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JOYY Reports First Quarter 2025 Unaudited Financial Results
JOYYJOYY(JOYY) GlobeNewswire· Globenewswire·2025-05-26 23:00

Financial Highlights - The company reported net revenues of 494.4millionforQ12025,adecreasefrom494.4 million for Q1 2025, a decrease from 564.6 million in Q1 2024 [5] - Non-livestreaming revenues reached 123.0million,markingayear−over−yearincreaseof25.3123.0 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 466.4millioninthesameperiodlastyear,attributedtoadeclineinpayingusersandARPPU[6][5]−GAAPoperatingprofitwas466.4 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 31.0million,up24.931.0 million, up 24.9% [12][13] - The company distributed approximately 49.1 million in dividends and repurchased 22.5millionworthofsharesfromJanuary1,2025,toMay23,2025[4]OperationalHighlights−TheglobalaveragemobileMAUsdecreasedto260.4millionfrom277.3millionyear−over−year,primarilyduetooptimizedsalesandmarketingstrategies[7]−TheaveragemobileMAUsforBigoLive,Likee,andHagowere28.9million,30.2million,and3.3million,respectively,allshowingdeclinescomparedtothepreviousyear[7]−ThetotalnumberofpayingusersforBIGOwas1.45million,downfrom1.67millioninthesameperiodlastyear[7]CostandProfitability−Costofrevenuesdecreasedby14.522.5 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 178.6million,withagrossmarginof36.1178.6 million, with a gross margin of 36.1% [9][10] - Operating expenses were reduced to 167.2 million, down from 195.4millioninQ12024,withsignificantdecreasesinsalesandmarketingexpenses[11]−Non−GAAPnetincomefromcontinuingoperationswas195.4 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 67.2millioninQ12024,withanon−GAAPnetincomemarginof12.867.2 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 3,275.9millionattheendof2024[17]−NetcashfromoperatingactivitiesforQ12025was3,275.9 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 499millionand499 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 600milliontobedistributedoverthreeyears,declaringadividendof600 million to be distributed over three years, declaring a dividend of 0.94 per ADS for Q2 2025 [22]