grew compared with the prior-year period.

What drove BIGO Ads revenue growth for JOYY in Q1 2026?

BIGO Ads generated US$124.8 million in Q1 2026 revenue, up 55.6% year over year. According to JOYY, broader traffic coverage, multi-vertical advertiser expansion, and algorithm optimization supported this growth, with third-party Audience Network ad revenue rising 78.8% year over year and SDK traffic up 109%.

How did SHOPLINE, JOYY’s e-commerce business, perform in Q1 2026?

SHOPLINE posted US$30.5 million Q1 2026 revenue, a 16.1% year-over-year increase. According to JOYY, SHOPLINE achieved a 51.5% gross margin, while revenue from cross-border merchants maintained over 60% year-over-year growth as the platform emphasized AI-native, omnichannel commerce infrastructure for merchants.

What is included in JOYY’s new US$1.5 billion shareholder return program for 2026–2028?

JOYY announced a US$1.5 billion shareholder return plan running from 2026 to 2028. According to JOYY, it includes a US$600 million share repurchase authorization and approximately US$900 million in quarterly cash dividends, an increase over the previous US$900 million program.

How much cash has JOYY already returned to shareholders in 2026?

From January 1 to May 22, 2026, JOYY returned US$156.8 million to shareholders under its 2025 program. According to JOYY, this comprised US$87.9 million in share repurchases and US$68.9 million in dividend payments during that period.

What is JOYY’s cash position and operating cash flow after Q1 2026?

As of March 31, 2026, JOYY held US$3,175.1 million in net cash on its balance sheet. According to JOYY, net cash from operating activities in Q1 2026 was US$46.0 million, providing liquidity support for operations and the expanded shareholder return initiatives.