Core Viewpoint - JOYY is seeking new growth engines amid a peak in global entertainment live streaming industry and declining growth rates [1][2] Financial Performance - In Q1 2025, JOYY reported revenue of $494 million, a decrease of 12.4% from $565 million in Q1 2024, primarily due to a sharp decline in live streaming revenue [1] - Core live streaming revenue was $371 million, down over 20% year-on-year [1][3] - The sale of YY Live generated a confirmed gain of approximately $1.876 billion, leading to a net profit of $1.92 billion attributable to shareholders [1] - Non-GAAP operating profit was $31 million, an increase of 24.9% year-on-year [1] Business Segments - JOYY's advertising business has shown strong performance, becoming a key driver for non-live business growth, with non-live revenue increasing by 25.3% to $123 million [2][6] - The non-live revenue from BIGO Ads grew by 27.3% to $80.26 million, accounting for over 60% of total non-live revenue [6] - The number of paying users in the BIGO segment decreased by 13.2%, with average revenue per paying user (ARPPU) declining by approximately 5.8% to $221.6 [2][3] Market Trends - The global live streaming market has seen a decline in user conversion rates since 2021, with high content investment and subsidy costs making profitability more challenging [3] - The industry is experiencing a shift as platforms seek new directions, with JOYY focusing on overseas markets and optimizing its revenue-sharing mechanisms [3][4] - Despite the decline in live streaming revenue, JOYY's live streaming income in developed markets increased by 2.8 percentage points to 47.4% [4] Strategic Focus - JOYY is shifting its strategic focus towards "tooling + advertising platform," moving towards B2B services [7] - The company aims to prioritize user growth in developed countries and the Middle East, responding to regional differences in online entertainment spending [3][7] - The market remains cautious about JOYY's transformation path, as balancing profitability and investment amid ongoing live streaming business fatigue is a key challenge for the upcoming quarters [7]

Exhibit 99.1 JOYY Reports First Quarter 2025 Unaudited Financial Results 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 Highlights First Quarter 2025 Operational Highlights 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 ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $494 million, with non-live streaming revenue reaching $123 million, a year-over-year increase of 25.3% [8][29] - Non-GAAP operating profit was $31 million, reflecting a year-over-year increase of 25% [9][35] - Operating cash flow was strong at $58 million, with dividends distributed amounting to approximately $49.1 million and share repurchases of about $22.5 million [9][36] Business Line Data and Key Metrics Changes - Live streaming revenue was $351.3 million, with Bigo contributing $352 million, aligning with expectations [30] - Non-live streaming revenue accounted for 24.9% of total group revenues, up from 17.4% in the same period last year [31] - Bigo's non-live streaming revenues, primarily from advertising, increased by 27.3% year-over-year to $80.3 million [32] Market Data and Key Metrics Changes - In developed countries, live streaming revenue increased, with North America seeing a 7% year-over-year growth in MAUs [16] - The Middle East market remains a strategic priority due to strong monetization potential and high engagement [18] - Bigo achieved approximately $18 million in advertising revenue, a year-over-year growth of about 27% [20] Company Strategy and Development Direction - The company is focusing on diversifying its revenue streams, with non-live streaming businesses expected to become a second growth engine [12][26] - A multi-agent approach is being adopted to establish a sustainable long-term growth roadmap [12] - The advertising platform, Bigo Ads, is being enhanced through AI technologies to improve targeting and ROI for advertisers [23][24] Management's Comments on Operating Environment and Future Outlook - Management anticipates stabilization in live streaming revenue starting in Q2 2025, with positive quarter-over-quarter growth expected [45] - Non-live streaming businesses are projected to accelerate revenue growth in the second half of the year [46] - The company remains committed to delivering sustainable, profitable growth and long-term value for shareholders [38][62] Other Important Information - The company has a healthy balance sheet with a strong net cash position of $3.4 billion as of March 31, 2025 [36] - Shareholder returns are a key component of the capital allocation strategy, with consistent dividends and share repurchases [37][60] Q&A Session Summary Question: Can management comment on the overall monetization trend in the second half, particularly for Bigo Life? - Management expects live streaming revenue to stabilize and resume positive growth in Q2, driven by high-quality user acquisition strategies [45] Question: What are the trends in operating expenses and margin outlook for 2025? - Management noted improvements in gross margins for both Bigo and other segments, with expectations for continued positive trends in operating profit for the full year [48] Question: Can management share updates on new initiatives in 2025 and the reasons behind Bigo Ads' accelerating growth? - Management highlighted the need for advertisers to diversify their placement budgets and the advantages of Bigo Ads' extensive user base and AI capabilities for effective targeting [53][56] Question: What are the insights on shareholder return policies and capital return strategies? - Management reiterated the commitment to shareholder returns through dividends and share repurchases, while also focusing on resource allocation to support growth in non-live streaming businesses [60][62]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was $494 million, with non-live streaming revenue reaching $123 million, a year-over-year increase of 25.3% [7][30] - Non-GAAP operating profit was $31 million, reflecting a year-over-year increase of 25% [8][36] - Operating cash flow was strong at $58 million, and the company distributed approximately $49.1 million in dividends to shareholders [8][39] Business Line Data and Key Metrics Changes - Live streaming revenue was $351.3 million, with Bigo contributing $350.1 million, in line with expectations [31] - Non-live streaming revenue accounted for 24.9% of total group revenues, up from 17.4% in the same period last year [32] - Bigo's non-live streaming revenues, primarily from advertising, increased by 27.3% year-over-year to $80.3 million [33] Market Data and Key Metrics Changes - In developed countries, live streaming revenue increased, with Bigo Life's North American region seeing MAU growth exceeding 7% year-over-year [16] - The Middle East market remains a strategic priority due to strong monetization potential and high engagement [17] Company Strategy and Development Direction - The company is focusing on diversifying its revenue streams, particularly through its advertising and smart commerce platforms, which are expected to become significant growth engines [12][26] - A strategic transition is underway to prioritize high-quality organic growth and operational efficiency [28][40] Management's Comments on Operating Environment and Future Outlook - Management expects live streaming revenue to stabilize and resume positive growth in the second quarter of 2025 [47] - The advertising business is anticipated to accelerate in the second half of the year, driven by increased demand and improved monetization strategies [48] Other Important Information - The company has maintained a healthy balance sheet with a strong net cash position of $3.4 billion as of March 31, 2025 [38] - Shareholder returns remain a key focus, with ongoing dividends and share repurchases [39][61] Q&A Session Summary Question: Insights on the second half business outlook and cost optimization - Management noted that adjustments made to the live streaming business are expected to stabilize revenue and improve user acquisition strategies [44][46] - Cost optimization efforts have led to improved margins and a positive outlook for operating expenses in 2025 [48][50] Question: Updates on new initiatives and reasons behind advertising growth - Management highlighted the need for advertisers to diversify their placement strategies, which has driven growth in Bigo Ads [52][54] - The advertising business benefits from a large user base and advanced AI capabilities, contributing to profitability [56][58] Question: Shareholder return policies and capital return strategies - The company remains committed to shareholder returns through dividends and share repurchases while optimizing resource allocation for growth [60][62]

Financial Highlights - The company reported net revenues of $494.4 million for Q1 2025, a decrease from $564.6 million in Q1 2024 [5] - Non-livestreaming revenues reached $123.0 million, marking a year-over-year increase of 25.3% and accounting for 24.9% of total net revenues for the first time [4][8] - Live streaming revenues were $371.3 million, down from $466.4 million in the same period last year, attributed to a decline in paying users and ARPPU [6][5] - GAAP operating profit was $12.2 million, a 244.5% increase year-over-year, while non-GAAP operating profit was $31.0 million, up 24.9% [12][13] - The company distributed approximately $49.1 million in dividends and repurchased $22.5 million worth of shares from January 1, 2025, to May 23, 2025 [4] Operational Highlights - The global average mobile MAUs decreased to 260.4 million from 277.3 million year-over-year, primarily due to optimized sales and marketing strategies [7] - The average mobile MAUs for Bigo Live, Likee, and Hago were 28.9 million, 30.2 million, and 3.3 million, respectively, all showing declines compared to the previous year [7] - The total number of paying users for BIGO was 1.45 million, down from 1.67 million in the same period last year [7] Cost and Profitability - Cost of revenues decreased by 14.5% to $315.7 million, leading to a gross profit of $178.6 million, with a gross margin of 36.1% [9][10] - Operating expenses were reduced to $167.2 million, down from $195.4 million in Q1 2024, with significant decreases in sales and marketing expenses [11] - Non-GAAP net income from continuing operations was $63.2 million, compared to $67.2 million in Q1 2024, with a non-GAAP net income margin of 12.8% [15] Balance Sheet and Cash Flow - As of March 31, 2025, the company had net cash of $3,385.9 million, an increase from $3,275.9 million at the end of 2024 [17] - Net cash from operating activities for Q1 2025 was $58.0 million [17] Business Outlook - For Q2 2025, the company expects net revenues to be between $499 million and $519 million, reflecting current market conditions and operational strategies [20] Shareholder Returns - The company has authorized a quarterly dividend program, with a total of approximately $600 million to be distributed over three years, declaring a dividend of $0.94 per ADS for Q2 2025 [22]

Group 1 - JOYY Inc. plans to release its first quarter 2025 financial results after the U.S. market closes on May 26, 2025 [1] - An earnings conference call will be hosted by the company's management at 9:00 PM U.S. Eastern Time on May 26, 2025 [1] - Participants can pre-register for the conference call and will receive dial-in numbers and a unique PIN via email [1][2] Group 2 - JOYY is a leading global technology company with a mission to enrich lives through technology [3] - The company has a diversified product portfolio that includes live streaming, short-form videos, casual games, instant messaging, and advertising initiatives [3] - JOYY has been listed on NASDAQ since November 2012 and operates globally with a focus on localized strategies [3]

Core Viewpoint - JOYY Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC, indicating ongoing compliance and transparency in financial reporting [1]. Company Overview - JOYY Inc. is a leading global technology company focused on enriching lives through technology, with a diversified product portfolio that includes live streaming, short-form videos, casual games, instant messaging, and advertising initiatives [3]. - The company operates globally and has established a vibrant user community through localized strategies, showcasing its adaptability in various markets [3]. - JOYY's American Depositary Shares (ADSs) have been listed on NASDAQ since November 2012, reflecting its established presence in the financial markets [3]. Investor Relations - The company offers a hard copy of its annual report containing audited consolidated financial statements free of charge to shareholders and ADS holders upon request [2]. - Requests for the annual report can be directed to the Investor Relations Department via email [2][4].

Revenue and Operations - The company's operations in mainland China accounted for 19.7%, 15.3%, and 10.4% of total net revenues for the years ended December 31, 2022, 2023, and 2024, respectively[163]. - Revenues from variable interest entities in mainland China contributed 19.8%, 13.3%, and 9.9% of total net revenues for the years ended December 31, 2022, 2023, and 2024, respectively[170]. Taxation and Financial Risks - The company is subject to a corporate income tax rate of 17% in Singapore, with a preferential tax rate of 5% for Bigo Singapore from 2023 to 2027[161]. - The company may incur financial losses from derivatives transactions intended to manage exchange rate risk if local currencies increase in value[157]. - The company is exposed to potential unfavorable tax consequences if classified as a tax resident in certain jurisdictions, which could materially reduce net income[158]. - Changes in tax laws, such as the OECD's announcement of a global minimum tax of 15%, could adversely impact the company's financial results[162]. - The company may be classified as a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes, which could lead to adverse tax consequences for U.S. holders of its ADSs[181]. - The company faces potential adverse tax consequences if the contracts with variable interest entities are deemed not to be on an arm's length basis by mainland China tax authorities[174]. Regulatory and Legal Risks - The legal system in mainland China presents uncertainties that could materially affect the company's business operations and legal rights[164]. - The company must comply with evolving internet-related regulations in mainland China, which may require additional licenses or permits[166]. - The company faces risks related to its corporate structure in mainland China, which could lead to severe penalties if deemed non-compliant with local laws[171]. - The company relies on contractual arrangements with variable interest entities in mainland China, which may not be as effective as direct ownership and could lead to legal complications[173]. Market and Shareholder Risks - The trading prices of the company's ADSs ranged from US$27.88 to US$42.88 in 2024, indicating potential volatility in the market[176]. - The stock market has experienced extreme price and volume fluctuations, which may adversely affect the market price of the company's ADSs[182]. - The company may face substantial losses due to volatility in trading prices influenced by various market and industry factors[178]. - The perception of substantial sales of the company’s ADSs could adversely affect their market price and impair future capital raising efforts[197]. - The trading market for the company’s ADSs could decline if securities analysts downgrade their recommendations or cease coverage[196]. Corporate Governance and Control - As of March 31, 2025, Mr. David Xueling Li and his affiliates held 86.1% of the total voting power, significantly influencing corporate decisions[186]. - Mr. Jun Lei, a major shareholder, beneficially owned 11.9% of the outstanding shares as of March 31, 2025, and has delegated voting rights to Mr. Li[189]. - The company’s articles of association contain anti-takeover provisions that may adversely affect shareholders' rights and the market price of its ADSs[198]. - The company is exempt from certain U.S. securities regulations, which may result in less extensive and timely information being available to investors compared to U.S. domestic issuers[210]. - The company has relied on exemptions available to foreign private issuers, which may afford shareholders less protection than under Nasdaq corporate governance requirements applicable to U.S. domestic issuers[212]. - The company may face difficulties in enforcing judgments obtained against it in the U.S. due to its incorporation under Cayman Islands law and the location of its assets and directors[207]. - The company’s memorandum and articles of association provide for exclusive judicial forums in the U.S., which may limit shareholders' ability to bring claims in preferred jurisdictions[200]. - The company does not provide general rights under Cayman Islands law for shareholders to inspect corporate records, making it difficult for shareholders to obtain necessary information[204]. Share Repurchase and Dividends - The board of directors authorized a share repurchase program of approximately US$530 million for a 12-month period starting from the end of November 2023[219]. - In August 2024, the board extended the share repurchase program for another 12-month period, allowing for the repurchase of up to US$400 million of shares until the end of November 2025[219]. - A new share repurchase program was approved in March 2025, authorizing the repurchase of up to US$300 million of shares until the end of 2027[219]. - The share repurchase program does not obligate the company to repurchase any specific dollar amount or acquire any specific number of shares[219]. - The specific timing and amount of share repurchases will depend on prevailing share prices, general economic conditions, and company performance[219]. - The company cannot guarantee that the share repurchase program will be fully consummated, which may affect the trading price of its ADSs[219]. - The share repurchase program and future dividend payments could increase the volatility of the trading price of the ADSs[219]. - The company may not be able to distribute dividends or other distributions if it is illegal or impractical to do so[216]. - Holders of ADSs may not have the same rights as registered shareholders, including limitations on voting rights[215]. - The depositary may close its books at any time, which could limit the transferability of ADSs[217]. Reputation and Public Perception - Negative media reports and adverse publicity regarding user metrics and revenue authenticity could harm the company's reputation and affect the trading price of its ADSs[190]. - The company is currently facing scrutiny and negative publicity due to allegations of ineffective internal control over financial reporting, leading to financial irregularities and potential fraud investigations[193]. - The company may incur significant costs and time defending against government investigations or shareholder lawsuits resulting from third-party conduct[191].

Core Viewpoint - The article discusses the challenges faced by Huya, Douyu, and JOYY (formerly YY) in the post-live streaming era, highlighting JOYY's attempts to pivot towards international markets and diversify its revenue streams amidst declining user engagement and profitability concerns [1][10][18]. Financial Performance - JOYY reported a total revenue of $2.24 billion for 2024, a slight decrease of 1.3% year-on-year [3]. - The company recorded a net loss of $146 million under GAAP, primarily due to asset revaluation after the divestiture of YY Live and a non-cash goodwill impairment of $455 million [3]. - On a Non-GAAP basis, JOYY achieved a net profit of $298.5 million, marking a 2% increase year-on-year, indicating the core business's ability to generate cash flow [3]. Revenue Structure - The core BIGO segment contributed 88% of total revenue, growing by 3.3% year-on-year to $1.99 billion, serving as a stabilizing factor for the company's performance [4]. - Non-live revenue saw significant growth, increasing by 55.9% to $449.8 million, rising from 12.7% to 20.1% of total revenue, indicating a successful shift in strategy [5]. User Engagement Challenges - Despite the growth in non-live revenue, user attrition remains a significant concern, with average monthly active users (MAUs) for BigoLive, Likee, and Hago showing a downward trend [6]. - The total number of paying users decreased to 1.54 million, with ARPPU (average revenue per paying user) declining by approximately 5% to $237.1 [6]. Strategic Shifts - JOYY is focusing on international markets, with nearly 90% of its revenue coming from outside mainland China, and revenue from developed countries growing by 24.6% to account for 53.9% of total revenue [11]. - The company aims to enhance its advertising platform, expecting strong double-digit growth in this segment by 2025 [11]. Market Competition and Regulatory Environment - The competitive landscape is intensifying with the rise of platforms like TikTok, which is merging short video and live streaming, leading to increased competition for user attention [12][18]. - JOYY faces regulatory challenges, as evidenced by the temporary removal of BigoLive from app stores, which negatively impacted its fourth-quarter live streaming revenue by 13% [7][8]. Technological Integration - The integration of AI technologies is seen as a potential driver for growth, with JOYY investing in advanced content moderation and user verification systems to enhance operational efficiency [16][17]. - The CEO emphasized the importance of leveraging AI to improve community experiences and operational precision [17]. Conclusion - JOYY's journey in the post-live streaming era reflects a typical transformation phase, characterized by resilience in Non-GAAP profits and challenges in user retention and GAAP losses [18]. - The company's future growth will depend on successfully balancing diversification and globalization strategies while navigating the evolving competitive landscape [18].