Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for global professionals · Tuesday, May 27, 2025 · 816,583,744 Articles · 3+ Million Readers

JOYY Reports First Quarter 2025 Unaudited Financial Results

/EIN News/ -- SINGAPORE, May 27, 2025 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: JOYY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the first quarter of 2025.

First Quarter 2025 Financial Highlights1

  • Net revenues were US$494.4 million, compared to US$564.6 million in the corresponding period of 2024.
  • Net income from continuing operations attributable to controlling interest of JOYY2 was US$45.4 million, compared to US$45.3 million in the corresponding period of 2024.
  • Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY3 was US$63.2 million, compared to US$67.2 million in the corresponding period of 2024.

First Quarter 2025 Operational Highlights

  • Global average mobile MAUs4 was 260.4 million, compared to 277.3 million in the corresponding period of 2024, primarily due to the Company’s optimization of overall sales and marketing strategies to be more focused on return-on-investment and disciplined spending on advertising across various product lines.
  • Average mobile MAUs of Bigo Live was 28.9 million, compared to 37.1 million in the corresponding period of 2024.
  • Average mobile MAUs of Likee was 30.2 million, compared to 37.5 million in the corresponding period of 2024.
  • Average mobile MAUs of Hago was 3.3 million, compared to 4.5 million in the corresponding period of 2024.
  • Total number of paying users of BIGO (including Bigo Live, Likee and imo)5 was 1.45 million, compared to 1.67 million in the corresponding period of 2024.
  • Average revenue per paying user, or ARPPU, of BIGO (including Bigo Live, Likee and imo)6 was US$221.6, compared to US$235.4 in the corresponding period of 2024.

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “In the first quarter of 2025, we recorded net revenues of $494.4 million, with our non-livestreaming revenues reaching $123.0 million, representing a year-over-year increase of 25.3%. Non-livestreaming revenues now account for 24.9% of our group’s net revenues for the first time, marking a significant milestone in our diversification strategy. We achieved GAAP and non-GAAP operating profits of $12.2 million and $31.0 million, respectively, representing year-over-year increases of 244.5% and 24.9%, respectively. Meanwhile, we continued our commitment to returning value to shareholders by distributing approximately $49.1 million in dividends and repurchasing approximately $22.5 million worth of shares from January 1, 2025 through May 23, 2025.”

“As we celebrate the 20th anniversary of our operations, we have evolved beyond social entertainment, steadily fostering a multifaceted ecosystem. Our multi-engine growth strategy is yielding clear results, with our core livestreaming business achieving consistent profitability, and our programmatic advertising platform BIGO Ads demonstrating strong growth momentum which is fueled by our AI-driven innovations in user insights, intelligent creative development and precise targeting. We expect these advances to further strengthen our competitive advantages and position our non-livestreaming businesses to become JOYY’s second growth engine. With a clear focus on value-accretive organic growth, we are confident that we will deliver lasting value and enhanced returns for our shareholders in the long-term.”

First Quarter 2025 Financial Results

NET REVENUES

Net revenues were US$494.4 million in the first quarter of 2025, compared to US$564.6 million in the corresponding period of 2024.

Live streaming revenues were US$371.3 million in the first quarter of 2025, compared to US$466.4 million in the corresponding period of 2024. The decrease was mainly due to the decline in the number of paying users and ARPPU of BIGO, as well as adjustments to the interactive features of our non-core audio livestreaming products to enhance compliance.

Other revenues increased by 25.3% to US$123.0 million in the first quarter of 2025 from US$98.2 million in the corresponding period of 2024, primarily due to the substantial growth of our advertising revenues.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues decreased by 14.5% to US$315.7 million in the first quarter of 2025 from US$369.2 million in the corresponding period of 2024. BIGO’s cost of revenues decreased by 15.1% to US$279.1 million, primarily driven by a US$45.0 million decrease in revenue-sharing fees and content costs. All other’s cost of revenues decreased by 9.8% to US$36.7 million, mainly due to a US$3.6 million decrease in revenue-sharing fees and content costs, which was in line with the decrease in live streaming revenues within the All other segment.

Gross profit was US$178.6 million in the first quarter of 2025, compared to US$195.4 million in the corresponding period of 2024. Gross margin was 36.1% in the first quarter of 2025, compared to 34.6% in the corresponding period of 2024.

OPERATING EXPENSES AND INCOME

Operating expenses were US$167.2 million in the first quarter of 2025, compared to US$195.4 million in the corresponding period of 2024. Among the operating expenses, sales and marketing expenses decreased to US$72.1 million in the first quarter of 2025 from US$94.6 million in the corresponding period of 2024, as we optimized overall sales and marketing strategies across various social products to be more focused on return-on-investment and user acquisition effectiveness. Research and development expenses decreased to US$62.4 million in the first quarter of 2025 from US$69.0 million in the corresponding period of 2024, primarily due to decreases in salary and welfare of US$3.9 million and share-based compensation expenses of US$1.3 million.

Operating income was US$12.2 million in the first quarter of 2025, compared to operating income of US$3.5 million in the corresponding period of 2024, representing a 244.5% year-over-year increase. Operating income margin was 2.5% in the first quarter of 2025, compared to operating income margin of 0.6% in the corresponding period of 2024.

Non-GAAP operating income7 was US$31.0 million in the first quarter of 2025, compared to US$24.8 million in the corresponding period of 2024, representing a 24.9% year-over-year increase. Non-GAAP operating income margin8 was 6.3% in the first quarter of 2025, compared to 4.4% in the corresponding period of 2024.

NET INCOME

Net income from continuing operations attributable to controlling interest of JOYY was US$45.4 million in the first quarter of 2025, compared to US$45.3 million in the corresponding period of 2024. Net income margin was 9.2% in the first quarter of 2025, compared to net income margin of 8.0% in the corresponding period of 2024.

Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$63.2 million in the first quarter of 2025, compared to US$67.2 million in the corresponding period of 2024. Non-GAAP net income margin9 was 12.8% in the first quarter of 2025, compared to non-GAAP net income margin of 11.9% in the corresponding period of 2024.

NET INCOME PER ADS

Diluted net income from continuing operations per ADS10 was US$0.84 in the first quarter of 2025, compared to US$0.69 in the corresponding period of 2024.

Non-GAAP diluted net income from continuing operations per ADS11 was US$1.18 in the first quarter of 2025, compared to US$1.02 in the corresponding period of 2024, up by 15.7% year over year.

BALANCE SHEET AND CASH FLOWS

As of March 31, 2025, the Company had net cash12 of US$3,385.9 million, compared with US$3,275.9 million as of December 31, 2024. For the first quarter of 2025, net cash from operating activities was US$58.0 million.

SHARES OUTSTANDING

As of March 31, 2025, the Company had a total of 1,037.5 million common shares outstanding, representing the equivalent of 51.9 million ADSs assuming the conversion of all common shares into ADSs.

Business Outlook

For the second quarter of 2025, the Company expects net revenues to be between US$499 million and US$519 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from increasing macroeconomic uncertainties.

Share Repurchase Programs

Pursuant to the Company's up-to-US$300 million share repurchase program authorized in March 2025, which is effective till the end of 2027, the Company had repurchased 0.56 million ADSs for an aggregate consideration of US$22.5 million on the open market as of May 23, 2025.

Quarterly Dividend Program

On March 19, 2025, the board of directors authorized a quarterly dividend program from 2025 to 2027, under which a total of approximately US$600 million in cash will be distributed on a quarterly basis over the three-year period. Pursuant to this quarterly dividend program, the board of directors has accordingly declared a dividend of US$0.94 per ADS, or US$0.047 per common share, for the second quarter of 2025, which is expected to be paid on July 3, 2025 to shareholders of record as of the close of business on June 23, 2025. The ex-dividend date will be June 23, 2025.

Conference Call Information

The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Monday, May 26, 2025 (9:00 AM Singapore/Hong Kong Time on Tuesday, May 27, 2025). Details for the conference call are as follows:

Event Title: JOYY Inc. First Quarter 2025 Earnings Conference Call

Conference ID: #10047454

All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10047454-su0roj.html

A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com.

The replay will be accessible through June 3, 2025, by dialing the following numbers:

United States: 1-855-883-1031
Singapore: 800-101-3223
Hong Kong: 800-930-639
Conference ID: #10047454
   

About JOYY Inc.

JOYY is a leading global technology company with a mission to enrich lives through technology. With a diversified product portfolio spanning live streaming, short-form videos, casual games, instant messaging, and emerging initiatives like advertising, JOYY has evolved beyond social entertainment into a multifaceted ecosystem powered by AI and data-driven technologies. Headquartered in Singapore and operating across the globe, JOYY has fostered a vibrant user community through its localized strategies. JOYY’s ADSs have been listed on the NASDAQ since November 2012.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online communication social platform market; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward- looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating income, non-GAAP operating income (loss) margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on deconsolidation and disposal of subsidiaries and business. Non-GAAP operating income (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations is net income (loss) from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY is net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) from continuing operations attributable to non-controlling interest shareholders. After the non-GAAP adjustment, non-GAAP net income (loss) from continuing operations attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) from continuing operations per ADS is non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) from continuing operations attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release.

Investor Relations Contact

JOYY Inc.
Investor Relations
Email: joyy-ir@joyy.com

1 On November 16, 2020, the Company entered into definitive agreements with affiliates of Baidu, Inc. (“Baidu”), subsequently amended on February 7, 2021. Pursuant to the agreements, Baidu would acquire JOYY’s video-based entertainment live streaming business in mainland China, which the Company refers to as YY Live, including the YY mobile app, the YY.com website and the YY PC app, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. Subsequently, the sale was substantially completed as of February 8, 2021, with certain matters remaining to be completed, including necessary regulatory approvals from government authorities. As a result, YY Live’s historical results were presented in the Company’s consolidated financial statements as discontinued operations and the Company ceased consolidation of YY Live’s business since February 8, 2021. On February 25, 2025, the Company entered into agreements with Baidu and closed the sale of YY Live to Baidu for an aggregate purchase price of approximately US$2.1 billion in cash. The Company previously received approximately US$1.86 billion in February 2021. On February 25, 2025, the Company received additional cash consideration of approximately US$240 million. Gain from disposal of YY Live amounted to approximately US$1.9 billion, which was reported as part of the net income from discontinued operations in the first quarter of 2025.

The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended March 31, 2024, December 31, 2024 and March 31, 2025, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment.

2 Net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders.

3 Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US$17.8 million and US$21.9 million in the first quarter of 2025 and 2024, respectively. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

4 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period.

5 The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period.

6 Average revenue per user is calculated by dividing our total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period.

7 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on deconsolidation and disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

8Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

9Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues.

10ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.

11 Non-GAAP diluted net income (loss) from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

12 Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments, long-term deposits and held-to-maturity investments, less convertible bonds and short-term and long-term loans.


JOYY INC.  
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS  
(All amounts in thousands, except share, ADS and per ADS data)  
             
      December 31,   March 31,  
      2024   2025  
      US$   US$  
Assets          
Current assets          
  Cash and cash equivalents   444,761   801,476  
  Restricted cash and cash equivalents   371,332   47,122  
  Short-term deposits   1,061,011   987,097  
  Restricted short-term deposits   20,722   67,968  
  Short-term investments   288,589   368,913  
  Accounts receivable, net   121,861   128,705  
  Amounts due from related parties   467   144  
  Prepayments and other current assets(1)   247,538   191,094  
             
Total current assets   2,556,281   2,592,519  
             
Non-current assets          
  Long-term deposits and held-to-maturity investments   1,124,308   1,149,578  
  Deferred tax assets   2,563   2,565  
  Investments   530,685   531,068  
  Property and equipment, net   499,723   508,797  
  Land use rights, net   303,115   301,332  
  Intangible assets, net   277,257   263,488  
  Right-of-use assets, net   20,457   19,519  
  Goodwill   2,194,324   2,194,313  
  Other non-current assets   19,084   20,776  
             
Total non-current assets   4,971,516   4,991,436  
             
Total assets   7,527,797   7,583,955  
             
             
Liabilities, mezzanine equity and shareholders’ equity          
Current liabilities          
  Short-term loans   34,853   36,273  
  Accounts payable   84,015   74,541  
  Deferred revenue   66,813   65,398  
  Advances from customers   4,031   6,663  
  Income taxes payable   78,304   81,557  
  Accrued liabilities and other current liabilities(1)   2,393,923   584,911  
  Amounts due to related parties   1,378   1,201  
  Lease liabilities due within one year   10,775   9,849  
             
Total current liabilities   2,674,092   860,393  
             
Non-current liabilities          
  Lease liabilities   9,948   9,822  
  Deferred revenue   12,635   11,782  
  Deferred tax liabilities   47,631   49,132  
             
Total non-current liabilities   70,214   70,736  
             
Total liabilities   2,744,306   931,129  
             
             



JOYY INC.  
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)  
(All amounts in thousands, except share, ADS and per ADS data)  
             
      December 31,   March 31,  
      2024   2025  
      US$   US$  
             
Mezzanine equity   23,733     24,133    
             
Shareholders’ equity          
  Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,317,840,464 shares issued and 714,663,197 shares outstanding as of December 31, 2024; 1,317,840,464 shares issued and 711,034,170 shares outstanding as of March 31, 2025, respectively)   7     7    
  Class B common shares (US$0.00001 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively)   3     3    
  Treasury shares (US$0.00001 par value; 603,177,267 and 606,806,294 shares held as of December 31, 2024 and March 31, 2025, respectively)   (1,223,186)     (1,233,293)    
  Additional paid-in capital   3,345,536     3,350,865    
  Statutory reserves   40,500     36,148    
  Retained earnings   2,796,745     4,672,979    
  Accumulated other comprehensive loss   (247,615)     (240,710)    
             
Total JOYY Inc.’s shareholders’ equity   4,711,990     6,585,999    
             
Non-controlling interests   47,768     42,694    
             
Total shareholders’ equity   4,759,758     6,628,693    
             
Total liabilities, mezzanine equity and shareholders’ equity   7,527,797     7,583,955    
             
             
(1) JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits. Correspondingly, the advanced payments received has been recorded as accrued liabilities and other current liabilities on our consolidated balance sheet as of December 31, 2024. On February 25, 2025, the Company entered into agreements with Baidu and closed the sale of YY Live to Baidu.
   



JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS and per ADS data)
               
    Three Months Ended  
    March 31,   December 31,   March 31,  
    2024   2024   2025  
    US$   US$   US$  
Net revenues              
Live streaming(1)   466,391     422,418     371,348    
Others   98,169     127,028     123,003    
               
Total net revenues   564,560     549,446     494,351    
               
Cost of revenues(2)   (369,197)     (345,663)     (315,736)    
               
Gross profit   195,363     203,783     178,615    
               
Operating expenses(2)              
Research and development expenses   (69,039)     (67,485)     (62,426)    
Sales and marketing expenses   (94,638)     (67,040)     (72,131)    
General and administrative expenses   (31,743)     (44,015)     (32,690)    
Goodwill impairment   -     (454,935)     -    
               
Total operating expenses   (195,420)     (633,475)     (167,247)    
               
Other income   3,600     1,839     839    
               
Operating income (loss)   3,543     (427,853)     12,207    
               
Interest expenses   (2,136)     (312)     (106)    
Interest income and investment income   48,927     38,860     39,387    
Foreign currency exchange gains (losses), net   768     9,613     (761)    
Gain (loss) on fair value change of investments   985     (3,011)     705    
               
Income (loss) before income tax expenses   52,087     (382,703)     51,432    
               
Income tax expenses   (4,537)     (41)     (5,211)    
               
Income (loss) before share of loss in equity method investments, net of income taxes   47,550     (382,744)     46,221    
               
Share of loss in equity method investments, net of income taxes   (7,395)     (3,793)     (3,318)    
               
Net income (loss) from continuing operations   40,155     (386,537)     42,903    
               
Gain on disposal of YY Live(3)   -     -     1,875,921    
               
Net income (loss)   40,155     (386,537)     1,918,824    
               
Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders   5,131     82,392     2,499    
               
Net income (loss) attributable to controlling interest of JOYY Inc.   45,286     (304,145)     1,921,323    
               
Including              
Net income (loss) from continuing operations attributable to controlling interest of JOYY Inc.   45,286     (304,145)     45,402    
Gain on disposal of YY Live (3)   -     -     1,875,921    
               
Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value   (347)     (347)     (347)    
               
Net income (loss) attributable to common shareholders of JOYY Inc.   44,939     (304,492)     1,920,976    
               
Including:              
Net income (loss) from continuing operations attributable to common shareholders of JOYY Inc.   44,939     (304,492)     45,055    
Gain on disposal of YY Live(3)   -     -     1,875,921    
               



JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
               
    Three Months Ended  
    March 31,   December 31,   March 31,  
    2024   2024   2025  
    US$   US$   US$  
               
Net income (loss) per ADS              
——Basic   0.73   (5.67)     36.09  
Continuing operations   0.73   (5.67)     0.85  
Discontinued operations   -   -     35.24  
——Diluted   0.69   (5.67)     35.72  
Continuing operations   0.69   (5.67)     0.84  
Discontinued operations   -   -     34.88  
               
Weighted average number of ADS used in calculating net income (loss) per ADS              
——Basic   61,783,347   53,737,863     53,237,127  
——Diluted   67,152,622   53,737,863     53,780,111  
               
               
(1)    Revenues by geographical areas were as follows:
               
    Three Months Ended  
    March 31,   December 31,   March 31,  
    2024   2024   2025  
    US$   US$   US$  
               
Developed countries and regions   291,036   302,911     277,615  
Middle East   87,458   77,708     66,651  
Mainland China   59,801   53,221     48,385  
Southeast Asia and others   126,265   115,606     101,700  
               
Note: Developed countries and region mainly included the United States of America, Singapore, Japan, South Korea and Great Britain. Middle East mainly included Saudi Arabia and other countries located in the region. Southeast Asia and others mainly included Indonesia, Vietnam and rest of the world.
               
(2)    Share-based compensation was allocated in cost of revenues and operating expenses as follows:
               
    Three Months Ended  
    March 31,   December 31,   March 31,  
    2024   2024   2025  
    US$   US$   US$  
               
Cost of revenues   663   295     635  
Research and development expenses   3,392   2,774     2,138  
Sales and marketing expenses   131   183     229  
General and administrative expenses   1,942   2,554     2,235  
               
(3)    Gain from disposal of YY Live amounted to approximately US$1.9 billion, which was reported as part of the net income from discontinued operations in the first quarter of 2025.


 
JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS and per ADS data)
               
    Three Months Ended  
    March 31,   December 31,   March 31,  
    2024   2024   2025  
    US$   US$   US$  
               
Operating income (loss)   3,543     (427,853)     12,207    
Share-based compensation expenses   6,128     5,806     5,237    
Amortization of intangible assets from business acquisitions   15,132     13,540     13,540    
Impairment of goodwill and investments   -     454,935     -    
               
Non-GAAP operating income   24,803     46,428     30,984    
               
               
Net income (loss) from continuing operations   40,155     (386,537)     42,903    
Share-based compensation expenses   6,128     5,806     5,237    
Amortization of intangible assets from business acquisitions   15,132     13,540     13,540    
Impairment of goodwill and investments   -     454,935     -    
(Gain) loss on fair value change of investments   (985)     3,011     (705)    
Interest expenses related to the convertible bonds’ amortization to face value   237     -     -    
Income tax effects on non-GAAP adjustments   (2,222)     (427)     (1,404)    
Reconciling items on the share of equity method investments   4,434     3,802     1,887    
               
Non-GAAP net income from continuing operations   62,879     94,130     61,458    
               
               
Net income (loss) from continuing operations attributable to common shareholders of JOYY Inc.   44,939     (304,492)     45,055    
Share-based compensation expenses   6,128     5,806     5,237    
Amortization of intangible assets from business acquisitions   15,132     13,540     13,540    
Impairment of goodwill and investments   -     454,935     -    
(Gain) loss on fair value change of investments   (985)     3,011     (705)    
Interest expenses related to the convertible bonds’ amortization to face value   237     -     -    
Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders   347     347     347    
Income tax effects on non-GAAP adjustments   (2,222)     (427)     (1,404)    
Reconciling items on the share of equity method investments   4,434     3,802     1,887    
Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders   (806)     (80,434)     (761)    
               
Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc.   67,204     96,088     63,196    
               
               
               
Non-GAAP net income from continuing operations              
per ADS              
——Basic   1.09     1.79     1.19    
——Diluted   1.02     1.77     1.18    
               
Weighted average number of ADS used in calculating Non-GAAP net income from continuing operations per ADS              
——Basic   61,783,347     53,737,863     53,237,127    
——Diluted   67,152,622     54,263,057     53,780,111    
               



JOYY INC.  
UNAUDITED SEGMENT REPORT  
(All amounts in thousands, except share, ADS and per ADS data)  
                 
  Three Months Ended  
  March 31, 2025  
                 
  BIGO   All other   Elimination(1)   Total  
  US$   US$   US$   US$  
Net revenues                
Live streaming 351,598     19,750     -     371,348    
Others 80,263     43,185     (445)     123,003    
                 
Total net revenues 431,861     62,935     (445)     494,351    
                 
Cost of revenues(2) (279,100)     (36,720)     84     (315,736)    
                 
Gross profit 152,761     26,215     (361)     178,615    
                 
Operating expenses(2)                
Research and development expenses (40,380)     (22,310)     264     (62,426)    
Sales and marketing expenses (52,113)     (20,047)     29     (72,131)    
General and administrative expenses (13,886)     (18,872)     68     (32,690)    
                 
Total operating expenses (106,379)     (61,229)     361     (167,247)    
                 
Other income 431     408     -     839    
                 
Operating income (loss) 46,813     (34,606)     -     12,207    
                 
Interest expenses (799)     (33)     726     (106)    
Interest income and investment income 12,917     27,196     (726)     39,387    
Foreign currency exchange losses, net (522)     (239)     -     (761)    
Gain (loss) on fair value change of investments 753     (48)     -     705    
                 
Income (loss) before income tax (expenses) benefits 59,162     (7,730)     -     51,432    
                 
Income tax (expenses) benefits (5,956)     745     -     (5,211)    
                 
Income (loss) before share of loss in equity method investments, net of income taxes 53,206     (6,985)     -     46,221    
                 
Share of loss in equity method investments, net of income taxes -     (3,318)     -     (3,318)    
                 
Net income (loss) from continuing operations 53,206     (10,303)     -     42,903    



(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.  
                 
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
                 
      Three Months Ended  
      March 31, 2025  
                 
      BIGO   All other   Total  
      US$   US$   US$  
                 
Cost of revenues     363   272   635  
Research and development expenses     852   1,286   2,138  
Sales and marketing expenses     80   149   229  
General and administrative expenses     441   1,794   2,235  
                 



JOYY INC.  
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT  
(All amounts in thousands, except share, ADS and per ADS data)  
                 
      Three Months Ended  
      March 31, 2025  
                 
      BIGO   All other   Total  
      US$   US$   US$  
                 
Operating income (loss)     46,813     (34,606)     12,207    
Share-based compensation expenses     1,736     3,501     5,237    
Amortization of intangible assets from business acquisitions     8,950     4,590     13,540    
                 
Non-GAAP operating income (loss)     57,499     (26,515)     30,984    
                 
                 
Net income (loss) from continuing operations     53,206     (10,303)     42,903    
Share-based compensation expenses     1,736     3,501     5,237    
Amortization of intangible assets from business acquisitions     8,950     4,590     13,540    
(Gain) loss on fair value change of investments     (753)     48     (705)    
Income tax effects on non-GAAP adjustments     (650)     (754)     (1,404)    
Reconciling items on the share of equity method investments     -     1,887     1,887    
                 
Non-GAAP net income (loss) from continuing operations     62,489     (1,031)     61,458    
                 
                 
                 


  JOYY INC.  
  UNAUDITED SEGMENT REPORT  
  (All amounts in thousands, except share, ADS and per ADS data)  
                   
    Three Months Ended  
    December 31, 2024  
                   
    BIGO   All other   Elimination(1)   Total  
    US$   US$   US$   US$  
  Net revenues                
  Live streaming 400,281     22,137     -     422,418    
  Others 79,693     47,738     (403)     127,028    
                   
  Total net revenues 479,974     69,875     (403)     549,446    
                   
  Cost of revenues(2) (304,926)     (40,822)     85     (345,663)    
                   
  Gross profit 175,048     29,053     (318)     203,783    
                   
  Operating expenses(2)                
  Research and development expenses (43,641)     (24,072)     228     (67,485)    
  Sales and marketing expenses (44,990)     (22,076)     26     (67,040)    
  General and administrative expenses (17,025)     (27,054)     64     (44,015)    
  Goodwill impairment -     (454,935)     -     (454,935)    
                   
  Total operating expenses (105,656)     (528,137)     318     (633,475)    
                   
  Other income 398     1,441     -     1,839    
                   
  Operating income (loss) 69,790     (497,643)     -     (427,853)    
                   
  Interest expenses (1,153)     (41)     882     (312)    
  Interest income and investment income 11,905     27,837     (882)     38,860    
  Foreign currency exchange gains (losses), net 10,359     (746)     -     9,613    
  (Loss) gain on fair value change of investments (4,156)     1,145     -     (3,011)    
                   
  Income (loss) before income tax (expenses) benefits 86,745     (469,448)     -     (382,703)    
                   
  Income tax (expenses) benefits (2,926)     2,885     -     (41)    
                   
  Income (loss) before share of loss in equity method investments, net of income taxes 83,819     (466,563)     -     (382,744)    
                   
  Share of loss in equity method investments, net of income taxes -     (3,793)     -     (3,793)    
                   
  Net income (loss) from continuing operations 83,819     (470,356)     -     (386,537)    
                   
                   
(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.    
                   
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:  


                   
      Three Months Ended    
      December 31, 2024    
                   
      BIGO   All other   Total    
      US$   US$   US$    
                   
Cost of revenues     140   155   295    
Research and development expenses     1,639   1,135   2,774    
Sales and marketing expenses     39   144   183    
General and administrative expenses     463   2,091   2,554    
                   


JOYY INC.  
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT  
(All amounts in thousands, except share, ADS and per ADS data)  
                 
      Three Months Ended  
      December 31, 2024  
                 
      BIGO   All other   Total  
      US$   US$   US$  
                 
Operating income (loss)     69,790     (497,643)     (427,853)    
Share-based compensation expenses     2,281     3,525     5,806    
Amortization of intangible assets from business acquisitions     8,950     4,590     13,540    
Impairment of goodwill and investments     -     454,935     454,935    
                 
Non-GAAP operating income (loss)     81,021     (34,593)     46,428    
                 
                 
Net income (loss) from continuing operations     83,819     (470,356)     (386,537)    
Share-based compensation expenses     2,281     3,525     5,806    
Amortization of intangible assets from business acquisitions     8,950     4,590     13,540    
Impairment of goodwill and investments     -     454,935     454,935    
Loss (gain) on fair value change of investments     4,156     (1,145)     3,011    
Income tax effects on non-GAAP adjustments     (778)     351     (427)    
Reconciling items on the share of equity method investments     -     3,802     3,802    
                 
Non-GAAP net income (loss) from continuing operations     98,428     (4,298)     94,130    
                 
                 




JOYY INC.  
UNAUDITED SEGMENT REPORT  
(All amounts in thousands, except share, ADS and per ADS data)  
                 
  Three Months Ended  
  March 31, 2024  
                 
  BIGO   All other   Elimination(1)   Total  
  US$   US$   US$   US$  
Net revenues                
Live streaming 442,154     24,237     -     466,391    
Others 63,049     35,518     (398 )   98,169    
                 
Total net revenues 505,203     59,755     (398 )   564,560    
                 
Cost of revenues(2) (328,583 )   (40,692 )   78     (369,197 )  
                 
Gross profit 176,620     19,063     (320 )   195,363    
                 
Operating expenses(2)                
Research and development expenses (41,022 )   (28,258 )   241     (69,039 )  
Sales and marketing expenses (74,430 )   (20,232 )   24     (94,638 )  
General and administrative expenses (14,075 )   (17,723 )   55     (31,743 )  
                 
Total operating expenses (129,527 )   (66,213 )   320     (195,420 )  
                 
Other income 3,296     304     -     3,600    
                 
Operating income (loss) 50,389     (46,846 )   -     3,543    
                 
Interest expenses (1,765 )   (1,681 )   1,310     (2,136 )  
Interest income and investment income 15,441     34,796     (1,310 )   48,927    
Foreign currency exchange gains, net 379     389     -     768    
Gain (loss) on fair value change of investments 1,267     (282 )   -     985    
                 
Income (loss) before income tax (expenses) benefits 65,711     (13,624 )   -     52,087    
                 
Income tax (expenses) benefits (4,662 )   125     -     (4,537 )  
                 
Income (loss) before share of loss in equity method investments, net of income taxes 61,049     (13,499 )   -     47,550    
                 
Share of loss in equity method investments, net of income taxes -     (7,395 )   -     (7,395 )  
                 
Net income (loss) from continuing operations 61,049     (20,894 )   -     40,155    
                 


                 
(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.  
                 
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
                 
      Three Months Ended  
      March 31, 2024  
                 
      BIGO   All other   Total  
      US$   US$   US$  
                 
Cost of revenues     391   272   663  
Research and development expenses     1,641   1,751   3,392  
Sales and marketing expenses     47   84   131  
General and administrative expenses     96   1,846   1,942  
                 




JOYY INC.  
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT  
(All amounts in thousands, except share, ADS and per ADS data)  
                 
      Three Months Ended  
      March 31, 2024  
                 
      BIGO   All other   Total  
      US$   US$   US$  
                 
Operating income (loss)     50,389     (46,846)     3,543    
Share-based compensation expenses     2,175     3,953     6,128    
Amortization of intangible assets from business acquisitions     10,467     4,665     15,132    
                 
Non-GAAP operating income (loss)     63,031     (38,228)     24,803    
                 
                 
Net income (loss) from continuing operations     61,049     (20,894)     40,155    
Share-based compensation expenses     2,175     3,953     6,128    
Amortization of intangible assets from business acquisitions     10,467     4,665     15,132    
(Gain) loss on fair value change of investments     (1,267)     282     (985)    
Interest expenses related to the convertible bonds’ amortization to face value     -     237     237    
Income tax effects on non-GAAP adjustments     (1,203)     (1,019)     (2,222)    
Reconciling items on the share of equity method investments     -     4,434     4,434    
                 
Non-GAAP net income (loss) from continuing operations     71,221     (8,342)     62,879    
                 
                 
                 

Powered by EIN News

Distribution channels: Business & Economy, IT Industry ...

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

Submit your press release