Core Insights - JOYY Inc. reported Q3 2025 revenue of $540 million, a 6.4% increase quarter-over-quarter, driven by growth in live streaming and advertising [2][4] - The company achieved a net profit of $41 million, reflecting a robust growth trend in its financial performance [4][5] Revenue Breakdown - Live streaming revenue reached $388 million, marking a 3.5% quarter-over-quarter increase, continuing its growth for two consecutive quarters [4][6] - Advertising revenue grew by 29.2% year-over-year, increasing the non-live revenue share to 28.1% of total revenue [4][5] Profitability Metrics - Non-GAAP operating profit was $41 million, a 16.6% year-over-year increase and a 6.1% quarter-over-quarter increase [5] - EBITDA stood at $51 million, reflecting a 16.8% year-over-year growth and a 4.9% quarter-over-quarter increase [5] Cash Flow and Financial Health - Operating cash flow for the quarter was $73 million, with net cash reaching $3.32 billion as of September 30 [5] - The company has a share buyback and dividend plan totaling approximately $900 million for 2025-2027, with $237 million completed from January 1 to November 14 this year [5] AI-Driven Growth - AI technologies have become a significant growth driver, enhancing both live streaming and advertising operations [6] - In live streaming, AI-driven content recommendation algorithms improved average viewing time by 3.4% quarter-over-quarter, and AI-generated interactive gifts accounted for 25% of virtual gift consumption in October [6] - In advertising, the application of AI has led to a 30% quarter-over-quarter increase in core advertiser budgets, with significant growth in revenue from North America (22% increase) and Western Europe (41% increase) [6] Strategic Outlook - The CEO emphasized the commitment to building a diversified growth engine and enhancing the company's global presence, aiming for long-term value creation for shareholders [6]

Core Viewpoint - JOYY's Q3 2025 financial report reveals a stable operational foundation with significant surprises, showcasing a revenue of $540 million, a 6.4% increase from Q2, driven by a 29.2% year-over-year growth in advertising revenue, primarily from BIGO Ads [1][3]. Group 1: Financial Performance - Q3 revenue reached $540 million, with live streaming revenue at $388 million, reflecting a 3.5% quarter-over-quarter growth [1]. - Advertising revenue was $113 million, showing a remarkable 29.2% year-over-year increase, with BIGO Ads contributing $104 million, a 33.1% year-over-year growth [1][4]. - The global monthly active users (MAU) grew by 1.4% to 266 million, indicating a recovery in the live streaming business [4][5]. Group 2: Shareholder Returns - JOYY holds a net cash position of $3.321 billion, exceeding its total market value of $3.08 billion, with Q3 operating cash flow at $73.4 million [6]. - The company has initiated a $300 million share repurchase plan, having repurchased 1.7 million ADS for $88.6 million, with $211 million remaining for future buybacks [6][7]. - A total of $600 million in dividends is planned over three years, with a Q4 2025 dividend of $0.97 per ADS announced [6]. Group 3: Growth Potential of BIGO Ads - BIGO Ads is positioned as a key growth driver, with a business model and AI applications similar to successful companies like AppLovin [8][10]. - The AI advertising market is projected to be highly lucrative, with BIGO Ads showing a 30% quarter-over-quarter growth in core advertiser budgets and a 17% increase in core advertisers [13][17]. - JOYY's global presence and technological investments provide a competitive edge in the AI advertising space, with a 228% year-over-year growth in SDK traffic [12][14]. Group 4: Market Position and Future Outlook - The global mobile application advertising market is expected to reach $534 billion by 2029, presenting substantial growth opportunities for BIGO Ads [24]. - Compared to competitors like AppLovin and Unity, JOYY's valuation appears significantly undervalued, considering its cash reserves and stable live streaming business [25][26]. - The recent financial report marks a pivotal moment for JOYY, as it begins to disclose BIGO Ads' revenue separately, indicating a strategic shift in its business model [26].

Core Insights - JOYY's stock surged nearly 12% to $67.08 following the announcement of its Q3 2025 earnings, which totaled $540 million, slightly above analyst expectations of $532.3 million, reflecting a quarter-over-quarter growth of 6.4% [1] Financial Performance - The live streaming business generated $388 million in revenue, marking a quarter-over-quarter increase of 3.5%, achieving consecutive growth for two quarters [1] - BIGO Ads, the advertising technology platform, saw accelerated revenue growth, reaching $104 million, which represents a year-over-year increase of 33.1% and a quarter-over-quarter increase of 19.7% [1] - Under non-GAAP measures, JOYY reported an operating profit of $41 million for Q3, reflecting a year-over-year increase of 16.6% and a quarter-over-quarter increase of 6.1% [1] - EBITDA for the third quarter was $51 million, showing a year-over-year growth of 16.8% and a quarter-over-quarter growth of 4.9% [1] - The company generated operating cash flow of $73 million in Q3, and as of September 30, it held net cash of $3.32 billion [1]

Core Viewpoint - JOYY Inc. (欢聚) experienced a nearly 12% increase in stock price, reaching $67.08, following the announcement of its Q3 2025 earnings report, which showed strong revenue growth and profitability metrics [1] Financial Performance - Total revenue for Q3 2025 was $540 million, slightly below analyst expectations of $532.3 million, with a quarter-over-quarter growth of 6.4% [1] - Live streaming revenue amounted to $388 million, reflecting a quarter-over-quarter increase of 3.5%, marking the second consecutive quarter of growth [1] - Revenue from the advertising technology platform, BIGO Ads, accelerated to $104 million, showing a year-over-year growth of 33.1% and a quarter-over-quarter growth of 19.7% [1] Profitability Metrics - Under non-GAAP measures, operating profit for Q3 reached $41 million, representing a year-over-year increase of 16.6% and a quarter-over-quarter increase of 6.1% [1] - EBITDA for the quarter was $51 million, with a year-over-year growth of 16.8% and a quarter-over-quarter growth of 4.9% [1] - The company reported operating cash flow of $73 million for the third quarter, and as of September 30, net cash stood at $3.32 billion [1]

Core Viewpoint - The growth in advertising revenue is driving JOYY Inc.'s non-live streaming revenue to account for nearly 30% of total revenue in Q3 2025, with BIGO Ads achieving a 33.1% year-over-year growth rate [1][2]. Group 1: Financial Performance - In Q3 2025, JOYY Inc. reported total revenue of $540 million, a year-over-year decline of 3.4% but a quarter-over-quarter increase of 6.4% [1]. - The company's non-GAAP operating profit reached $41 million, reflecting a year-over-year increase of 16.6% and a quarter-over-quarter increase of 6.1% [1]. - EBITDA for the quarter was $51 million, showing a year-over-year growth of 16.8% and a quarter-over-quarter growth of 4.9% [1]. Group 2: Business Segments - Live streaming revenue for Q3 was $388 million, with a quarter-over-quarter increase of 3.5%, marking two consecutive quarters of growth [1]. - Advertising revenue totaled $112 million, a year-over-year increase of 29.2%, with BIGO Ads contributing $104 million, which is a 33.1% year-over-year increase and a 19.7% quarter-over-quarter increase [1][2]. Group 3: Strategic Outlook - The management anticipates that BIGO Ads will continue to experience strong double-digit revenue growth through 2026, driven by factors such as traffic scale, model capability, and advertiser budgets [1][2]. - JOYY Inc. is focusing on a multi-channel, multi-industry global advertising network platform for BIGO Ads, with strategic planning centered on traffic expansion, rapid growth in advertising budgets, data system enhancement, and regional market expansion [2]. - For Q4, the company expects overall operating profit to continue its upward trend, with a forecast of double-digit year-over-year growth in non-GAAP operating profit for the full year of 2025 [3].

Core Insights - JOYY Inc. reported Q3 2025 revenue of $540 million, a 6.4% increase quarter-over-quarter, with live streaming revenue at $388 million, up 3.5% [1] - Advertising revenue grew by 29.2% year-over-year, increasing the non-live revenue share to 28.1% of total revenue [1] - BIGO Ads revenue reached $104 million, marking a 33.1% year-over-year and 19.7% quarter-over-quarter growth [1] Financial Performance - Non-GAAP operating profit for Q3 was $41 million, a 16.6% year-over-year and 6.1% quarter-over-quarter increase [1] - EBITDA for the quarter was $51 million, reflecting a 16.8% year-over-year and 4.9% quarter-over-quarter growth [1] - Monthly active users (MAU) for global social products reached 266 million, a 1.4% increase quarter-over-quarter [1] Business Strategy - JOYY implemented various initiatives in Q3 to optimize the Bigo Live platform, including enhancing the anchor incentive mechanism and leveraging AI technology for content production [2] - The management indicated a clear path for positive revenue growth for the year, with stable recovery in live streaming and strong growth potential in advertising [2] - AI technology is being integrated into Bigo Live for content distribution and user experience, improving user engagement metrics [2] Advertising Growth - BIGO Ads has seen accelerated revenue growth for three consecutive quarters, driven by increased traffic, product innovation, and algorithm efficiency [3] - The platform upgraded its IAA D7 ROAS smart bidding product, enhancing advertising effectiveness and efficiency [3] - Core advertisers increased their budgets by 30% quarter-over-quarter, with a 17% increase in the number of core advertisers [3] Future Outlook - For 2026, BIGO Ads plans to focus on expanding traffic scale, increasing advertising budgets, optimizing data systems, and regional market expansion [4]

Core Insights - JOYY Inc. reported total revenue of $540 million for Q3 2025, representing a quarter-over-quarter growth of 6.4% [1] - The live streaming business generated $388 million in revenue, with a quarter-over-quarter increase of 3.5%, marking two consecutive quarters of growth [1] - Advertising revenue increased by 29.2% year-over-year, contributing to a rise in non-live streaming revenue's share of total revenue to 28.1% [1] - BIGO Ads revenue accelerated to $104 million, reflecting a year-over-year growth of 33.1% and a quarter-over-quarter growth of 19.7% [1] Financial Performance - Under non-GAAP measures, the operating profit for Q3 reached $41 million, up 16.6% year-over-year and 6.1% quarter-over-quarter [1] - EBITDA for the quarter was $51 million, showing a year-over-year increase of 16.8% and a quarter-over-quarter increase of 4.9% [1] - The operating cash flow for the third quarter amounted to $73 million, and as of September 30, the company had net cash of $3.32 billion [1] Shareholder Returns - From January 1 to November 14, 2025, JOYY repurchased and distributed approximately $237 million to shareholders [1]

Core Viewpoint - JOYY Inc. reported a steady recovery in its livestreaming revenue and significant growth in its advertising business for the third quarter of 2025, indicating a positive trajectory for the company's overall performance and shareholder returns [4][5][11]. Financial Highlights - JOYY's total revenue for Q3 2025 was US$540 million, a 6.4% increase from US$508 million in Q2 2025 [5][6]. - Livestreaming revenue reached US$388 million, up 3.5% from US$375 million in Q2 2025, marking two consecutive quarters of growth [2][5]. - Advertising revenue from BIGO Ads was US$104 million, reflecting a year-over-year growth of 33.1% and a quarter-over-quarter increase of 19.7% [11][12]. - Non-GAAP operating income increased to US$41 million, a 16.6% year-over-year rise [2][6]. - JOYY's net cash as of September 30, 2025, was US$3.32 billion, supporting ongoing shareholder returns [2][6]. Business Highlights Livestreaming Business - JOYY's global average mobile MAUs reached 266 million, a 1.4% increase quarter-over-quarter [7]. - BIGO Live's revenue was US$368 million, maintaining a sequential growth trend [7][8]. - The average streaming hours for newly signed streamers increased by 3.5% quarter-over-quarter, indicating improved engagement [9][10]. Advertising Business - BIGO Ads achieved significant growth, with daily gross revenue reaching new heights and total spending from key cohorts increasing by 30% quarter-over-quarter [12][13]. - Revenue in North America grew by 22% quarter-over-quarter, while Western Europe saw a 41% increase, indicating strong market penetration [14].

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $540 million, representing a 6.4% increase quarter-over-quarter [5][23] - Live streaming revenue reached $388 million, up 3.5% from Q2, marking two consecutive quarters of growth [5][24] - BIGO Ads generated $104 million in revenue, with a year-over-year growth of 33.1% [5][17] - Non-GAAP operating income was $41 million, up 16.6% year-over-year [5][28] - Operating cash flow for the quarter was $73 million, with a net cash position of $3.3 billion as of September 30 [6][28] Business Line Data and Key Metrics Changes - Live streaming revenues from the BIGO segment were $367.7 million, contributing to the overall live streaming revenue increase [24] - Non-live streaming revenues totaled $151.7 million, up 27.3% year-over-year, now accounting for 28.1% of total group revenues [25][24] - BIGO Ads' advertising revenues increased by 33.1% year-over-year and 19.7% quarter-over-quarter [26][17] Market Data and Key Metrics Changes - Global average mobile MAUs reached 266 million, up 1.4% quarter-over-quarter [14] - The number of paying users for BIGO increased by 0.8% quarter-over-quarter, while app users grew by 3.4% [15][24] - Revenue from North America grew 22% quarter-over-quarter, and Western Europe saw a 41% increase [20] Company Strategy and Development Direction - The company aims to strengthen ecosystem synergies, reinforce organizational vitality, and reject growth as key priorities for 2026 [7][10] - The focus is on diversifying revenue streams, particularly in EdTech and SaaS, while leveraging the live streaming business as a cash cow [7][8] - The company is enhancing its advertising platform, BIGO Ads, to become a global performance-driven multi-channel advertising platform [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the live streaming business returning to steady year-over-year growth in 2026, supported by operational adjustments and improved user engagement [34][45] - The advertising and SaaS businesses are expected to maintain strong double-digit growth, contributing to overall revenue growth [45][46] - The company anticipates a new growth cycle with positive revenue growth visibility for 2026 [46] Other Important Information - The company has repurchased $88.6 million worth of shares as part of its capital return strategy [21][29] - The share buyback program is expected to accelerate as the company believes its shares are undervalued [21][53] Q&A Session Summary Question: Long-term trend of the live streaming business - Management noted that the live streaming business is on a steady recovery trajectory, with expectations for year-over-year growth in 2026 due to operational enhancements and focus on high-value users [33][34] Question: Long-term strategic goals for the advertising business - The advertising business is being transformed into a global platform for performance-driven advertising, with plans for multi-channel monetization and diversification of advertiser types [38][39] Question: User and revenue trend outlook for 2026 - Management indicated clear visibility for positive year-over-year revenue growth in 2026, with live streaming, advertising, and SaaS all expected to contribute positively [45][46] Question: Expenses trend and profitability outlook - The company expects continued improvement in operating profit and EBITDA in 2026, driven by growth in live streaming and SaaS businesses [50][49] Question: Shareholder return initiatives - The company is executing a three-year shareholder return program and plans to accelerate share buybacks, expecting enhanced returns as operating profits grow [53][54]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $540 million, representing a 6.4% increase quarter-over-quarter [5][23] - Live streaming revenue reached $388 million, up 3.5% from Q2, marking two consecutive quarters of growth [5][24] - BIGO Ads generated $104 million in revenue, with a year-over-year growth of 33.1% [5][26] - Non-GAAP operating income was $41 million, up 16.6% year-over-year [5][28] - Non-GAAP EBITDA reached $51 million, reflecting a 16.8% year-over-year increase [5][28] - Operating cash flow for the quarter was $73 million, with $3.3 billion in net cash as of September 30 [6][28] Business Line Data and Key Metrics Changes - Live streaming revenues from BIGO segment were $367.7 million, showing a quarter-over-quarter increase [24] - Non-live streaming revenues totaled $151.7 million, up 27.3% year-over-year, contributing 28.1% to total group revenues [24][25] - BIGO Ads' advertising revenues increased by 33.1% year-over-year and 19.7% quarter-over-quarter [26][27] - The number of paying users for BIGO increased by 0.8% quarter-over-quarter, while app users grew by 3.4% [15][24] Market Data and Key Metrics Changes - Global average mobile MAUs reached 266 million, up 1.4% quarter-over-quarter [14] - Revenue from North America grew 22% quarter-over-quarter, while Western Europe saw a 41% increase [20] Company Strategy and Development Direction - The company aims to strengthen ecosystem synergies, reinforce organizational vitality, and reject growth [7] - Focus on diversifying revenue streams, particularly in AdTech and SaaS, with live streaming serving as a reliable cash cow [7][8] - BIGO Ads is being transformed into an AI-powered global platform for performance-driven advertising [8][10] - SHOPLINE is positioned as a fully integrated SaaS platform, enhancing product capabilities and strategic advancements [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the live streaming business returning to steady year-over-year growth in 2026 [14][34] - BIGO Ads is expected to sustain robust double-digit revenue growth year-over-year [14][45] - The company anticipates a return to positive year-over-year revenue growth starting in Q4 2025 and continuing into 2026 [14][30] Other Important Information - The company has repurchased $88.6 million worth of shares under its buyback program as of November 14, 2025 [21][29] - The group expects net revenues for Q4 2025 to be between $563 million and $538 million, indicating a year-over-year growth of 2.5%-5.2% [29][30] Q&A Session Summary Question: Long-term trend of the live streaming business - Management noted that the live streaming business is on a steady recovery trajectory, with expectations for year-over-year growth in 2026 due to operational adjustments and focus on high-value paying users [31][34] Question: Long-term strategic goals for the advertising business - Management outlined plans to establish BIGO Ads as a global platform for multi-channel advertising, expanding into various verticals and enhancing data infrastructure [36][38] Question: 2026 outlook on user and revenue trends - Management indicated clear visibility for returning to positive year-over-year revenue growth, with expectations for live streaming and advertising to maintain strong performance [43][46] Question: Shareholder return initiatives - The company is executing a three-year shareholder return program and plans to accelerate share buybacks, expecting enhanced returns as operating profits grow [52][54]