JOYY Reports Third Quarter 2025 Financial Results: Ad Revenue up 29.2% YoY, Livestreaming Revenue up Two Quarters Running

Rhea-AI Summary

JOYY (NASDAQ: JOYY) reported third quarter 2025 results with net revenue of US$540 million, up 6.4% quarter-over-quarter, and livestreaming revenue of US$388 million, up 3.5% QoQ for a second consecutive quarterly gain.

Advertising revenue showed strong growth, rising 29.2% year-over-year to US$113 million (BIGO Ads revenue also cited at US$104 million), while non-GAAP EBITDA reached US$51 million, up 16.8% YoY. JOYY ended the quarter with net cash of US$3.32 billion and reported operating cash flow of US$73 million. The company reiterated a shareholder return program of approximately US$900 million (2025–2027) and disclosed US$148 million in dividends and US$89 million in buybacks year-to-date through Nov 14, 2025.

Positive

• Net revenue US$540M, +6.4% QoQ
• Livestreaming revenue US$388M, +3.5% QoQ (two quarters sequential growth)
• Advertising revenue +29.2% YoY to US$113M
• Non-GAAP EBITDA US$51M, +16.8% YoY
• Net cash US$3.32B at Sept 30, 2025

Negative

• Net income from continuing operations US$62M, only +2.3% YoY
• Shareholder return program ~US$900M (2025–2027) represents a sizable cash commitment

Insights

Digital media financial analyst

JOYY shows sequential livestreaming recovery and strong ad revenue growth, supported by a large cash balance and a shareholder return program.

JOYY reported US$540 million revenue in the third quarter, with livestreaming revenue of US$388 million and advertising revenue rising 29.2% year‑over‑year to US$113 million (BIGO Ads also cited US$104 million ad revenue). Operating income improved to US$20 million, non‑GAAP EBITDA rose to US$51 million, and net cash stood at US$3.32 billion, providing liquidity for the announced shareholder return program.

The business mechanism is clear: livestreaming monetization shows two consecutive quarters of sequential growth while BIGO Ads scales via SDK integrations, AI optimizations, and geographic expansion. Risks and dependencies include sustaining streamer engagement metrics, continued advertiser demand, and execution of AI enhancements; these factors drive whether ad momentum and livestreaming monetization persist. Concrete items to watch over the next quarters include the company’s ability to resume year‑over‑year group revenue growth entering 2026, quarterly trends in BIGO Ads revenue and SDK ad requests, and progress on the US$900 million shareholder return program through 2027.

SINGAPORE, Nov. 19, 2025 /PRNewswire/ -- JOYY Inc. (NASDAQ: JOYY) ("JOYY" or the "Company"), a global leading technology company, announced its unaudited financial results for the third quarter of 2025.

In the third quarter of 2025, JOYY's revenue reached US$540 million, representing 6.4% quarter-over-quarter growth. Its livestreaming revenue was US$388 million, up 3.5% quarter-over-quarter, marking two consecutive quarters of sequential growth. Meanwhile, BIGO Ads recorded US$104 million in revenue, with a year-over-year growth of 33.1%, bringing total non-livestreaming revenue, including ad revenue and others, to 28.1% of the Company's revenue. JOYY's GAAP and non-GAAP¹ operating income increased approximately 19.1% and 16.6% year-over-year to US$20 million and US$41 million, respectively. JOYY's non-GAAP¹ EBITDA reached US$51 million, up 16.8% year-over-year and 4.9% quarter-over-quarter. Operating cash flow for the third quarter reached US$73 million. As of September 30, the company held US$3.32 billion in net cash, providing strong support for its ongoing shareholder returns.

JOYY remains committed to delivering sustainable returns to shareholders. The Company previously announced a shareholder return program of approximately US$900 million through dividends and share repurchases from 2025 through 2027. JOYY has distributed US$148 million in dividends and repurchased US$89 million worth of shares from January 1, 2025 through November 14, 2025.

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 livestreaming revenue while accelerating top-line growth in our advertising business. 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 US$540 million, representing an increase of 6.4% from US$508 million in the second quarter of 2025.

- Livestreaming revenue was US$388 million, representing an increase of 3.5% from US$375 million in the second quarter of 2025.

- Advertising revenue increased by 29.2% to US$113 million from US$87 million in the corresponding period of 2024 and by 17.1% from US$96 million in the second quarter of 2025.

- Other revenues increased by 22.3% to US$39 million from US$32 million in the corresponding period of 2024 and by 8.3% from US$36 million in the second quarter of 2025.

• Operating income was US$20 million in the third quarter of 2025, representing an increase of 19.1% from US$16 million in the corresponding period of 2024.
• Non-GAAP¹ EBITDA was US$51 million in the third quarter of 2025, representing an increase of 16.8% from US$43 million in the corresponding period of 2024.  
• Net income from continuing operations attributable to controlling interest of JOYY was US$62 million in the third quarter of 2025, representing an increase of 2.3% from US$61 million in the corresponding period of 2024.
• Non-GAAP¹ net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$72 million in the third quarter of 2025, compared to US$61 million in the corresponding period of 2024, representing a 18.4% year-over-year increase.
• Net Cash as of September 30, 2025 was US$3.32 billion.
• Net cash from operating activities was US$73 million, compared with US$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 US$388 million. BIGO livestreaming revenue was US$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 US$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.

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SOURCE JOYY Inc.

FAQ

What were JOYY's reported revenues and growth in Q3 2025 (NASDAQ: JOYY)?

JOYY reported net revenue of US$540 million in Q3 2025, a 6.4% increase quarter-over-quarter.

How much did JOYY's livestreaming revenue change in Q3 2025?

Livestreaming revenue was US$388 million in Q3 2025, up 3.5% quarter-over-quarter and marking two consecutive quarters of sequential growth.

What was JOYY's advertising revenue and year-over-year growth in Q3 2025?

Advertising revenue rose 29.2% year-over-year to US$113 million in Q3 2025.

What were JOYY's profitability metrics for Q3 2025 (EBITDA and net income)?

Non-GAAP EBITDA was US$51 million (+16.8% YoY) and net income from continuing operations was US$62 million (+2.3% YoY).

How much cash did JOYY hold at the end of Q3 2025 and what was operating cash flow?

As of Sept 30, 2025 JOYY held US$3.32 billion in net cash, and operating cash flow for the quarter was US$73 million.

What is JOYY's shareholder return program announced for 2025–2027?

JOYY announced a shareholder return program of approximately US$900 million through dividends and share repurchases from 2025 through 2027; through Nov 14, 2025 it distributed US$148 million in dividends and repurchased US$89 million in shares.