JOYY(US:JOYY)2025-11-20 03:02Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $540 million, representing a 6.4% increase quarter-over-quarter [5][23] - Live streaming revenue reached $388 million, up 3.5% from Q2, marking two consecutive quarters of growth [5][24] - BIGO Ads generated $104 million in revenue, with a year-over-year growth of 33.1% [5][26] - Non-GAAP operating income was $41 million, up 16.6% year-over-year [5][28] - Non-GAAP EBITDA reached $51 million, reflecting a 16.8% year-over-year increase [5][28] - Operating cash flow for the quarter was $73 million, with $3.3 billion in net cash as of September 30 [6][28] Business Line Data and Key Metrics Changes - Live streaming revenues from BIGO segment were $367.7 million, showing a quarter-over-quarter increase [24] - Non-live streaming revenues totaled $151.7 million, up 27.3% year-over-year, contributing 28.1% to total group revenues [24][25] - BIGO Ads' advertising revenues increased by 33.1% year-over-year and 19.7% quarter-over-quarter [26][27] - The number of paying users for BIGO increased by 0.8% quarter-over-quarter, while app users grew by 3.4% [15][24] Market Data and Key Metrics Changes - Global average mobile MAUs reached 266 million, up 1.4% quarter-over-quarter [14] - Revenue from North America grew 22% quarter-over-quarter, while Western Europe saw a 41% increase [20] Company Strategy and Development Direction - The company aims to strengthen ecosystem synergies, reinforce organizational vitality, and reject growth [7] - Focus on diversifying revenue streams, particularly in AdTech and SaaS, with live streaming serving as a reliable cash cow [7][8] - BIGO Ads is being transformed into an AI-powered global platform for performance-driven advertising [8][10] - SHOPLINE is positioned as a fully integrated SaaS platform, enhancing product capabilities and strategic advancements [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the live streaming business returning to steady year-over-year growth in 2026 [14][34] - BIGO Ads is expected to sustain robust double-digit revenue growth year-over-year [14][45] - The company anticipates a return to positive year-over-year revenue growth starting in Q4 2025 and continuing into 2026 [14][30] Other Important Information - The company has repurchased $88.6 million worth of shares under its buyback program as of November 14, 2025 [21][29] - The group expects net revenues for Q4 2025 to be between $563 million and $538 million, indicating a year-over-year growth of 2.5%-5.2% [29][30] Q&A Session Summary Question: Long-term trend of the live streaming business - Management noted that the live streaming business is on a steady recovery trajectory, with expectations for year-over-year growth in 2026 due to operational adjustments and focus on high-value paying users [31][34] Question: Long-term strategic goals for the advertising business - Management outlined plans to establish BIGO Ads as a global platform for multi-channel advertising, expanding into various verticals and enhancing data infrastructure [36][38] Question: 2026 outlook on user and revenue trends - Management indicated clear visibility for returning to positive year-over-year revenue growth, with expectations for live streaming and advertising to maintain strong performance [43][46] Question: Shareholder return initiatives - The company is executing a three-year shareholder return program and plans to accelerate share buybacks, expecting enhanced returns as operating profits grow [52][54]