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]

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][23] - 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% increase 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 [5][28] Business Line Data and Key Metrics Changes - Live streaming revenues from BIGO segment were $367.7 million, contributing to the overall live streaming revenue growth [24][25] - Non-live streaming revenues totaled $151.7 million, up 27.3% year-over-year, now accounting for 28.1% of total group revenues [25][26] - BIGO Ads' advertising revenues increased by 33.1% year-over-year and 19.7% quarter-over-quarter [17][25] - The number of paying users for BIGO increased by 0.8% quarter-over-quarter, while app usage rose 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 [19] Company Strategy and Development Direction - The company aims to strengthen ecosystem synergies, enhance organizational vitality, and reject growth [6][10] - Focus on diversifying revenue streams, particularly in EdTech and SaaS, while leveraging live streaming as a cash cow [6][10] - Plans to expand BIGO Ads as an AI-powered global platform for multi-channel advertising [8][10] - Anticipates significant growth in the SaaS-based e-commerce sector through Shopline [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the live streaming business returning to steady growth in 2026 [12][32] - BIGO Ads is expected to continue its rapid growth, driven by traffic expansion and improved advertising capabilities [21][39] - The company anticipates a return to year-over-year revenue growth starting in Q4 2025 and continuing into 2026 [13][30] Other Important Information - The company has repurchased $88.6 million worth of shares as part of its capital return strategy [21][29] - The group expects consolidated operating profit to improve, benefiting shareholders in the long term [21][29] 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 [31][32] Question: Long-term strategic goals for the advertising business - Management highlighted the transformation of BIGO Ads into a global platform for performance-driven advertising, with plans for diversification and geographic expansion [34][36] Question: User and revenue trend outlook for 2026 - Management indicated strong visibility for returning to positive year-over-year revenue growth, with expectations for live streaming and advertising to maintain strong performance [39][40] Question: Shareholder return initiatives - Management confirmed a commitment to a three-year shareholder return program, with active share buybacks expected to continue [44][45]

Core Insights - JOYY Inc. reported strong Q3 2025 performance with total revenue of $540 million, a 6.4% increase quarter-over-quarter [1] - The live streaming business generated $388 million, reflecting a 3.5% quarter-over-quarter growth, marking two consecutive quarters of growth [1] - BIGO Ads, the company's advertising technology platform, achieved $104 million in revenue, a 33.1% year-over-year increase and a 19.7% quarter-over-quarter increase [1] Financial Performance - Operating profit for Q3 reached $41 million, a 16.6% year-over-year increase and a 6.1% quarter-over-quarter increase [1] - EBITDA for the quarter was $51 million, showing a 16.8% year-over-year growth and a 4.9% quarter-over-quarter growth [1] - Operating cash flow for Q3 was $73 million, with net cash standing at $3.32 billion as of September 30 [1] Shareholder Returns - From January 1 to November 14, 2025, the company repurchased and distributed approximately $237 million to shareholders [2] - Management expressed high certainty regarding the company's growth in 2026 and plans to continue share buybacks to reward shareholders [2] - The market has increased confidence in JOYY's prospects for 2026, positioning it as a "low-risk + high-potential" value stock [2]

Financial Highlights - Net revenues for Q3 2025 were US$540.2 million, a decrease from US$558.7 million in Q3 2024, but an increase of 6.4% from US$507.8 million in Q2 2025 [5][9] - Live streaming revenues were US$388.5 million, down from US$439.5 million in Q3 2024, but up 3.5% from US$375.4 million in Q2 2025 [11] - Advertising revenues increased by 29.2% to US$112.5 million from US$87.1 million in Q3 2024, and by 17.1% from US$96.1 million in Q2 2025 [12] - Other revenues rose by 22.3% to US$39.2 million from US$32.1 million in Q3 2024, and by 8.3% from US$36.2 million in Q2 2025 [13] - Operating income was US$19.6 million, up 19.1% from US$16.4 million in Q3 2024 and up 237.3% from US$5.8 million in Q2 2025 [17] - Non-GAAP EBITDA was US$50.6 million, an increase of 16.8% from US$43.3 million in Q3 2024 and up 4.9% from US$48.2 million in Q2 2025 [19] - Net income from continuing operations attributable to controlling interest was US$62.0 million, a 2.3% increase from US$60.6 million in Q3 2024 [20] - Net cash as of September 30, 2025, was US$3,320.9 million, compared to US$3,275.9 million as of December 31, 2024 [23] Business Highlights - Global average mobile MAUs reached 266.2 million in Q3 2025, down from 272.4 million in Q3 2024, but up 1.4% from 262.5 million in Q2 2025 [5] - Live streaming revenues from BIGO were US$367.7 million, marking a 3.5% increase from the previous quarter [11] - Total paying users of BIGO rose by 0.8% quarter-over-quarter to 1.50 million, with ARPPU increasing by 3.4% to US$222.6 [5] - The company implemented AI-powered improvements in content distribution and payment experiences, enhancing user interactions and viewing times [6] - BIGO Ads achieved approximately 33.1% year-over-year and 19.7% quarter-over-quarter revenue growth, driven by traffic expansion and algorithm optimization [8][10] Outlook and Shareholder Returns - For Q4 2025, the company expects net revenues to be between US$563 million and US$578 million [25] - The company distributed US$147.9 million in cash dividends and repurchased US$88.6 million worth of shares from January 1, 2025, to November 14, 2025 [8] - A quarterly dividend of US$0.97 per ADS has been declared for Q4 2025, expected to be paid on January 13, 2026 [28][29]

Core Viewpoint - JOYY Inc. plans to release its third quarter 2025 financial results on November 19, 2025, after the U.S. market closes, followed by an earnings conference call [1] Group 1: Earnings Release Details - The earnings conference call is scheduled for 9:00 PM U.S. Eastern Time on November 19, 2025 [1] - Participants can pre-register for the conference call using a provided link and will receive dial-in numbers and a unique PIN via email [2] - A live and archived webcast of the conference call will be available on the Company's investor relations website [2] Group 2: Company Overview - JOYY Inc. is a leading global technology company focused on enriching lives through technology [3] - The company has a diversified product portfolio that includes live streaming, short-form videos, instant messaging, and emerging initiatives like advertising and smart commerce SaaS [3] - JOYY has been listed on NASDAQ since November 2012 and operates globally from its headquarters in Singapore [3]

Core Insights - DBS Bank highlights that advertising technology is a mature application of AI, offering the highest return on investment in AI capital expenditures [1] Industry Summary - The global mobile app advertising market is projected to grow at a 9% compound annual growth rate (CAGR), reaching $534 billion by fiscal year 2029 [1] - Game, e-commerce, and other vertical applications (including social media) are expected to account for approximately 20%, 50%, and 30% of the market, respectively [1] - The demand for third-party advertising platforms, such as JOYY Inc. (欢聚集团), is increasing due to their strong AI bidding capabilities and higher advertising ROI, allowing them to capture market share in a fragmented environment [1] - The globalization of Asian gaming, e-commerce, and short video apps is providing strong momentum for the growth of third-party advertising platforms [1] Company Summary - JOYY Inc. is expanding its global advertising technology and cross-border e-commerce SaaS, with ample cash reserves and a high dividend yield providing a margin of safety for investors [1] - The rapidly growing advertising business further strengthens market bullish expectations for JOYY Inc. [1] - DBS Bank is optimistic about JOYY Inc.'s value and growth combination, noting that as of Q2 2025, the company holds $3.3 billion in net cash, covering a market capitalization greater than 100% [1] - JOYY Inc. plans to return up to $900 million to shareholders from 2025 to 2027, including $600 million in dividends (approximately 6% dividend yield) and up to $300 million in share buybacks (about 3% of market capitalization) [1] - The live streaming revenue continues to serve as a "cash cow," maintaining stability [1]