欢聚集团三季度直播业务复苏，预估2026年收入同比增长

Core Viewpoint - The company is experiencing a recovery in its live streaming business alongside growth in its advertising segment, indicating a potential turning point for the group [1]. Financial Performance - In Q3, the company reported net revenue of $540 million, a slight year-over-year decline of 3% but a quarter-over-quarter increase of 6.4% [1]. - The operating profit under non-GAAP was $41 million, reflecting a year-over-year growth of 16.6% and a quarter-over-quarter increase of 6.1% [1]. Business Segments - Live streaming revenue for Q3 was $389 million, down 11.6% year-over-year but up 3.5% quarter-over-quarter [1]. - Advertising revenue grew by 29.2% year-over-year and 17.1% quarter-over-quarter to $113 million [1]. - Other revenue increased by 22.3% year-over-year and 8.3% quarter-over-quarter to $39.2 million [1]. Live Streaming Insights - BIGO contributed $368 million to live streaming revenue, with a quarter-over-quarter growth of 3.5%, marking the second consecutive quarter of growth [1]. - In developed countries, live streaming revenue increased by 7.6% quarter-over-quarter, while in Southeast Asia and other regions, it grew by 4.4% [1]. - The total number of paying users for BIGO rose by 0.8% to 1.5 million, with average revenue per paying user (ARPPU) increasing by 3.4% to $222.6 [1]. Advertising Business Development - The company has intensified efforts to diversify revenue since 2022, with BIGO Ads achieving $104 million in revenue, a year-over-year increase of 33.1% and a quarter-over-quarter increase of 19.7% [2]. - In North America, advertising revenue grew by 22% quarter-over-quarter, while in Western Europe, it surged by 41% [2]. Future Outlook - The company anticipates that its live streaming business will return to stable year-over-year growth by 2026, supported by operational adjustments and a focus on high-quality paying users [2][3]. - The advertising segment is expected to contribute incremental profits, with a strategic plan focusing on traffic expansion, rapid growth in in-app and web advertising budgets, and regional market expansion [2].