JOYY Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results

Core Viewpoint - JOYY Inc. reported a strong financial performance for the fourth quarter and full year of 2025, marking a pivotal moment in its revenue growth trajectory, driven by improvements in live streaming and advertising revenues [9][10]. Fourth Quarter 2025 Financial Highlights - Net revenues reached US$581.9 million, a 5.9% increase from US$549.4 million in Q4 2024 and a 7.7% increase from US$540.2 million in Q3 2025 [6][14]. - Live streaming revenues were US$394.4 million, up 1.5% from US$388.5 million in Q3 2025, but down from US$422.4 million in Q4 2024 [5][15]. - Advertising revenues surged by 62.4% to US$145.4 million from US$89.6 million in Q4 2024, and increased by 29.3% from US$112.5 million in Q3 2025 [16]. - Other revenues rose by 12.3% to US$42.1 million compared to US$37.5 million in Q4 2024 [17]. - Operating income was US$18.3 million, a significant recovery from an operating loss of US$427.9 million in Q4 2024 [22]. - Net income from continuing operations attributable to controlling interest was US$54.3 million, compared to a net loss of US$304.1 million in Q4 2024 [25]. Full Year 2025 Highlights - Total net revenues for 2025 were US$2,124.2 million, down from US$2,237.8 million in 2024 [30]. - Live streaming revenues totaled US$1,529.7 million, a decrease from US$1,788.0 million in 2024 [30]. - Advertising revenues increased by 37.1% to US$442.7 million from US$323.0 million in 2024 [31]. - Operating income for the year was US$55.8 million, compared to an operating loss of US$405.6 million in 2024 [32]. - Net income from continuing operations attributable to controlling interest was US$222.5 million, a recovery from a net loss of US$146.2 million in 2024 [33]. Business Highlights - Global average mobile MAUs reached 272.1 million in Q4 2025, up 3.4% from 263.1 million in Q4 2024 [4]. - The live streaming business showed its third consecutive quarter of revenue recovery, with a 1.5% increase quarter-over-quarter [10]. - BIGO Ads revenues reached US$128.1 million in Q4 2025, representing a 61.5% year-over-year increase [10]. - The number of total paying users for BIGO rose by 1.5% quarter-over-quarter to 1.54 million, with ARPPU reaching US$222.8 [11]. - Non-live streaming revenues reached US$187.5 million in Q4 2025, up 47.6% year-over-year, constituting 32.2% of total net revenues [11]. Cash Flow and Shareholder Returns - As of December 31, 2025, the company had net cash of US$3,258.0 million [28]. - The company returned US$332.0 million to shareholders through share repurchases and dividends throughout 2025 [12]. - A cash dividend of US$0.99 per ADS is expected to be paid, along with an additional cash dividend of US$0.39 per ADS, reflecting the company's commitment to shareholder value [39][40].