JOYY Inc. (JOYY.US) reported its Q3 2025 earnings on Thursday morning Beijing time. The company sustained its positive momentum, with core livestreaming revenue stabilizing sequentially and ad revenue accelerating year-over-year. Total revenue reached $540 million, up 6.4% quarter-over-quarter (QoQ).

Livestreaming revenue grew to $388 million, a 3.5% QoQ increase, marking the second consecutive quarter of sequential growth. Meanwhile, ad-tech platform BIGO Ads delivered accelerated growth, with revenue surging 33.1% year-over-year (YoY) and 19.7% QoQ to $104 million. As a strategically prioritized business for JOYY, BIGO Ads—the company’s second growth engine—demonstrated robust expansion, driven by scaled traffic, product innovation, and algorithmic efficiency. This marked the third straight quarter of significant YoY revenue leaps and sequential acceleration, with third-party ad revenue rising 25% QoQ.

Under non-GAAP measures, Q3 operating profit climbed 16.6% YoY and 6.1% QoQ to $41 million, while EBITDA (earnings before interest, taxes, depreciation, and amortization) grew 16.8% YoY and 4.9% QoQ to $51 million. Operating cash flow for the quarter stood at $73 million, and net cash totaled $3.32 billion as of September 30.

Regarding shareholder returns, JOYY repurchased shares and distributed dividends totaling approximately $237 million between January 1 and November 14, 2025. Management expressed high confidence in achieving YoY growth for 2026 and reiterated its commitment to active buybacks to reward shareholders.

Bolstered by scalable ad-tech monetization, sustained livestreaming growth, and improving profitability, JOYY’s fundamentals remain solid. The market increasingly views the company as a rare "low-risk, high-potential" value stock, reinforcing optimism for its 2026 outlook.