SINGAPORE, May 27, 2025 (GLOBE NEWSWIRE) -- JOYY Inc. $(JOYY)$ ("JOYY" or the "Company"), a global technology company, today announced its unaudited financial results for the first quarter of 2025.
First Quarter 2025 Financial Highlights(1)
-- 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 income(7) 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 margin(8) 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 margin(9) 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 ADS(1) (0) 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 ADS(1) (1) 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 cash(1) (2) 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.
(8) Non-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.
(9) Non-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.
(10) ADS 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
All
BIGO 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
======= ========= =======
(END) Dow Jones Newswires
May 26, 2025 19:00 ET (23:00 GMT)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.