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JOYY (JOYY) investor relations material
JOYY Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved Q3 2025 revenue of $540.2 million, up 6.4% quarter-over-quarter, with live streaming and AdTech (BIGO Ads) as key growth drivers.
Live streaming revenue reached $388.5 million, up 3.5% sequentially, with BIGO contributing $367.7 million.
BIGO Ads delivered $104 million in revenue, up 33.1% year-over-year and 19.7% quarter-over-quarter, now 28.1% of group revenues.
Non-GAAP operating income was $41 million, up 16.6% year-over-year; non-GAAP EBITDA was $51 million, up 16.8% year-over-year and 4.9% sequentially.
Net cash position was $3.3 billion as of September 30, 2025, with operating cash flow of $73 million.
Financial highlights
Group gross profit was $193.1 million, with a gross margin of 35.8%, up 4.3% quarter-over-quarter but down from 37.3% a year ago.
Non-GAAP net income attributable to controlling interest was $72.4 million, up 18.4% year-over-year; non-GAAP net income margin was 13.4%.
Share buybacks totaled $88.6 million YTD as of November 14, 2025; $30.8 million repurchased in Q3.
$147.9 million returned to shareholders through dividends in 2025.
Diluted net income per ADS was $1.15; non-GAAP diluted net income per ADS was $1.36.
Outlook and guidance
Q4 2025 net revenues expected between $538 million and $578 million, implying 2.5%-5.2% year-over-year growth.
Anticipates group year-over-year revenue growth in 2026, with live streaming, AdTech, and SaaS businesses all expected to deliver double-digit growth.
Non-GAAP operating profit and EBITDA expected to continue improving in 2026.
BIGO Ads iOS ecosystem impact on 2026 growth?
Streamer incentives' long-term impact on content quality?
Capital allocation priorities beyond share repurchases?
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Q4 202513 Mar, 2026
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Frequently asked questions
JOYY Inc. operates social media platforms that offer users engaging and experience across various video and audio-based social platforms. JOYY Inc operates JoyApp, a creative social media app that allows users to share their daily photos, as well as create and share various video/audio slideshows with friends and family members within their social network; and JoyLive, a live streaming platform for lectures, product launches, concerts, award ceremonies, charity events and conferences. The company also provides JOYY Player, an end-to-end live streaming playback solution that allows users to search for live or archived broadcasts that they want to watch on their TVs via connected set-top boxes or other devices.
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