Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Exhibit 99.1
JOYY Reports
Second Quarter 2026 Unaudited Financial Results
SINGAPORE, August 26, 2026 (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 2026.
Second Quarter 2026 Financial Highlights1
| · | Net
revenues were US$590.8 million, an increase of 16.3% from US$507.8 million in the corresponding
period of 2025, and an increase of 6.3% from US$555.7 million in the first quarter of 2026. |
o Social Entertainment
net revenues increased by 7.4% to US$422.7 million from US$393.8 million in the corresponding period of 2025, and by 5.6% from US$400.4
million in the first quarter of 2026.
o BIGO
Ads net revenues increased by 53.1% to US$133.7 million from US$87.3 million in the corresponding period of 2025, and by 7.1% from
US$124.8 million in the first quarter of 2026.
o Shopline
net revenues increased by 28.6% to US$34.4 million from US$26.7 million in the corresponding period of 2025, and by 12.5% from US$30.5
million in the first quarter of 2026.
| · | Operating
income was US$13.8 million, an increase of 138.1% from US$5.8 million in the corresponding
period of 2025, and an increase of 102.0% from US$6.8 million in the first quarter of 2026. |
| · | Non-GAAP
EBITDA2 was US$56.9 million, an increase of 18.1% from US$48.2 million in
the corresponding period of 2025, and an increase of 24.4% from US$45.7 million in the first
quarter of 2026. |
| · | Net
income from continuing operations attributable to controlling interest of JOYY3
was US$51.8 million, compared with US$60.8 million in the corresponding period of 2025 and
US$50.7 million in the first quarter of 2026. |
| · | Non-GAAP
net income from continuing operations attributable to controlling interest and common shareholders
of JOYY4 was US$63.5 million, compared with US$77.0 million in the corresponding
period of 2025 and US$55.9 million in the first quarter of 2026. |
| · | Net
Cash5 as of June 30, 2026 was US$3,059.3 million. |
| · | Net
Cash from operating activities was US$64.9 million, compared with US$57.6 million in
the corresponding period of 2025. |
Second Quarter 2026 Business Highlights
Global community:
| · | Global
average mobile MAUs6 reached 277.1 million in the second quarter of 2026,
up by 5.5% from 262.5 million in the corresponding period of 2025, and up by 0.3% from 276.3
million in the first quarter of 2026. The Company continued to optimize its marketing strategies
to focus on return on investment (ROI) and high-value users. |
Social Entertainment:
| · | In
the second quarter, Social Entertainment revenues increased by 7.4% year over year to US$422.7
million, with live streaming revenues reaching US$402.6 million, a 7.3% increase from the
corresponding period of 2025. By region, live streaming revenues in developed markets grew
11.8% year over year, reflecting strong performance in key geographies. |
| · | In
the second quarter, core live streaming paying users7 increased by 3.9% year over
year to 1.56 million, while ARPPU8 increased by 2.4% year over year to US$220.5. |
| · | The
Company continued to make enhancements to its streamer incentive and growth mechanisms, including
a richer content ecosystem, AI-powered improvements to content distribution and payment experience,
and localized operating initiatives. Average daily active streamers increased by 4.4% quarter
over quarter, and newly signed streamers going live increased by 5.4% quarter over quarter.
In content distribution, the Company continued to develop its AI-driven content understanding
capabilities, focusing on onboarding content for new users and deepening user consumption,
allowing high-quality content to be more precisely matched to interested users across regions.
In May 2026, AI-generated interactive virtual gifts accounted for 34.3% of total virtual
gift consumption on Bigo Live. |
B2B Initiatives: Advertising Technology
and Smart Commerce
| · | Beginning
in 2022, the Company ramped up efforts to diversify its revenue streams, cultivating its
new initiatives in advertising technology and smart commerce. The Company has made steady
progress advancing towards its strategic positioning as a global tech company powered by
multiple growth engines. In the second quarter, total non-live
streaming revenues reached US$188.1 million, up by 42.1% year over year, representing 31.8%
of total net revenues of the Company, compared with 26.1% in the corresponding period
of 2025. |
BIGO Ads:
| · | BIGO
Ads is a global 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 potential through connecting
premium global demand. |
| · | In
the second quarter, BIGO Ads' total revenues grew by 53.1% year over year to US$133.7 million.
In particular, BIGO Audience Network, which includes third-party advertising revenues generated
on network partners' traffic properties, continued to demonstrate strong momentum, with revenues
increasing by 74.1% year over year. |
| · | BIGO
Ads has access to a vast traffic pool, comprising the Company’s own global average
mobile MAU base and an extensive network of third-party traffic through seamless integration
of developer traffic across major channels. During the second quarter, Software Development
Kit (SDK) traffic maintained steady growth, with SDK advertising requests up 37.7% year over
year. |
| · | BIGO
Ads continued to invest in its algorithm and engineering infrastructure during the quarter.
By strengthening multi-channel attribution and accumulating customer feedback data, BIGO
Ads further enhanced its user profiling and targeting capabilities. In parallel, the continuous
iteration of vertical-specific models improved budget matching, traffic bidding, and post-campaign
optimization efficiency. Furthermore, intelligent upgrades to compute scheduling and system
architecture allowed the platform to optimize infrastructure costs effectively, even amid
rapid request volume growth. |
| · | Broader
traffic coverage, multi-vertical advertiser expansion, and ongoing algorithm optimization
fueled accelerated growth. Web-based demand grew 91.7% year over year. In-App Advertising
(IAA) spending recorded 70.6% year-over-year growth. |
Shopline:
| · | Shopline
serves as a global AI-powered operating system for modern retail. Beyond storefront creation,
Shopline offers a deeply integrated suite of merchant services across payments, logistics,
marketing, and data analytics. It is an open, extensible omnichannel platform that enables
merchants to manage the full commerce value chain from store setup and transactions to fulfillment,
customer acquisition, and lifecycle engagement. Shopline has helped merchants in diverse
industries across multiple markets to launch and scale their businesses. |
| · | Shopline
currently generates revenues from recurring software subscription fees and a suite of transaction-based
value-added services, including localized payment processing (Shopline Payments) and marketing
solutions. |
| · | In
the second quarter, Shopline generated revenues of US$34.4 million, up 28.6% year over year
and 12.5% quarter over quarter, with revenue growth accelerating from the first quarter.
Cross-border merchants revenue sustained strong growth of 73.5% year over year, driving the
acceleration in overall revenue growth. |
| · | With
AI-driven discovery emerging as an e-commerce scenario, Shopline expanded its integrations
with multiple AI agents during the quarter to help merchants effectively capture traffic
and convert cross-channel orders, customer relationships, and operational data into long-term
proprietary assets. Shopline fuels AI with complete business context to deliver actionable
insights and continuously boost operational and decision-making efficiency. |
Ms. Ting Li, Chairperson and Chief
Executive Officer of JOYY, commented, “We are pleased to report another quarter of strong performance. Total revenues for the second
quarter reached US$590.8 million, up 16.3% year over year, with revenue growth accelerating and operating income improving notably. Our
Social Entertainment, BIGO Ads, and Shopline businesses all advanced in tandem, and our globally diversified ecosystem continued to unlock
new growth opportunities as we forged ahead towards the next stage of our development. We remain committed to delivering shareholder
value, returning a total of US$358.8 million year-to-date through August 21, 2026, comprising US$142.4 million in dividends and
US$216.4 million in share repurchases.
Social Entertainment revenues grew 7.4%
year over year, with live streaming revenue up 7.3% year over year, and core live streaming paying users and ARPPU both improving. BIGO
Ads revenues grew 53.1% year over year to US$133.7 million, with our third-party BIGO Audience Network sustaining strong growth of 74.1%
year over year. Shopline revenues reached US$34.4 million, up 28.6% year over year, with growth accelerating from the first quarter on
continued strength from cross-border merchants. For the full year of 2026, we remain confident in delivering solid revenue growth across
the Group. On the profitability front, supported by a better-than-expected operational performance in the first half of the year and
enhanced operating leverage from improved efficiency across our business segments, we expect the Group’s full-year 2026 non-GAAP
operating income to achieve approximately 20% year-over-year growth.
AI remains the technology foundation
of our long-term strategy, driving measurable improvements across our streamer ecosystem, content distribution, advertising models, and
merchant operations on Shopline. Together, these efforts reinforce the closed-loop system across our three business segments, and we
remain confident this multi-engine strategy will continue to drive long-term value for JOYY and our shareholders.”
Second Quarter 2026 Financial Results
NET REVENUES
Net revenues were US$590.8 million,
representing an increase of 16.3% from US$507.8 million in the corresponding period of 2025, and an increase of 6.3% from US$555.7 million
in the first quarter of 2026.
Social Entertainment net revenues increased
by 7.4% to US$422.7 million from US$393.8 million in the corresponding period of 2025, and by 5.6% from US$400.4 million in the first
quarter of 2026. The year-over-year and quarter-over-quarter increases were primarily driven by higher live streaming revenues, as expanded
content categories and enhanced localized operations contributed to stronger user engagement and spending across key markets.
BIGO Ads net revenues
increased by 53.1% to US$133.7 million from US$87.3 million in the corresponding period of 2025, and by 7.1% from US$124.8 million in
the first quarter of 2026. The year-over-year and quarter-over-quarter increases were driven by expansion of traffic, elevated advertiser
demand across regions and verticals, and enhanced algorithm performance that resulted in improved advertisement delivery efficiency and
higher advertiser spending.
Shopline net revenues increased by 28.6%
to US$34.4 million from US$26.7 million in the corresponding period of 2025, and by 12.5% from US$30.5 million in the first quarter of
2026. The year-over-year and quarter-over-quarter increases were mainly due to continued merchant adoption and deeper penetration of
value-added services.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues was US$389.2 million
in the second quarter of 2026, compared with US$322.5 million in the corresponding period of 2025 and US$366.4 million in the first quarter
of 2026.
Social Entertainment’s cost of
revenues increased by 6.5% year-over-year to US$264.6 million, and by 3.4% from US$256.0 million in the first quarter of 2026. The year-over-year
and quarter-over-quarter increases were primarily attributable to higher revenue-sharing fees and content costs of US$25.0 million and
US$10.9 million, respectively.
BIGO Ads’ cost of revenues increased
by 77.5% year over year to US$106.3 million, and by 11.1% from US$95.6 million in the first quarter of 2026. The year-over-year and quarter-over-quarter
increases were primarily attributable to higher traffic acquisition costs paid to third-party partners in relation to the expansion of
BIGO Audience Network.
Shopline’s cost of revenues increased
by 29.4% year over year to US$18.3 million, and by 23.8% from US$14.8 million in the first quarter of 2026. The year-over-year and quarter-over-quarter
increases were primarily attributable to higher payment processing costs, reflecting an increased contribution from payment services
to Shopline’s revenue mix.
Gross profit was US$201.6 million in
the second quarter of 2026, compared with US$185.2 million in the corresponding period of 2025 and US$189.3 million in the first quarter
of 2026. Gross margin was 34.1% in the second quarter of 2026, compared with 36.5% in the corresponding period of 2025 and 34.1% in the
first quarter of 2026.
OPERATING EXPENSES AND INCOME
Operating expenses were US$188.2 million
in the second quarter of 2026, compared with US$179.8 million in the same period of 2025 and US$183.4 million in the first quarter of
2026. Among the operating expenses, sales and marketing expenses were US$79.6 million, compared with US$71.9 million in the corresponding
period of 2025 and US$79.6 million in the first quarter of 2026. Research and development expenses were US$53.0 million, compared with
US$60.1 million in the corresponding period of 2025 and US$61.2 million in the first quarter of 2026. General and administrative expenses
were US$55.6 million, compared with US$47.9 million in the corresponding period of 2025 and US$42.6 million in the first quarter of 2026.
Operating income was US$13.8 million,
compared with US$5.8 million in the corresponding period of 2025 and US$6.8 million in the first quarter of 2026.
Non-GAAP operating
income9 was US$49.1 million in the second quarter of 2026, compared with US$38.3 million in the corresponding period of 2025
and US$38.0 million in the first quarter of 2026. Non-GAAP operating income margin10 was 8.3% in the second quarter of 2026,
compared with 7.5% in the corresponding period of 2025 and 6.8% in the first quarter of 2026.
Non-GAAP EBITDA
was US$56.9 million, compared with US$48.2 million in the corresponding period of 2025 and US$45.7 million in the first quarter of 2026.
Non-GAAP EBITDA margin11 was 9.6%, compared with 9.5% in the corresponding period of 2025 and 8.2% in the first quarter of
2026.
NET INCOME
Net income from
continuing operations attributable to controlling interest of JOYY was US$51.8 million, compared with US$60.8 million in the corresponding
period of 2025 and US$50.7 million in the first quarter of 2026. Net income margin was 8.8% in the second quarter of 2026, compared with
12.0% in the corresponding period of 2025 and 9.1% in the first quarter of 2026.
Non-GAAP net income from continuing
operations attributable to controlling interest and common shareholders of JOYY was US$63.5 million, compared with US$77.0 million in
the corresponding period of 2025 and US$55.9 million in the first quarter of 2026. Non-GAAP net income margin12 was 10.7%
in the second quarter of 2026, compared with 15.2% in the corresponding period of 2025 and 10.1% in the first quarter of 2026.
NET INCOME PER ADS
Diluted net income from continuing operations
per ADS13 was US$1.01 in the second quarter of 2026, compared with US$1.13 in the corresponding period of 2025 and US$1.00
in the first quarter of 2026.
Non-GAAP diluted net income from continuing
operations per ADS14 was US$1.24 in the second quarter of 2026, compared with US$1.44 in the corresponding period of 2025
and US$1.11 in the first quarter of 2026.
BALANCE SHEET AND CASH FLOWS
As of June 30, 2026, the Company
had net cash of US$3,059.3 million, compared with US$3,258.0 million as of December 31, 2025. For the second quarter of 2026, net
cash from operating activities was US$64.9 million.
SHARES OUTSTANDING
As of June 30, 2026, the Company
had a total of 979.5 million common shares outstanding, representing the equivalent of 49.0 million ADSs assuming the conversion of all
common shares into ADSs.
Business Outlook
For the third quarter of 2026, the Company
expects net revenues to be between US$602 million and US$622 million. This forecast reflects the Company’s current and preliminary
views on the market, operational conditions, and business strategies, which are subject to change, particularly as to the potential impact
from macroeconomic uncertainties.
Share Repurchase Programs
Pursuant to the Company's up-to-US$600
million share repurchase program authorized in May 2026, or the 2026 Share Repurchase Program, which is effective through the end
of 2028, the Company had repurchased approximately 1.1 million ADSs for an aggregate consideration of US$72.9 million on the open market
during the second quarter of 2026. In addition, under the previous share repurchase program, which was authorized in March 2025
and replaced by the 2026 Share Repurchase Program in May 2026, the Company repurchased approximately 0.6 million ADSs for an aggregate
consideration of US$35.0 million on the open market during the second quarter of 2026.
Between July 1, 2026 and August 21,
2026, the Company repurchased an additional approximately 0.8 million ADSs, for an aggregate consideration of US$55.5 million under the
2026 Share Repurchase Program. The remaining unutilized amount under the 2026 Share Repurchase Program was approximately US$471.6 million
as of August 21, 2026.
Quarterly Dividend Program
On May 22, 2026, the board of directors
of the Company authorized a quarterly dividend program, or the 2026 Dividend Program, under which a total of approximately US$900 million
in cash will be distributed on a quarterly basis between 2026 and 2028.
Pursuant to the 2026 Dividend Program,
the board of directors has accordingly declared a dividend of US$1.55 per ADS, or US$0.0775 per common share, for the second quarter
of 2026, which is expected to be paid on October 16, 2026 to shareholders of record as of the close of business on September 30,
2026. The ex-dividend date will be September 30, 2026.
Conference Call Information
The Company will hold a conference call
at 9:00 PM U.S. Eastern Time Tuesday, August 25, 2026 (9:00 AM Singapore/Hong Kong Time on Wednesday, August 26, 2026). Details
for the conference call are as follows:
| Event
Title: |
JOYY
Inc. Second Quarter 2026 Earnings Conference Call |
| Conference
ID: |
#10056759 |
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/10056759-hu76t5.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 2, 2026, by dialing the following numbers:
| United
States: |
1-855-883-1031 |
Singapore:
Hong Kong: |
800-101-3223
800-930-639 |
| Conference
ID: |
#10056759 |
About JOYY Inc.
JOYY (NASDAQ: JOYY) is a leading global
technology company, dedicated to building a self-reinforcing ecosystem that integrates social entertainment, programmatic advertising,
and omnichannel e-commerce infrastructure, 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, advertising
and smart commerce market; JOYY’s ability to attract and retain users and customers; 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 and common shareholders of JOYY, non-GAAP
net income (loss) margin attributable to controlling interest and common shareholders of JOYY, and basic and diluted non-GAAP net income
(loss) from continuing operations 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), 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 and common shareholders 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, 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 income (loss) 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 and common
shareholders of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling
interest and 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, 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. 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 (loss) 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
measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures
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, 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 measures in isolation from or as an alternative to the financial measures 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. Starting from the first quarter of 2026, the Company reports three segments, Social Entertainment, BIGO Ads and Shopline, to
reflect changes made to the reporting structure whose financial information is reviewed by the chief operating decision makers of the
Company under its evolving operating strategies. Social Entertainment mainly includes live streaming services on our social entertainment
platforms including but not limited to Bigo Live, Likee, imo, and others. BIGO Ads mainly engages in advertising services on the Company's
own properties (specifically Likee and imo) and third-party network partners’ properties. Shopline mainly engages in providing
omnichannel smart commerce solutions for merchants. Prior period segment information has been recast to conform to the current period's
presentation.
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.
3 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.
4 Non-GAAP net income
(loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is a non-GAAP financial measure,
which is defined as 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 which refer to those similar non-GAAP reconciling items of
the Company, interest expenses related to the convertible bonds amortization to face value, accretion, cumulative dividend and deemed
dividend to subsidiaries’ preferred shareholders, 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. 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 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.
6 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 active mobile users for each month
of such period, by (ii) the number of months in such period.
7 Core live streaming 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.
8 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.
9 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.
10 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.
11 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.
12 Non-GAAP net income (loss)
margin is non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY as a percentage
of net revenues.
13 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.
14 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, | | |
June 30, | |
| | |
2025 | | |
2026 | |
| | |
US$ | | |
US$ | |
| Assets | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash and cash equivalents | |
| 374,248 | | |
| 336,986 | |
| Restricted cash and cash equivalents | |
| 21,593 | | |
| 29,875 | |
| Short-term deposits | |
| 192,535 | | |
| 174,866 | |
| Restricted short-term deposits | |
| 7,182 | | |
| 5,850 | |
| Short-term investments | |
| 613,702 | | |
| 869,145 | |
| Accounts receivable, net | |
| 154,439 | | |
| 169,751 | |
| Amounts due from related parties | |
| 106 | | |
| 560 | |
| Prepayments and other current assets | |
| 255,566 | | |
| 309,447 | |
| | |
| | | |
| | |
| Total current assets | |
| 1,619,371 | | |
| 1,896,480 | |
| | |
| | | |
| | |
| Non-current assets | |
| | | |
| | |
| Long-term deposits and held-to-maturity investments | |
| 2,059,386 | | |
| 1,686,501 | |
| Deferred tax assets | |
| 9,782 | | |
| 9,773 | |
| Investments | |
| 551,802 | | |
| 611,678 | |
| Property and equipment, net | |
| 565,124 | | |
| 609,652 | |
| Land use rights, net | |
| 301,390 | | |
| 306,666 | |
| Intangible assets, net | |
| 221,963 | | |
| 194,484 | |
| Right-of-use assets, net | |
| 21,241 | | |
| 25,576 | |
| Goodwill | |
| 2,194,358 | | |
| 2,194,407 | |
| Other non-current assets | |
| 8,071 | | |
| 6,175 | |
| | |
| | | |
| | |
| Total non-current assets | |
| 5,933,117 | | |
| 5,644,912 | |
| | |
| | | |
| | |
| Total assets | |
| 7,552,488 | | |
| 7,541,392 | |
| | |
| | | |
| | |
| Liabilities, mezzanine equity and shareholders’ equity | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Short-term loans | |
| 10,672 | | |
| 43,908 | |
| Accounts payable | |
| 71,551 | | |
| 64,501 | |
| Deferred revenue | |
| 61,713 | | |
| 60,549 | |
| Advances from customers | |
| 5,408 | | |
| 7,915 | |
| Income taxes payable | |
| 64,533 | | |
| 70,283 | |
| Accrued liabilities and other current liabilities | |
| 626,678 | | |
| 651,859 | |
| Amounts due to related parties | |
| 24,472 | | |
| 37,136 | |
| Lease liabilities due within one year | |
| 8,939 | | |
| 9,690 | |
| | |
| | | |
| | |
| Total current liabilities | |
| 873,966 | | |
| 945,841 | |
| | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | |
| Lease liabilities | |
| 12,029 | | |
| 16,060 | |
| Deferred revenue | |
| 9,522 | | |
| 9,051 | |
| Deferred tax liabilities | |
| 54,941 | | |
| 64,250 | |
| Other non-current liabilities | |
| - | | |
| 398 | |
| | |
| | | |
| | |
| Total non-current liabilities | |
| 76,492 | | |
| 89,759 | |
| | |
| | | |
| | |
| Total liabilities | |
| 950,458 | | |
| 1,035,600 | |
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
| | |
December 31, | | |
June 30, | |
| | |
2025 | | |
2026 | |
| | |
US$ | | |
US$ | |
| Mezzanine equity | |
| 25,333 | | |
| 26,133 | |
| | |
| | | |
| | |
| Shareholders’ equity | |
| | | |
| | |
| Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,306,734,444 shares issued and 673,183,174 shares outstanding as of December 31, 2025; 1,158,146,824 shares issued and 652,960,506 shares outstanding as of June 30, 2026, 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, 2025 and June 30, 2026, respectively) | |
| 3 | | |
| 3 | |
| Treasury shares (US$0.00001 par value; 633,551,270 and 505,186,318 shares held as of December 31, 2025 and June 30, 2026, respectively) | |
| (1,302,098 | ) | |
| (1,093,577 | ) |
| Additional paid-in capital | |
| 3,315,070 | | |
| 2,979,034 | |
| Statutory reserves | |
| 37,869 | | |
| 37,876 | |
| Retained earnings | |
| 4,699,089 | | |
| 4,658,456 | |
| Accumulated other comprehensive loss | |
| (208,093 | ) | |
| (130,401 | ) |
| | |
| | | |
| | |
| Total JOYY Inc.’s shareholders’ equity | |
| 6,541,847 | | |
| 6,451,398 | |
| | |
| | | |
| | |
| Non-controlling interests | |
| 34,850 | | |
| 28,261 | |
| | |
| | | |
| | |
| Total shareholders’ equity | |
| 6,576,697 | | |
| 6,479,659 | |
| | |
| | | |
| | |
| Total liabilities, mezzanine equity and shareholders’ equity | |
| 7,552,488 | | |
| 7,541,392 | |
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS and per ADS data)
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2025 | | |
2026 | | |
2026 | | |
2025 | | |
2026 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net revenues(1) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Live streaming | |
| 375,409 | | |
| 380,265 | | |
| 402,633 | | |
| 746,757 | | |
| 782,898 | |
| Advertising | |
| 96,125 | | |
| 137,204 | | |
| 146,445 | | |
| 184,772 | | |
| 283,649 | |
| Others | |
| 36,226 | | |
| 38,231 | | |
| 41,676 | | |
| 70,582 | | |
| 79,907 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total net revenues | |
| 507,760 | | |
| 555,700 | | |
| 590,754 | | |
| 1,002,111 | | |
| 1,146,454 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of revenues(2) | |
| (322,515 | ) | |
| (366,403 | ) | |
| (389,159 | ) | |
| (638,251 | ) | |
| (755,562 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gross profit | |
| 185,245 | | |
| 189,297 | | |
| 201,595 | | |
| 363,860 | | |
| 390,892 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating expenses(2) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Research and development expenses | |
| (60,075 | ) | |
| (61,187 | ) | |
| (53,024 | ) | |
| (122,501 | ) | |
| (114,211 | ) |
| Sales and marketing expenses | |
| (71,852 | ) | |
| (79,649 | ) | |
| (79,587 | ) | |
| (143,983 | ) | |
| (159,236 | ) |
| General and administrative expenses | |
| (47,922 | ) | |
| (42,572 | ) | |
| (55,632 | ) | |
| (80,612 | ) | |
| (98,204 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total operating expenses | |
| (179,849 | ) | |
| (183,408 | ) | |
| (188,243 | ) | |
| (347,096 | ) | |
| (371,651 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss on deconsolidation and disposal of subsidiaries | |
| - | | |
| (245 | ) | |
| - | | |
| - | | |
| (245 | ) |
| Other income | |
| 400 | | |
| 1,189 | | |
| 451 | | |
| 1,239 | | |
| 1,640 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating income | |
| 5,796 | | |
| 6,833 | | |
| 13,803 | | |
| 18,003 | | |
| 20,636 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest expenses | |
| (151 | ) | |
| (38 | ) | |
| (112 | ) | |
| (257 | ) | |
| (150 | ) |
| Interest income and investment income | |
| 40,799 | | |
| 39,765 | | |
| 39,476 | | |
| 80,186 | | |
| 79,241 | |
| Foreign currency exchange gains (losses), net | |
| 1,191 | | |
| (13,555 | ) | |
| (13,502 | ) | |
| 430 | | |
| (27,057 | ) |
| Loss on disposal and deemed disposal of investments | |
| - | | |
| - | | |
| (415 | ) | |
| - | | |
| (415 | ) |
| Gain (loss) on fair value change of investments | |
| 17,633 | | |
| (7,958 | ) | |
| 1,461 | | |
| 18,338 | | |
| (6,497 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income before income tax expenses | |
| 65,268 | | |
| 25,047 | | |
| 40,711 | | |
| 116,700 | | |
| 65,758 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income tax expenses | |
| (6,066 | ) | |
| (4,834 | ) | |
| (9,849 | ) | |
| (11,277 | ) | |
| (14,683 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income before share of (loss) income in equity method investments, net of income taxes | |
| 59,202 | | |
| 20,213 | | |
| 30,862 | | |
| 105,423 | | |
| 51,075 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share of (loss) income in equity method investments, net of income taxes | |
| (1,176 | ) | |
| 27,953 | | |
| 17,887 | | |
| (4,494 | ) | |
| 45,840 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income from continuing operations | |
| 58,026 | | |
| 48,166 | | |
| 48,749 | | |
| 100,929 | | |
| 96,915 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gain on disposal of YY Live(3) | |
| - | | |
| - | | |
| - | | |
| 1,875,921 | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 58,026 | | |
| 48,166 | | |
| 48,749 | | |
| 1,976,850 | | |
| 96,915 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders | |
| 2,799 | | |
| 2,501 | | |
| 3,045 | | |
| 5,298 | | |
| 5,546 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income attributable to controlling interest of JOYY Inc. | |
| 60,825 | | |
| 50,667 | | |
| 51,794 | | |
| 1,982,148 | | |
| 102,461 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Including： | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income from continuing operations attributable to controlling interest of JOYY Inc. | |
| 60,825 | | |
| 50,667 | | |
| 51,794 | | |
| 106,227 | | |
| 102,461 | |
| Gain on disposal of YY Live(3) | |
| - | | |
| - | | |
| - | | |
| 1,875,921 | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value | |
| (347 | ) | |
| (346 | ) | |
| (346 | ) | |
| (694 | ) | |
| (692 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income attributable to common shareholders of JOYY Inc. | |
| 60,478 | | |
| 50,321 | | |
| 51,448 | | |
| 1,981,454 | | |
| 101,769 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Including： | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income from continuing operations attributable to common shareholders of JOYY Inc. | |
| 60,478 | | |
| 50,321 | | |
| 51,448 | | |
| 105,533 | | |
| 101,769 | |
| 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 | | |
Six Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2025 | | |
2026 | | |
2026 | | |
2025 | | |
2026 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net income per ADS | |
| | | |
| | | |
| | | |
| | | |
| | |
| ——Basic | |
| 1.15 | | |
| 1.01 | | |
| 1.03 | | |
| 37.36 | | |
| 2.03 | |
| Continuing operations | |
| 1.15 | | |
| 1.01 | | |
| 1.03 | | |
| 1.99 | | |
| 2.03 | |
| Discontinued operations | |
| - | | |
| - | | |
| - | | |
| 35.37 | | |
| - | |
| ——Diluted | |
| 1.13 | | |
| 1.00 | | |
| 1.01 | | |
| 36.97 | | |
| 1.99 | |
| Continuing operations | |
| 1.13 | | |
| 1.00 | | |
| 1.01 | | |
| 1.97 | | |
| 1.99 | |
| Discontinued operations | |
| - | | |
| - | | |
| - | | |
| 35.00 | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ADS used in calculating net income per ADS | |
| | | |
| | | |
| | | |
| | | |
| | |
| ——Basic | |
| 52,788,040 | | |
| 49,767,292 | | |
| 50,047,670 | | |
| 53,040,855 | | |
| 50,252,381 | |
| ——Diluted | |
| 53,353,026 | | |
| 50,534,120 | | |
| 51,121,698 | | |
| 53,593,910 | | |
| 51,173,317 | |
(1) Net revenues
by geographical areas were as follows:
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2025 | | |
2026 | | |
2026 | | |
2025 | | |
2026 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Developed countries and regions | |
| 291,145 | | |
| 343,244 | | |
| 361,763 | | |
| 568,760 | | |
| 705,007 | |
| Middle East | |
| 61,268 | | |
| 58,760 | | |
| 63,168 | | |
| 127,919 | | |
| 121,928 | |
| Mainland China | |
| 51,291 | | |
| 52,063 | | |
| 58,128 | | |
| 99,676 | | |
| 110,191 | |
| Southeast Asia and others | |
| 104,056 | | |
| 101,633 | | |
| 107,695 | | |
| 205,756 | | |
| 209,328 | |
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, | |
| | |
2025 | | |
2026 | | |
2026 | | |
2025 | | |
2026 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Cost of revenues | |
| 677 | | |
| 802 | | |
| 964 | | |
| 1,312 | | |
| 1,766 | |
| Research and development expenses | |
| 1,605 | | |
| 1,480 | | |
| 2,245 | | |
| 3,743 | | |
| 3,725 | |
| Sales and marketing expenses | |
| 255 | | |
| 422 | | |
| 283 | | |
| 484 | | |
| 705 | |
| General and administrative expenses | |
| 1,430 | | |
| 14,633 | | |
| 13,125 | | |
| 3,665 | | |
| 27,758 | |
(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 | | |
Six Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2025 | | |
2026 | | |
2026 | | |
2025 | | |
2026 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Operating income | |
| 5,796 | | |
| 6,833 | | |
| 13,803 | | |
| 18,003 | | |
| 20,636 | |
| Share-based compensation expenses | |
| 3,967 | | |
| 17,337 | | |
| 16,617 | | |
| 9,204 | | |
| 33,954 | |
| Amortization of intangible assets from business acquisitions | |
| 13,540 | | |
| 13,540 | | |
| 13,540 | | |
| 27,080 | | |
| 27,080 | |
| Impairment of goodwill and investments | |
| 15,000 | | |
| - | | |
| 5,136 | | |
| 15,000 | | |
| 5,136 | |
| Loss on deconsolidation and disposal of subsidiaries | |
| - | | |
| 245 | | |
| - | | |
| - | | |
| 245 | |
| Non-GAAP operating income | |
| 38,303 | | |
| 37,955 | | |
| 49,096 | | |
| 69,287 | | |
| 87,051 | |
| Depreciation and other amortization | |
| 9,891 | | |
| 7,781 | | |
| 7,802 | | |
| 19,293 | | |
| 15,583 | |
| Non-GAAP EBITDA | |
| 48,194 | | |
| 45,736 | | |
| 56,898 | | |
| 88,580 | | |
| 102,634 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income from continuing operations | |
| 58,026 | | |
| 48,166 | | |
| 48,749 | | |
| 100,929 | | |
| 96,915 | |
| Share-based compensation expenses | |
| 3,967 | | |
| 17,337 | | |
| 16,617 | | |
| 9,204 | | |
| 33,954 | |
| Amortization of intangible assets from business acquisitions | |
| 13,540 | | |
| 13,540 | | |
| 13,540 | | |
| 27,080 | | |
| 27,080 | |
| Impairment of goodwill and investments | |
| 15,000 | | |
| - | | |
| 5,136 | | |
| 15,000 | | |
| 5,136 | |
| Loss on deconsolidation and disposal of subsidiaries | |
| - | | |
| 245 | | |
| - | | |
| - | | |
| 245 | |
| Loss on disposal and deemed disposal of investments | |
| - | | |
| - | | |
| 415 | | |
| - | | |
| 415 | |
| (Gain) loss on fair value change of investments | |
| (17,633 | ) | |
| 7,958 | | |
| (1,461 | ) | |
| (18,338 | ) | |
| 6,497 | |
| Income tax effects on non-GAAP adjustments | |
| 913 | | |
| (3,012 | ) | |
| (2,067 | ) | |
| (491 | ) | |
| (5,079 | ) |
| Reconciling items on the share of equity method investments | |
| 1,034 | | |
| (30,192 | ) | |
| (19,525 | ) | |
| 2,921 | | |
| (49,717 | ) |
| Non-GAAP net income from continuing operations | |
| 74,847 | | |
| 54,042 | | |
| 61,404 | | |
| 136,305 | | |
| 115,446 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income from continuing operations attributable to common shareholders of JOYY Inc. | |
| 60,478 | | |
| 50,321 | | |
| 51,448 | | |
| 105,533 | | |
| 101,769 | |
| Share-based compensation expenses | |
| 3,967 | | |
| 17,337 | | |
| 16,617 | | |
| 9,204 | | |
| 33,954 | |
| Amortization of intangible assets from business acquisitions | |
| 13,540 | | |
| 13,540 | | |
| 13,540 | | |
| 27,080 | | |
| 27,080 | |
| Impairment of goodwill and investments | |
| 15,000 | | |
| - | | |
| 5,136 | | |
| 15,000 | | |
| 5,136 | |
| Loss on deconsolidation and disposal of subsidiaries | |
| - | | |
| 245 | | |
| - | | |
| - | | |
| 245 | |
| Loss on disposal and deemed disposal of investments | |
| - | | |
| - | | |
| 415 | | |
| - | | |
| 415 | |
| (Gain) loss on fair value change of investments | |
| (17,633 | ) | |
| 7,958 | | |
| (1,461 | ) | |
| (18,338 | ) | |
| 6,497 | |
| Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders | |
| 347 | | |
| 346 | | |
| 346 | | |
| 694 | | |
| 692 | |
| Income tax effects on non-GAAP adjustments | |
| 913 | | |
| (3,012 | ) | |
| (2,067 | ) | |
| (491 | ) | |
| (5,079 | ) |
| Reconciling items on the share of equity method investments | |
| 1,034 | | |
| (30,192 | ) | |
| (19,525 | ) | |
| 2,921 | | |
| (49,717 | ) |
| Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders | |
| (690 | ) | |
| (602 | ) | |
| (973 | ) | |
| (1,451 | ) | |
| (1,575 | ) |
| Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc. | |
| 76,956 | | |
| 55,941 | | |
| 63,476 | | |
| 140,152 | | |
| 119,417 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP net income from continuing operations per ADS | |
| | | |
| | | |
| | | |
| | | |
| | |
| ——Basic | |
| 1.46 | | |
| 1.12 | | |
| 1.27 | | |
| 2.64 | | |
| 2.38 | |
| ——Diluted | |
| 1.44 | | |
| 1.11 | | |
| 1.24 | | |
| 2.62 | | |
| 2.33 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ADS used in calculating Non-GAAP net income from continuing operations per ADS | |
| | | |
| | | |
| | | |
| | | |
| | |
| ——Basic | |
| 52,788,040 | | |
| 49,767,292 | | |
| 50,047,670 | | |
| 53,040,855 | | |
| 50,252,381 | |
| ——Diluted | |
| 53,353,026 | | |
| 50,534,120 | | |
| 51,121,698 | | |
| 53,593,910 | | |
| 51,173,317 | |
JOYY INC.
UNAUDITED SEGMENT REPORT
(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, | |
| | |
2025 | | |
2026 | | |
2026 | | |
2025 | | |
2026 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net revenues: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Social Entertainment | |
| 393,761 | | |
| 400,367 | | |
| 422,740 | | |
| 781,574 | | |
| 823,107 | |
| BIGO Ads | |
| 87,286 | | |
| 124,787 | | |
| 133,653 | | |
| 167,506 | | |
| 258,440 | |
| Shopline | |
| 26,713 | | |
| 30,546 | | |
| 34,361 | | |
| 53,031 | | |
| 64,907 | |
| Total net revenues | |
| 507,760 | | |
| 555,700 | | |
| 590,754 | | |
| 1,002,111 | | |
| 1,146,454 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of revenues(1): | |
| | | |
| | | |
| | | |
| | | |
| | |
| Social Entertainment | |
| (248,475 | ) | |
| (255,979 | ) | |
| (264,559 | ) | |
| (495,969 | ) | |
| (520,538 | ) |
| BIGO Ads | |
| (59,866 | ) | |
| (95,600 | ) | |
| (106,253 | ) | |
| (113,541 | ) | |
| (201,853 | ) |
| Shopline | |
| (14,174 | ) | |
| (14,824 | ) | |
| (18,347 | ) | |
| (28,741 | ) | |
| (33,171 | ) |
| Total cost of revenues | |
| (322,515 | ) | |
| (366,403 | ) | |
| (389,159 | ) | |
| (638,251 | ) | |
| (755,562 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gross profit: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Social Entertainment | |
| 145,286 | | |
| 144,388 | | |
| 158,181 | | |
| 285,605 | | |
| 302,569 | |
| BIGO Ads | |
| 27,420 | | |
| 29,187 | | |
| 27,400 | | |
| 53,965 | | |
| 56,587 | |
| Shopline | |
| 12,539 | | |
| 15,722 | | |
| 16,014 | | |
| 24,290 | | |
| 31,736 | |
| Total gross profit | |
| 185,245 | | |
| 189,297 | | |
| 201,595 | | |
| 363,860 | | |
| 390,892 | |
(1) Share-based
compensation allocated to cost of revenues by segment as follows:
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2025 | | |
2026 | | |
2026 | | |
2025 | | |
2026 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Social Entertainment | |
| 641 | | |
| 826 | | |
| 984 | | |
| 1,238 | | |
| 1,810 | |
| BIGO Ads | |
| 1 | | |
| 16 | | |
| 33 | | |
| 2 | | |
| 49 | |
| Shopline | |
| 35 | | |
| (40 | ) | |
| (53 | ) | |
| 72 | | |
| (93 | ) |
| Total share-based compensation allocated to cost of revenues | |
| 677 | | |
| 802 | | |
| 964 | | |
| 1,312 | | |
| 1,766 | |
