JOYY Reports First Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

JOYY Inc. (NASDAQ: JOYY) reported its Q1 2025 financial results with net revenues of US$494.4 million, down from US$564.6 million in Q1 2024. The company achieved net income of US$45.4 million and non-GAAP net income of US$63.2 million. Notable highlights include a 25.3% increase in non-livestreaming revenues to US$123.0 million, now representing 24.9% of total revenue. Operating income saw a significant 244.5% YoY increase to US$12.2 million. The company maintained shareholder value through dividends of US$49.1 million and share repurchases of US$22.5 million. Global average mobile MAUs decreased to 260.4 million from 277.3 million YoY. For Q2 2025, JOYY expects revenues between US$499-519 million. The company announced a quarterly dividend of US$0.94 per ADS as part of its three-year US$600 million dividend program.

Positive

• Non-livestreaming revenues grew 25.3% YoY to US$123.0 million
• Operating income increased 244.5% YoY to US$12.2 million
• Operating income margin improved to 2.5% from 0.6% YoY
• Commitment to shareholder returns with US$49.1 million in dividends and US$22.5 million in share repurchases
• Strong balance sheet with net cash of US$3,385.9 million

Negative

• Net revenues declined to US$494.4 million from US$564.6 million YoY
• Live streaming revenues decreased to US$371.3 million from US$466.4 million YoY
• Global average mobile MAUs declined to 260.4 million from 277.3 million YoY
• Total paying users of BIGO decreased to 1.45 million from 1.67 million YoY
• ARPPU of BIGO declined to US$221.6 from US$235.4 YoY

Insights

Financial Analyst

JOYY reports mixed Q1 2025 results with revenue decline but improving profitability and successful business diversification despite user metrics challenges.

JOYY reported $494.4 million in Q1 2025 revenue, marking a 12.4% year-over-year decline from $564.6 million in Q1 2024. This decrease was primarily driven by challenges in the company's core livestreaming business, which saw revenues fall to $371.3 million from $466.4 million a year earlier due to declining paying users and average revenue per paying user (ARPPU).

Despite the revenue contraction, JOYY demonstrated notable improvements in profitability metrics. Operating income surged by an impressive 244.5% to $12.2 million (operating margin: 2.5%), while non-GAAP operating income increased 24.9% to $31.0 million (non-GAAP operating margin: 6.3%). Net income from continuing operations attributable to controlling interest remained stable at $45.4 million, with net income margin improving from 8.0% to 9.2%.

The company's business diversification strategy is showing tangible progress. Non-livestreaming revenues grew 25.3% to $123.0 million, now representing 24.9% of total revenues – a significant milestone in JOYY's evolution beyond its traditional social entertainment model. This growth was primarily driven by substantial increases in advertising revenues through its BIGO Ads programmatic platform.

Cost optimization efforts are evident, with a 14.5% reduction in cost of revenues to $315.7 million and significant decreases in operating expenses, particularly in sales and marketing (down 23.8% to $72.1 million) and R&D (down 9.6% to $62.4 million). These efficiency improvements helped expand gross margin from 34.6% to 36.1%.

JOYY's user metrics present some concerns, with global average mobile MAUs declining to 260.4 million from 277.3 million in Q1 2024. Key platforms experienced double-digit percentage drops in users: Bigo Live (-22.1%), Likee (-19.5%), and Hago (-26.7%). Total paying users for BIGO decreased to 1.45 million from 1.67 million.

The company maintains a strong balance sheet with net cash of $3,385.9 million, up from $3,275.9 million at the end of 2024. JOYY's shareholder return program remains robust, with $49.1 million in dividends distributed and $22.5 million in share repurchases during early 2025. The board authorized a quarterly dividend of $0.94 per ADS for Q2 2025 and announced a three-year dividend program totaling approximately $600 million.

For Q2 2025, management projects revenues between $499 million and $519 million, suggesting potential stabilization or modest growth compared to Q1. The company appears to be successfully transitioning from a pure livestreaming model to a more diversified ecosystem with stronger profitability, even as it navigates user growth challenges.

SINGAPORE, May 27, 2025 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: JOYY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the first quarter of 2025.

First Quarter 2025 Financial Highlights¹

• Net revenues were US$494.4 million, compared to US$564.6 million in the corresponding period of 2024.
• Net income from continuing operations attributable to controlling interest of JOYY² was US$45.4 million, compared to US$45.3 million in the corresponding period of 2024.
• Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY³ was US$63.2 million, compared to US$67.2 million in the corresponding period of 2024.

First Quarter 2025 Operational Highlights

• Global average mobile MAUs⁴ was 260.4 million, compared to 277.3 million in the corresponding period of 2024, primarily due to the Company’s optimization of overall sales and marketing strategies to be more focused on return-on-investment and disciplined spending on advertising across various product lines.
• Average mobile MAUs of Bigo Live was 28.9 million, compared to 37.1 million in the corresponding period of 2024.
• Average mobile MAUs of Likee was 30.2 million, compared to 37.5 million in the corresponding period of 2024.
• Average mobile MAUs of Hago was 3.3 million, compared to 4.5 million in the corresponding period of 2024.
• Total number of paying users of BIGO (including Bigo Live, Likee and imo)⁵ was 1.45 million, compared to 1.67 million in the corresponding period of 2024.
• Average revenue per paying user, or ARPPU, of BIGO (including Bigo Live, Likee and imo)⁶ was US$221.6, compared to US$235.4 in the corresponding period of 2024.

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “In the first quarter of 2025, we recorded net revenues of $494.4 million, with our non-livestreaming revenues reaching $123.0 million, representing a year-over-year increase of 25.3%. Non-livestreaming revenues now account for 24.9% of our group’s net revenues for the first time, marking a significant milestone in our diversification strategy. We achieved GAAP and non-GAAP operating profits of $12.2 million and $31.0 million, respectively, representing year-over-year increases of 244.5% and 24.9%, respectively. Meanwhile, we continued our commitment to returning value to shareholders by distributing approximately $49.1 million in dividends and repurchasing approximately $22.5 million worth of shares from January 1, 2025 through May 23, 2025.”

“As we celebrate the 20th anniversary of our operations, we have evolved beyond social entertainment, steadily fostering a multifaceted ecosystem. Our multi-engine growth strategy is yielding clear results, with our core livestreaming business achieving consistent profitability, and our programmatic advertising platform BIGO Ads demonstrating strong growth momentum which is fueled by our AI-driven innovations in user insights, intelligent creative development and precise targeting. We expect these advances to further strengthen our competitive advantages and position our non-livestreaming businesses to become JOYY’s second growth engine. With a clear focus on value-accretive organic growth, we are confident that we will deliver lasting value and enhanced returns for our shareholders in the long-term.”

First Quarter 2025 Financial Results

NET REVENUES

Net revenues were US$494.4 million in the first quarter of 2025, compared to US$564.6 million in the corresponding period of 2024.

Live streaming revenues were US$371.3 million in the first quarter of 2025, compared to US$466.4 million in the corresponding period of 2024. The decrease was mainly due to the decline in the number of paying users and ARPPU of BIGO, as well as adjustments to the interactive features of our non-core audio livestreaming products to enhance compliance.

Other revenues increased by 25.3% to US$123.0 million in the first quarter of 2025 from US$98.2 million in the corresponding period of 2024, primarily due to the substantial growth of our advertising revenues.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues decreased by 14.5% to US$315.7 million in the first quarter of 2025 from US$369.2 million in the corresponding period of 2024. BIGO’s cost of revenues decreased by 15.1% to US$279.1 million, primarily driven by a US$45.0 million decrease in revenue-sharing fees and content costs. All other’s cost of revenues decreased by 9.8% to US$36.7 million, mainly due to a US$3.6 million decrease in revenue-sharing fees and content costs, which was in line with the decrease in live streaming revenues within the All other segment.

Gross profit was US$178.6 million in the first quarter of 2025, compared to US$195.4 million in the corresponding period of 2024. Gross margin was 36.1% in the first quarter of 2025, compared to 34.6% in the corresponding period of 2024.

OPERATING EXPENSES AND INCOME

Operating expenses were US$167.2 million in the first quarter of 2025, compared to US$195.4 million in the corresponding period of 2024. Among the operating expenses, sales and marketing expenses decreased to US$72.1 million in the first quarter of 2025 from US$94.6 million in the corresponding period of 2024, as we optimized overall sales and marketing strategies across various social products to be more focused on return-on-investment and user acquisition effectiveness. Research and development expenses decreased to US$62.4 million in the first quarter of 2025 from US$69.0 million in the corresponding period of 2024, primarily due to decreases in salary and welfare of US$3.9 million and share-based compensation expenses of US$1.3 million.

Operating income was US$12.2 million in the first quarter of 2025, compared to operating income of US$3.5 million in the corresponding period of 2024, representing a 244.5% year-over-year increase. Operating income margin was 2.5% in the first quarter of 2025, compared to operating income margin of 0.6% in the corresponding period of 2024.

Non-GAAP operating income⁷ was US$31.0 million in the first quarter of 2025, compared to US$24.8 million in the corresponding period of 2024, representing a 24.9% year-over-year increase. Non-GAAP operating income margin⁸ was 6.3% in the first quarter of 2025, compared to 4.4% in the corresponding period of 2024.

NET INCOME

Net income from continuing operations attributable to controlling interest of JOYY was US$45.4 million in the first quarter of 2025, compared to US$45.3 million in the corresponding period of 2024. Net income margin was 9.2% in the first quarter of 2025, compared to net income margin of 8.0% in the corresponding period of 2024.

Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$63.2 million in the first quarter of 2025, compared to US$67.2 million in the corresponding period of 2024. Non-GAAP net income margin⁹ was 12.8% in the first quarter of 2025, compared to non-GAAP net income margin of 11.9% in the corresponding period of 2024.

NET INCOME PER ADS

Diluted net income from continuing operations per ADS¹⁰ was US$0.84 in the first quarter of 2025, compared to US$0.69 in the corresponding period of 2024.

Non-GAAP diluted net income from continuing operations per ADS¹¹ was US$1.18 in the first quarter of 2025, compared to US$1.02 in the corresponding period of 2024, up by 15.7% year over year.

BALANCE SHEET AND CASH FLOWS

As of March 31, 2025, the Company had net cash¹² of US$3,385.9 million, compared with US$3,275.9 million as of December 31, 2024. For the first quarter of 2025, net cash from operating activities was US$58.0 million.

SHARES OUTSTANDING

As of March 31, 2025, the Company had a total of 1,037.5 million common shares outstanding, representing the equivalent of 51.9 million ADSs assuming the conversion of all common shares into ADSs.

Business Outlook

For the second quarter of 2025, the Company expects net revenues to be between US$499 million and US$519 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from increasing macroeconomic uncertainties.

Share Repurchase Programs

Pursuant to the Company's up-to-US$300 million share repurchase program authorized in March 2025, which is effective till the end of 2027, the Company had repurchased 0.56 million ADSs for an aggregate consideration of US$22.5 million on the open market as of May 23, 2025.

Quarterly Dividend Program

On March 19, 2025, the board of directors authorized a quarterly dividend program from 2025 to 2027, under which a total of approximately US$600 million in cash will be distributed on a quarterly basis over the three-year period. Pursuant to this quarterly dividend program, the board of directors has accordingly declared a dividend of US$0.94 per ADS, or US$0.047 per common share, for the second quarter of 2025, which is expected to be paid on July 3, 2025 to shareholders of record as of the close of business on June 23, 2025. The ex-dividend date will be June 23, 2025.

Conference Call Information

The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Monday, May 26, 2025 (9:00 AM Singapore/Hong Kong Time on Tuesday, May 27, 2025). Details for the conference call are as follows:

Event Title: JOYY Inc. First Quarter 2025 Earnings Conference Call

Conference ID: #10047454

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/10047454-su0roj.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 June 3, 2025, by dialing the following numbers:

United States:	1-855-883-1031
Singapore:	800-101-3223
Hong Kong:	800-930-639
Conference ID:	#10047454

About JOYY Inc.

JOYY is a leading global technology company with a mission to enrich lives through technology. With a diversified product portfolio spanning live streaming, short-form videos, casual games, instant messaging, and emerging initiatives like advertising, JOYY has evolved beyond social entertainment into a multifaceted ecosystem powered by AI and data-driven technologies. Headquartered in Singapore and operating across the globe, JOYY has fostered a vibrant user community through its localized strategies. 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 communication social platform market; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; 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 income, non-GAAP operating income (loss) margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) 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), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP net income (loss) from continuing operations attributable to controlling interest 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, gain (loss) on extinguishment of debt and derivative, 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 (loss) income 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 of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to 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, gain (loss) on extinguishment of debt and derivative, 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. After the non-GAAP adjustment, non-GAAP net income (loss) from continuing operations attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY. 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 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 measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, 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 measure in isolation from or as an alternative to the financial measure 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 On November 16, 2020, the Company entered into definitive agreements with affiliates of Baidu, Inc. (“Baidu”), subsequently amended on February 7, 2021. Pursuant to the agreements, Baidu would acquire JOYY’s video-based entertainment live streaming business in mainland China, which the Company refers to as YY Live, including the YY mobile app, the YY.com website and the YY PC app, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. Subsequently, the sale was substantially completed as of February 8, 2021, with certain matters remaining to be completed, including necessary regulatory approvals from government authorities. As a result, YY Live’s historical results were presented in the Company’s consolidated financial statements as discontinued operations and the Company ceased consolidation of YY Live’s business since February 8, 2021. On February 25, 2025, the Company entered into agreements with Baidu and closed the sale of YY Live to Baidu for an aggregate purchase price of approximately US$2.1 billion in cash. The Company previously received approximately US$1.86 billion in February 2021. On February 25, 2025, the Company received additional cash consideration of approximately US$240 million. 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.

The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended March 31, 2024, December 31, 2024 and March 31, 2025, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment.

² 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.

³ Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as 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 which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, 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 net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US$17.8 million and US$21.9 million in the first quarter of 2025 and 2024, respectively. 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.

⁴ 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 mobile active users for each month of such period, by (ii) the number of months in such period.

⁵ The number of 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.

⁶ Average revenue per user is calculated by dividing our 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.

⁷ 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.

⁸Non-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.

⁹Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues.

¹⁰ADS 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.

¹¹ 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.

¹² 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 convertible bonds and short-term and long-term loans.

JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS and per ADS data)
			December 31,		March 31,
			2024		2025
			US$		US$
Assets
Current assets
	Cash and cash equivalents		444,761		801,476
	Restricted cash and cash equivalents		371,332		47,122
	Short-term deposits		1,061,011		987,097
	Restricted short-term deposits		20,722		67,968
	Short-term investments		288,589		368,913
	Accounts receivable, net		121,861		128,705
	Amounts due from related parties		467		144
	Prepayments and other current assets(1)		247,538		191,094
Total current assets			2,556,281		2,592,519
Non-current assets
	Long-term deposits and held-to-maturity investments		1,124,308		1,149,578
	Deferred tax assets		2,563		2,565
	Investments		530,685		531,068
	Property and equipment, net		499,723		508,797
	Land use rights, net		303,115		301,332
	Intangible assets, net		277,257		263,488
	Right-of-use assets, net		20,457		19,519
	Goodwill		2,194,324		2,194,313
	Other non-current assets		19,084		20,776
Total non-current assets			4,971,516		4,991,436
Total assets			7,527,797		7,583,955
Liabilities, mezzanine equity and shareholders’ equity
Current liabilities
	Short-term loans		34,853		36,273
	Accounts payable		84,015		74,541
	Deferred revenue		66,813		65,398
	Advances from customers		4,031		6,663
	Income taxes payable		78,304		81,557
	Accrued liabilities and other current liabilities(1)		2,393,923		584,911
	Amounts due to related parties		1,378		1,201
	Lease liabilities due within one year		10,775		9,849
Total current liabilities			2,674,092		860,393
Non-current liabilities
	Lease liabilities		9,948		9,822
	Deferred revenue		12,635		11,782
	Deferred tax liabilities		47,631		49,132
Total non-current liabilities			70,214		70,736
Total liabilities			2,744,306		931,129

JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
			December 31,			March 31,
			2024			2025
			US$			US$
Mezzanine equity			23,733			24,133
Shareholders’ equity
	Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,317,840,464 shares issued and 714,663,197 shares outstanding as of December 31, 2024; 1,317,840,464 shares issued and 711,034,170 shares outstanding as of March 31, 2025, 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, 2024 and March 31, 2025, respectively)		3			3
	Treasury shares (US$0.00001 par value; 603,177,267 and 606,806,294 shares held as of December 31, 2024 and March 31, 2025, respectively)		(1,223,186)			(1,233,293)
	Additional paid-in capital		3,345,536			3,350,865
	Statutory reserves		40,500			36,148
	Retained earnings		2,796,745			4,672,979
	Accumulated other comprehensive loss		(247,615)			(240,710)
Total JOYY Inc.’s shareholders’ equity			4,711,990			6,585,999
Non-controlling interests			47,768			42,694
Total shareholders’ equity			4,759,758			6,628,693
Total liabilities, mezzanine equity and shareholders’ equity			7,527,797			7,583,955
(1)	JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits. Correspondingly, the advanced payments received has been recorded as accrued liabilities and other current liabilities on our consolidated balance sheet as of December 31, 2024. On February 25, 2025, the Company entered into agreements with Baidu and closed the sale of YY Live to Baidu.

JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS and per ADS data)
		Three Months Ended
		March 31,			December 31,			March 31,
		2024			2024			2025
		US$			US$			US$
Net revenues
Live streaming(1)		466,391			422,418			371,348
Others		98,169			127,028			123,003
Total net revenues		564,560			549,446			494,351
Cost of revenues(2)		(369,197)			(345,663)			(315,736)
Gross profit		195,363			203,783			178,615
Operating expenses(2)
Research and development expenses		(69,039)			(67,485)			(62,426)
Sales and marketing expenses		(94,638)			(67,040)			(72,131)
General and administrative expenses		(31,743)			(44,015)			(32,690)
Goodwill impairment		-			(454,935)			-
Total operating expenses		(195,420)			(633,475)			(167,247)
Other income		3,600			1,839			839
Operating income (loss)		3,543			(427,853)			12,207
Interest expenses		(2,136)			(312)			(106)
Interest income and investment income		48,927			38,860			39,387
Foreign currency exchange gains (losses), net		768			9,613			(761)
Gain (loss) on fair value change of investments		985			(3,011)			705
Income (loss) before income tax expenses		52,087			(382,703)			51,432
Income tax expenses		(4,537)			(41)			(5,211)
Income (loss) before share of loss in equity method investments, net of income taxes		47,550			(382,744)			46,221
Share of loss in equity method investments, net of income taxes		(7,395)			(3,793)			(3,318)
Net income (loss) from continuing operations		40,155			(386,537)			42,903
Gain on disposal of YY Live(3)		-			-			1,875,921
Net income (loss)		40,155			(386,537)			1,918,824
Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders		5,131			82,392			2,499
Net income (loss) attributable to controlling interest of JOYY Inc.		45,286			(304,145)			1,921,323
Including：
Net income (loss) from continuing operations attributable to controlling interest of JOYY Inc.		45,286			(304,145)			45,402
Gain on disposal of YY Live (3)		-			-			1,875,921
Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value		(347)			(347)			(347)
Net income (loss) attributable to common shareholders of JOYY Inc.		44,939			(304,492)			1,920,976
Including:
Net income (loss) from continuing operations attributable to common shareholders of JOYY Inc.		44,939			(304,492)			45,055
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
		March 31,		December 31,			March 31,
		2024		2024			2025
		US$		US$			US$
Net income (loss) per ADS
——Basic		0.73		(5.67)			36.09
Continuing operations		0.73		(5.67)			0.85
Discontinued operations		-		-			35.24
——Diluted		0.69		(5.67)			35.72
Continuing operations		0.69		(5.67)			0.84
Discontinued operations		-		-			34.88
Weighted average number of ADS used in calculating net income (loss) per ADS
——Basic		61,783,347		53,737,863			53,237,127
——Diluted		67,152,622		53,737,863			53,780,111
(1)    Revenues by geographical areas were as follows:
		Three Months Ended
		March 31,		December 31,			March 31,
		2024		2024			2025
		US$		US$			US$
Developed countries and regions		291,036		302,911			277,615
Middle East		87,458		77,708			66,651
Mainland China		59,801		53,221			48,385
Southeast Asia and others		126,265		115,606			101,700
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
		March 31,		December 31,			March 31,
		2024		2024			2025
		US$		US$			US$
Cost of revenues		663		295			635
Research and development expenses		3,392		2,774			2,138
Sales and marketing expenses		131		183			229
General and administrative expenses		1,942		2,554			2,235
(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
		March 31,			December 31,			March 31,
		2024			2024			2025
		US$			US$			US$
Operating income (loss)		3,543			(427,853)			12,207
Share-based compensation expenses		6,128			5,806			5,237
Amortization of intangible assets from business acquisitions		15,132			13,540			13,540
Impairment of goodwill and investments		-			454,935			-
Non-GAAP operating income		24,803			46,428			30,984
Net income (loss) from continuing operations		40,155			(386,537)			42,903
Share-based compensation expenses		6,128			5,806			5,237
Amortization of intangible assets from business acquisitions		15,132			13,540			13,540
Impairment of goodwill and investments		-			454,935			-
(Gain) loss on fair value change of investments		(985)			3,011			(705)
Interest expenses related to the convertible bonds’ amortization to face value		237			-			-
Income tax effects on non-GAAP adjustments		(2,222)			(427)			(1,404)
Reconciling items on the share of equity method investments		4,434			3,802			1,887
Non-GAAP net income from continuing operations		62,879			94,130			61,458
Net income (loss) from continuing operations attributable to common shareholders of JOYY Inc.		44,939			(304,492)			45,055
Share-based compensation expenses		6,128			5,806			5,237
Amortization of intangible assets from business acquisitions		15,132			13,540			13,540
Impairment of goodwill and investments		-			454,935			-
(Gain) loss on fair value change of investments		(985)			3,011			(705)
Interest expenses related to the convertible bonds’ amortization to face value		237			-			-
Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders		347			347			347
Income tax effects on non-GAAP adjustments		(2,222)			(427)			(1,404)
Reconciling items on the share of equity method investments		4,434			3,802			1,887
Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders		(806)			(80,434)			(761)
Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc.		67,204			96,088			63,196
Non-GAAP net income from continuing operations
per ADS
——Basic		1.09			1.79			1.19
——Diluted		1.02			1.77			1.18
Weighted average number of ADS used in calculating Non-GAAP net income from continuing operations per ADS
——Basic		61,783,347			53,737,863			53,237,127
——Diluted		67,152,622			54,263,057			53,780,111

JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
	Three Months Ended
	March 31, 2025
	BIGO			All other			Elimination(1)			Total
	US$			US$			US$			US$
Net revenues
Live streaming	351,598			19,750			-			371,348
Others	80,263			43,185			(445)			123,003
Total net revenues	431,861			62,935			(445)			494,351
Cost of revenues(2)	(279,100)			(36,720)			84			(315,736)
Gross profit	152,761			26,215			(361)			178,615
Operating expenses(2)
Research and development expenses	(40,380)			(22,310)			264			(62,426)
Sales and marketing expenses	(52,113)			(20,047)			29			(72,131)
General and administrative expenses	(13,886)			(18,872)			68			(32,690)
Total operating expenses	(106,379)			(61,229)			361			(167,247)
Other income	431			408			-			839
Operating income (loss)	46,813			(34,606)			-			12,207
Interest expenses	(799)			(33)			726			(106)
Interest income and investment income	12,917			27,196			(726)			39,387
Foreign currency exchange losses, net	(522)			(239)			-			(761)
Gain (loss) on fair value change of investments	753			(48)			-			705
Income (loss) before income tax (expenses) benefits	59,162			(7,730)			-			51,432
Income tax (expenses) benefits	(5,956)			745			-			(5,211)
Income (loss) before share of loss in equity method investments, net of income taxes	53,206			(6,985)			-			46,221
Share of loss in equity method investments, net of income taxes	-			(3,318)			-			(3,318)
Net income (loss) from continuing operations	53,206			(10,303)			-			42,903

(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
			Three Months Ended
			March 31, 2025
			BIGO		All other		Total
			US$		US$		US$
Cost of revenues			363		272		635
Research and development expenses			852		1,286		2,138
Sales and marketing expenses			80		149		229
General and administrative expenses			441		1,794		2,235

JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
			Three Months Ended
			March 31, 2025
			BIGO			All other			Total
			US$			US$			US$
Operating income (loss)			46,813			(34,606)			12,207
Share-based compensation expenses			1,736			3,501			5,237
Amortization of intangible assets from business acquisitions			8,950			4,590			13,540
Non-GAAP operating income (loss)			57,499			(26,515)			30,984
Net income (loss) from continuing operations			53,206			(10,303)			42,903
Share-based compensation expenses			1,736			3,501			5,237
Amortization of intangible assets from business acquisitions			8,950			4,590			13,540
(Gain) loss on fair value change of investments			(753)			48			(705)
Income tax effects on non-GAAP adjustments			(650)			(754)			(1,404)
Reconciling items on the share of equity method investments			-			1,887			1,887
Non-GAAP net income (loss) from continuing operations			62,489			(1,031)			61,458

	JOYY INC.
	UNAUDITED SEGMENT REPORT
	(All amounts in thousands, except share, ADS and per ADS data)
			Three Months Ended
			December 31, 2024
			BIGO					All other					Elimination(1)					Total
			US$					US$					US$					US$
	Net revenues
	Live streaming		400,281					22,137					-					422,418
	Others		79,693					47,738					(403)					127,028
	Total net revenues		479,974					69,875					(403)					549,446
	Cost of revenues(2)		(304,926)					(40,822)					85					(345,663)
	Gross profit		175,048					29,053					(318)					203,783
	Operating expenses(2)
	Research and development expenses		(43,641)					(24,072)					228					(67,485)
	Sales and marketing expenses		(44,990)					(22,076)					26					(67,040)
	General and administrative expenses		(17,025)					(27,054)					64					(44,015)
	Goodwill impairment		-					(454,935)					-					(454,935)
	Total operating expenses		(105,656)					(528,137)					318					(633,475)
	Other income		398					1,441					-					1,839
	Operating income (loss)		69,790					(497,643)					-					(427,853)
	Interest expenses		(1,153)					(41)					882					(312)
	Interest income and investment income		11,905					27,837					(882)					38,860
	Foreign currency exchange gains (losses), net		10,359					(746)					-					9,613
	(Loss) gain on fair value change of investments		(4,156)					1,145					-					(3,011)
	Income (loss) before income tax (expenses) benefits		86,745					(469,448)					-					(382,703)
	Income tax (expenses) benefits		(2,926)					2,885					-					(41)
	Income (loss) before share of loss in equity method investments, net of income taxes		83,819					(466,563)					-					(382,744)
	Share of loss in equity method investments, net of income taxes		-					(3,793)					-					(3,793)
	Net income (loss) from continuing operations		83,819					(470,356)					-					(386,537)
(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

							Three Months Ended
							December 31, 2024
							BIGO					All other					Total
							US$					US$					US$
Cost of revenues							140					155					295
Research and development expenses							1,639					1,135					2,774
Sales and marketing expenses							39					144					183
General and administrative expenses							463					2,091					2,554

JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
			Three Months Ended
			December 31, 2024
			BIGO			All other			Total
			US$			US$			US$
Operating income (loss)			69,790			(497,643)			(427,853)
Share-based compensation expenses			2,281			3,525			5,806
Amortization of intangible assets from business acquisitions			8,950			4,590			13,540
Impairment of goodwill and investments			-			454,935			454,935
Non-GAAP operating income (loss)			81,021			(34,593)			46,428
Net income (loss) from continuing operations			83,819			(470,356)			(386,537)
Share-based compensation expenses			2,281			3,525			5,806
Amortization of intangible assets from business acquisitions			8,950			4,590			13,540
Impairment of goodwill and investments			-			454,935			454,935
Loss (gain) on fair value change of investments			4,156			(1,145)			3,011
Income tax effects on non-GAAP adjustments			(778)			351			(427)
Reconciling items on the share of equity method investments			-			3,802			3,802
Non-GAAP net income (loss) from continuing operations			98,428			(4,298)			94,130

JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
	Three Months Ended
	March 31, 2024
	BIGO			All other			Elimination(1)			Total
	US$			US$			US$			US$
Net revenues
Live streaming	442,154			24,237			-			466,391
Others	63,049			35,518			(398	)		98,169
Total net revenues	505,203			59,755			(398	)		564,560
Cost of revenues(2)	(328,583	)		(40,692	)		78			(369,197	)
Gross profit	176,620			19,063			(320	)		195,363
Operating expenses(2)
Research and development expenses	(41,022	)		(28,258	)		241			(69,039	)
Sales and marketing expenses	(74,430	)		(20,232	)		24			(94,638	)
General and administrative expenses	(14,075	)		(17,723	)		55			(31,743	)
Total operating expenses	(129,527	)		(66,213	)		320			(195,420	)
Other income	3,296			304			-			3,600
Operating income (loss)	50,389			(46,846	)		-			3,543
Interest expenses	(1,765	)		(1,681	)		1,310			(2,136	)
Interest income and investment income	15,441			34,796			(1,310	)		48,927
Foreign currency exchange gains, net	379			389			-			768
Gain (loss) on fair value change of investments	1,267			(282	)		-			985
Income (loss) before income tax (expenses) benefits	65,711			(13,624	)		-			52,087
Income tax (expenses) benefits	(4,662	)		125			-			(4,537	)
Income (loss) before share of loss in equity method investments, net of income taxes	61,049			(13,499	)		-			47,550
Share of loss in equity method investments, net of income taxes	-			(7,395	)		-			(7,395	)
Net income (loss) from continuing operations	61,049			(20,894	)		-			40,155

(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
			Three Months Ended
			March 31, 2024
			BIGO		All other		Total
			US$		US$		US$
Cost of revenues			391		272		663
Research and development expenses			1,641		1,751		3,392
Sales and marketing expenses			47		84		131
General and administrative expenses			96		1,846		1,942

JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
			Three Months Ended
			March 31, 2024
			BIGO			All other			Total
			US$			US$			US$
Operating income (loss)			50,389			(46,846)			3,543
Share-based compensation expenses			2,175			3,953			6,128
Amortization of intangible assets from business acquisitions			10,467			4,665			15,132
Non-GAAP operating income (loss)			63,031			(38,228)			24,803
Net income (loss) from continuing operations			61,049			(20,894)			40,155
Share-based compensation expenses			2,175			3,953			6,128
Amortization of intangible assets from business acquisitions			10,467			4,665			15,132
(Gain) loss on fair value change of investments			(1,267)			282			(985)
Interest expenses related to the convertible bonds’ amortization to face value			-			237			237
Income tax effects on non-GAAP adjustments			(1,203)			(1,019)			(2,222)
Reconciling items on the share of equity method investments			-			4,434			4,434
Non-GAAP net income (loss) from continuing operations			71,221			(8,342)			62,879

FAQ

What were JOYY's (NASDAQ: JOYY) key financial results for Q1 2025?

JOYY reported Q1 2025 net revenues of US$494.4 million, net income of US$45.4 million, and non-GAAP net income of US$63.2 million. Operating income increased 244.5% YoY to US$12.2 million.

How much dividend will JOYY (NASDAQ: JOYY) pay in Q2 2025?

JOYY will pay a dividend of US$0.94 per ADS for Q2 2025, payable on July 3, 2025 to shareholders of record as of June 23, 2025.

What is JOYY's revenue guidance for Q2 2025?

JOYY expects net revenues to be between US$499 million and US$519 million for Q2 2025.

How much cash does JOYY (NASDAQ: JOYY) have as of Q1 2025?

As of March 31, 2025, JOYY had net cash of US$3,385.9 million, up from US$3,275.9 million as of December 31, 2024.

What is JOYY's new dividend program for 2025-2027?

JOYY authorized a quarterly dividend program from 2025 to 2027, with approximately US$600 million in total cash to be distributed on a quarterly basis over the three-year period.