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 Insights - JOYY reported Q2 2025 net revenue of $507.8 million, a 10% year-over-year decline [1] - Non-GAAP net profit attributable to JOYY's shareholders was $77 million, up from $74 million in the same period last year, with diluted earnings per ADS at $1.44 compared to $1.17 [1] - Q2 live streaming revenue was $375.4 million, down 18% from $459.7 million year-over-year, while other business revenue increased by 25.6% to $132.4 million [1] User Metrics - Global average monthly active users (MAU) were 262.5 million, down from 275.2 million year-over-year [1] - BigoLive's average mobile MAU decreased to 29.6 million from 37.7 million [1] - Likee's average mobile MAU fell to 28.5 million from 35.6 million, and Hago's average mobile MAU dropped to 3 million from 4.4 million [1] Paid Users and Revenue Metrics - Total paid users for BIGO (including BigoLive, Likee, and imo) were 1.5 million, down from 1.66 million year-over-year [1] - Average revenue per paid user (ARPPU) for BIGO was $215.2, compared to $233.5 in the previous year [1] Future Outlook - JOYY expects Q3 2025 revenue to be between $525 million and $539 million [2]