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JOYY
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
Q3 2025 net revenues were $540.2 million, up 6.4% quarter-over-quarter, with live streaming revenue at $388.5 million and BIGO Ads delivering $104 million, up 33.1% year-over-year.
Advertising revenues surged 29.2% year-over-year to $112.5 million, driven by BIGO Ads' growth.
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.
Net income from continuing operations attributable to controlling interest was $62 million, up 2.3% year-over-year.
Operating cash flow was $73 million, with net cash of $3.3 billion as of September 30, 2025.
Financial highlights
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%.
Diluted net income per ADS was $1.15; non-GAAP diluted net income per ADS was $1.36.
Operating expenses decreased to $174.2 million, reflecting disciplined R&D and marketing spend.
Net cash from operating activities was $73.4 million.
Outlook and guidance
Q4 2025 net revenues expected between $538 million and $578 million, implying up to 5.2% year-over-year growth.
Group expects to return to year-over-year revenue growth in 2026, with live streaming, AdTech, and SaaS all contributing.
BIGO Ads anticipated to deliver mid-double-digit year-over-year growth in Q4 2025.
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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Next JOYY earnings date
Q4 202513 Mar, 2026
JOYY
Next JOYY earnings date
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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