SINGAPORE, Aug. 26, 2026 (GLOBE NEWSWIRE) -- JOYY Inc. $(JOYY)$ ("JOYY" or the "Company"), a global technology company, today announced its unaudited financial results for the second quarter of 2026.
Second Quarter 2026 Financial Highlights(1)
-- Net revenues were US$590.8 million, an increase of 16.3% from US$507.8
million in the corresponding period of 2025, and an increase of 6.3% from
US$555.7 million in the first quarter of 2026.
-- Social Entertainment net revenues increased by 7.4% to US$422.7
million from US$393.8 million in the corresponding period of 2025,
and by 5.6% from US$400.4 million in the first quarter of 2026.
-- BIGO Ads net revenues increased by 53.1% to US$133.7 million from
US$87.3 million in the corresponding period of 2025, and by 7.1%
from US$124.8 million in the first quarter of 2026.
-- Shopline net revenues increased by 28.6% to US$34.4 million from
US$26.7 million in the corresponding period of 2025, and by 12.5%
from US$30.5 million in the first quarter of 2026.
-- Operating income was US$13.8 million, an increase of 138.1% from US$5.8
million in the corresponding period of 2025, and an increase of 102.0%
from US$6.8 million in the first quarter of 2026.
-- Non-GAAP EBITDA2 was US$56.9 million, an increase of 18.1% from US$48.2
million in the corresponding period of 2025, and an increase of 24.4%
from US$45.7 million in the first quarter of 2026.
-- Net income from continuing operations attributable to controlling
interest of JOYY3 was US$51.8 million, compared with US$60.8 million in
the corresponding period of 2025 and US$50.7 million in the first quarter
of 2026.
-- Non-GAAP net income from continuing operations attributable to
controlling interest and common shareholders of JOYY4 was US$63.5 million,
compared with US$77.0 million in the corresponding period of 2025 and
US$55.9 million in the first quarter of 2026.
-- Net Cash5 as of June 30, 2026 was US$3,059.3 million.
-- Net Cash from operating activities was US$64.9 million, compared with
US$57.6 million in the corresponding period of 2025.
Second Quarter 2026 Business Highlights
Global community:
-- Global average mobile MAUs6 reached 277.1 million in the second quarter
of 2026, up by 5.5% from 262.5 million in the corresponding period of
2025, and up by 0.3% from 276.3 million in the first quarter of 2026. The
Company continued to optimize its marketing strategies to focus on return
on investment (ROI) and high-value users.
Social Entertainment:
-- In the second quarter, Social Entertainment revenues increased by 7.4%
year over year to US$422.7 million, with live streaming revenues reaching
US$402.6 million, a 7.3% increase from the corresponding period of 2025.
By region, live streaming revenues in developed markets grew 11.8% year
over year, reflecting strong performance in key geographies.
-- In the second quarter, core live streaming paying users7 increased by
3.9% year over year to 1.56 million, while ARPPU8 increased by 2.4% year
over year to US$220.5.
-- The Company continued to make enhancements to its streamer incentive and
growth mechanisms, including a richer content ecosystem, AI-powered
improvements to content distribution and payment experience, and
localized operating initiatives. Average daily active streamers increased
by 4.4% quarter over quarter, and newly signed streamers going live
increased by 5.4% quarter over quarter. In content distribution, the
Company continued to develop its AI-driven content understanding
capabilities, focusing on onboarding content for new users and deepening
user consumption, allowing high-quality content to be more precisely
matched to interested users across regions. In May 2026, AI-generated
interactive virtual gifts accounted for 34.3% of total virtual gift
consumption on Bigo Live.
B2B Initiatives: Advertising Technology and Smart Commerce
-- Beginning in 2022, the Company ramped up efforts to diversify its revenue
streams, cultivating its new initiatives in advertising technology and
smart commerce. The Company has made steady progress advancing towards
its strategic positioning as a global tech company powered by multiple
growth engines. In the second quarter, total non--live streaming revenues
reached US$188.1 million, up by 42.1% year over year, representing 31.8%
of total net revenues of the Company, compared with 26.1% in the
corresponding period of 2025.
BIGO Ads:
-- BIGO Ads is a global AI-powered programmatic advertising platform.
Launched to provide one-stop marketing and monetization solutions, it
leverages deep learning, real-time bidding, and smart bidding models
(such as oCPC and ROAS optimization) to enable brands to scale user
acquisition and app developers to effectively unlock monetization
potential through connecting premium global demand.
-- In the second quarter, BIGO Ads' total revenues grew by 53.1% year over
year to US$133.7 million. In particular, BIGO Audience Network, which
includes third-party advertising revenues generated on network partners'
traffic properties, continued to demonstrate strong momentum, with
revenues increasing by 74.1% year over year.
-- BIGO Ads has access to a vast traffic pool, comprising the Company's own
global average mobile MAU base and an extensive network of third-party
traffic through seamless integration of developer traffic across major
channels. During the second quarter, Software Development Kit (SDK)
traffic maintained steady growth, with SDK advertising requests up 37.7%
year over year.
-- BIGO Ads continued to invest in its algorithm and engineering
infrastructure during the quarter. By strengthening multi-channel
attribution and accumulating customer feedback data, BIGO Ads further
enhanced its user profiling and targeting capabilities. In parallel, the
continuous iteration of vertical-specific models improved budget matching,
traffic bidding, and post-campaign optimization efficiency. Furthermore,
intelligent upgrades to compute scheduling and system architecture
allowed the platform to optimize infrastructure costs effectively, even
amid rapid request volume growth.
-- Broader traffic coverage, multi-vertical advertiser expansion, and
ongoing algorithm optimization fueled accelerated growth. Web-based
demand grew 91.7% year over year. In-App Advertising $(IAA)$ spending
recorded 70.6% year-over-year growth.
Shopline:
-- Shopline serves as a global AI-powered operating system for modern
retail. Beyond storefront creation, Shopline offers a deeply integrated
suite of merchant services across payments, logistics, marketing, and
data analytics. It is an open, extensible omnichannel platform that
enables merchants to manage the full commerce value chain from store
setup and transactions to fulfillment, customer acquisition, and
lifecycle engagement. Shopline has helped merchants in diverse industries
across multiple markets to launch and scale their businesses.
-- Shopline currently generates revenues from recurring software
subscription fees and a suite of transaction-based value-added services,
including localized payment processing (Shopline Payments) and marketing
solutions.
-- In the second quarter, Shopline generated revenues of US$34.4 million, up
28.6% year over year and 12.5% quarter over quarter, with revenue growth
accelerating from the first quarter. Cross-border merchants revenue
sustained strong growth of 73.5% year over year, driving the acceleration
in overall revenue growth.
-- With AI-driven discovery emerging as an e-commerce scenario, Shopline
expanded its integrations with multiple AI agents during the quarter to
help merchants effectively capture traffic and convert cross-channel
orders, customer relationships, and operational data into long-term
proprietary assets. Shopline fuels AI with complete business context to
deliver actionable insights and continuously boost operational and
decision-making efficiency.
Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, "We are pleased to report another quarter of strong performance. Total revenues for the second quarter reached US$590.8 million, up 16.3% year over year, with revenue growth accelerating and operating income improving notably. Our Social Entertainment, BIGO Ads, and Shopline businesses all advanced in tandem, and our globally diversified ecosystem continued to unlock new growth opportunities as we forged ahead towards the next stage of our development. We remain committed to delivering shareholder value, returning a total of US$358.8 million year-to-date through August 21, 2026, comprising US$142.4 million in dividends and US$216.4 million in share repurchases.
Social Entertainment revenues grew 7.4% year over year, with live streaming revenue up 7.3% year over year, and core live streaming paying users and ARPPU both improving. BIGO Ads revenues grew 53.1% year over year to US$133.7 million, with our third-party BIGO Audience Network sustaining strong growth of 74.1% year over year. Shopline revenues reached US$34.4 million, up 28.6% year over year, with growth accelerating from the first quarter on continued strength from cross-border merchants. For the full year of 2026, we remain confident in delivering solid revenue growth across the Group. On the profitability front, supported by a better-than-expected operational performance in the first half of the year and enhanced operating leverage from improved efficiency across our business segments, we expect the Group's full-year 2026 non-GAAP operating income to achieve approximately 20% year-over-year growth.
AI remains the technology foundation of our long-term strategy, driving measurable improvements across our streamer ecosystem, content distribution, advertising models, and merchant operations on Shopline. Together, these efforts reinforce the closed-loop system across our three business segments, and we remain confident this multi-engine strategy will continue to drive long-term value for JOYY and our shareholders."
Second Quarter 2026 Financial Results
NET REVENUES
Net revenues were US$590.8 million, representing an increase of 16.3% from US$507.8 million in the corresponding period of 2025, and an increase of 6.3% from US$555.7 million in the first quarter of 2026.
Social Entertainment net revenues increased by 7.4% to US$422.7 million from US$393.8 million in the corresponding period of 2025, and by 5.6% from US$400.4 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were primarily driven by higher live streaming revenues, as expanded content categories and enhanced localized operations contributed to stronger user engagement and spending across key markets.
BIGO Ads net revenues increased by 53.1% to US$133.7 million from US$87.3 million in the corresponding period of 2025, and by 7.1% from US$124.8 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were driven by expansion of traffic, elevated advertiser demand across regions and verticals, and enhanced algorithm performance that resulted in improved advertisement delivery efficiency and higher advertiser spending.
Shopline net revenues increased by 28.6% to US$34.4 million from US$26.7 million in the corresponding period of 2025, and by 12.5% from US$30.5 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were mainly due to continued merchant adoption and deeper penetration of value-added services.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues was US$389.2 million in the second quarter of 2026, compared with US$322.5 million in the corresponding period of 2025 and US$366.4 million in the first quarter of 2026.
Social Entertainment's cost of revenues increased by 6.5% year-over-year to US$264.6 million, and by 3.4% from US$256.0 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were primarily attributable to higher revenue-sharing fees and content costs of US$25.0 million and US$10.9 million, respectively.
BIGO Ads' cost of revenues increased by 77.5% year over year to US$106.3 million, and by 11.1% from US$95.6 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were primarily attributable to higher traffic acquisition costs paid to third-party partners in relation to the expansion of BIGO Audience Network.
Shopline's cost of revenues increased by 29.4% year over year to US$18.3 million, and by 23.8% from US$14.8 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were primarily attributable to higher payment processing costs, reflecting an increased contribution from payment services to Shopline's revenue mix.
Gross profit was US$201.6 million in the second quarter of 2026, compared with US$185.2 million in the corresponding period of 2025 and US$189.3 million in the first quarter of 2026. Gross margin was 34.1% in the second quarter of 2026, compared with 36.5% in the corresponding period of 2025 and 34.1% in the first quarter of 2026.
OPERATING EXPENSES AND INCOME
Operating expenses were US$188.2 million in the second quarter of 2026, compared with US$179.8 million in the same period of 2025 and US$183.4 million in the first quarter of 2026. Among the operating expenses, sales and marketing expenses were US$79.6 million, compared with US$71.9 million in the corresponding period of 2025 and US$79.6 million in the first quarter of 2026. Research and development expenses were US$53.0 million, compared with US$60.1 million in the corresponding period of 2025 and US$61.2 million in the first quarter of 2026. General and administrative expenses were US$55.6 million, compared with US$47.9 million in the corresponding period of 2025 and US$42.6 million in the first quarter of 2026.
Operating income was US$13.8 million, compared with US$5.8 million in the corresponding period of 2025 and US$6.8 million in the first quarter of 2026.
Non-GAAP operating income(9) was US$49.1 million in the second quarter of 2026, compared with US$38.3 million in the corresponding period of 2025 and US$38.0 million in the first quarter of 2026. Non-GAAP operating income margin(1) (0) was 8.3% in the second quarter of 2026, compared with 7.5% in the corresponding period of 2025 and 6.8% in the first quarter of 2026.
Non-GAAP EBITDA was US$56.9 million, compared with US$48.2 million in the corresponding period of 2025 and US$45.7 million in the first quarter of 2026. Non-GAAP EBITDA margin(1) (1) was 9.6%, compared with 9.5% in the corresponding period of 2025 and 8.2% in the first quarter of 2026.
NET INCOME
Net income from continuing operations attributable to controlling interest of JOYY was US$51.8 million, compared with US$60.8 million in the corresponding period of 2025 and US$50.7 million in the first quarter of 2026. Net income margin was 8.8% in the second quarter of 2026, compared with 12.0% in the corresponding period of 2025 and 9.1% in the first quarter of 2026.
Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$63.5 million, compared with US$77.0 million in the corresponding period of 2025 and US$55.9 million in the first quarter of 2026. Non-GAAP net income margin(1) (2) was 10.7% in the second quarter of 2026, compared with 15.2% in the corresponding period of 2025 and 10.1% in the first quarter of 2026.
NET INCOME PER ADS
Diluted net income from continuing operations per ADS(1) (3) was US$1.01 in the second quarter of 2026, compared with US$1.13 in the corresponding period of 2025 and US$1.00 in the first quarter of 2026.
Non-GAAP diluted net income from continuing operations per ADS(1) (4) was US$1.24 in the second quarter of 2026, compared with US$1.44 in the corresponding period of 2025 and US$1.11 in the first quarter of 2026.
BALANCE SHEET AND CASH FLOWS
As of June 30, 2026, the Company had net cash of US$3,059.3 million, compared with US$3,258.0 million as of December 31, 2025. For the second quarter of 2026, net cash from operating activities was US$64.9 million.
SHARES OUTSTANDING
As of June 30, 2026, the Company had a total of 979.5 million common shares outstanding, representing the equivalent of 49.0 million ADSs assuming the conversion of all common shares into ADSs.
Business Outlook
For the third quarter of 2026, the Company expects net revenues to be between US$602 million and US$622 million. This forecast reflects the Company's current and preliminary views on the market, operational conditions, and business strategies, which are subject to change, particularly as to the potential impact from macroeconomic uncertainties.
Share Repurchase Programs
Pursuant to the Company's up-to-US$600 million share repurchase program authorized in May 2026, or the 2026 Share Repurchase Program, which is effective through the end of 2028, the Company had repurchased approximately 1.1 million ADSs for an aggregate consideration of US$72.9 million on the open market during the second quarter of 2026. In addition, under the previous share repurchase program, which was authorized in March 2025 and replaced by the 2026 Share Repurchase Program in May 2026, the Company repurchased approximately 0.6 million ADSs for an aggregate consideration of US$35.0 million on the open market during the second quarter of 2026.
Between July 1, 2026 and August 21, 2026, the Company repurchased an additional approximately 0.8 million ADSs, for an aggregate consideration of US$55.5 million under the 2026 Share Repurchase Program. The remaining unutilized amount under the 2026 Share Repurchase Program was approximately US$471.6 million as of August 21, 2026.
Quarterly Dividend Program
On May 22, 2026, the board of directors of the Company authorized a quarterly dividend program, or the 2026 Dividend Program, under which a total of approximately US$900 million in cash will be distributed on a quarterly basis between 2026 and 2028.
Pursuant to the 2026 Dividend Program, the board of directors has accordingly declared a dividend of US$1.55 per ADS, or US$0.0775 per common share, for the second quarter of 2026, which is expected to be paid on October 16, 2026 to shareholders of record as of the close of business on September 30, 2026. The ex-dividend date will be September 30, 2026.
Conference Call Information
The Company will hold a conference call at 9:00 PM U.S. Eastern Time Tuesday, August 25, 2026 (9:00 AM Singapore/Hong Kong Time on Wednesday, August 26, 2026). Details for the conference call are as follows:
Event Title: JOYY Inc. Second Quarter 2026 Earnings Conference
Call
Conference ID: #10056759
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/10056759-hu76t5.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 September 2, 2026, by dialing the following numbers:
United States: 1-855-883-1031 Singapore: 800-101-3223 Hong Kong: 800-930-639 Conference ID: #10056759
About JOYY Inc.
JOYY (NASDAQ: JOYY) is a leading global technology company, dedicated to building a self-reinforcing ecosystem that integrates social entertainment, programmatic advertising, and omnichannel e-commerce infrastructure, powered by AI and data intelligence. Headquartered in Singapore and operating across the globe, JOYY empowers creators, merchants and enterprises worldwide. 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 social entertainment, advertising and smart commerce market; JOYY's ability to attract and retain users and customers; JOYY's expectations regarding demand for and market acceptances of its products and services; JOYY's ability to adopt the latest technology to enhance its operations; 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 (loss) income, non-GAAP operating income (loss) margin, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY, non-GAAP net income (loss) margin attributable to controlling interest and common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) from continuing operations 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), interest expenses related to the convertible bonds' amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP EBITDA is non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions), and non-GAAP EBITDA margin is non-GAAP EBITDA as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders 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, 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 income (loss) 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 and common shareholders of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest and 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, 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. 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 (loss) 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 measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses, amortization of intangible assets from business acquisitions, and 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 measures in isolation from or as an alternative to the financial measures 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) The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. Starting from the first quarter of 2026, the Company reports three segments, Social Entertainment, BIGO Ads and Shopline, to reflect changes made to the reporting structure whose financial information is reviewed by the chief operating decision makers of the Company under its evolving operating strategies. Social Entertainment mainly includes live streaming services on our social entertainment platforms including but not limited to Bigo Live, Likee, imo, and others. BIGO Ads mainly engages in advertising services on the Company's own properties (specifically Likee and imo) and third-party network partners' properties. Shopline mainly engages in providing omnichannel smart commerce solutions for merchants. Prior period segment information has been recast to conform to the current period's presentation.
(2) Non-GAAP EBITDA is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions). 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.
(3) 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.
(4) Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is a non-GAAP financial measure, which is defined as 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 which refer to those similar non-GAAP reconciling items of the Company, interest expenses related to the convertible bonds amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries' preferred shareholders, 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. 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.
(5) 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 short-term and long-term loans.
(6) 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 active mobile users for each month of such period, by (ii) the number of months in such period.
(7) Core live streaming 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.
(8) Average revenue per user is calculated by dividing the Company's 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.
(9) 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.
(1) (0) 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.
(1) (1) Non-GAAP EBITDA margin is a non-GAAP financial measure, which is defined as non-GAAP EBITDA 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.
(1) (2) Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY as a percentage of net revenues.
(1) (3) 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.
(1) (4) 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.
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS and per
ADS data)
December 31, June 30,
2025 2026
------------ ---------
US$ US$
Assets
Current assets
Cash and cash equivalents 374,248 336,986
Restricted cash and cash equivalents 21,593 29,875
Short-term deposits 192,535 174,866
Restricted short-term deposits 7,182 5,850
Short-term investments 613,702 869,145
Accounts receivable, net 154,439 169,751
Amounts due from related parties 106 560
Prepayments and other current assets 255,566 309,447
------------ ---------
Total current assets 1,619,371 1,896,480
------------ ---------
Non-current assets
Long-term deposits and held-to-maturity
investments 2,059,386 1,686,501
Deferred tax assets 9,782 9,773
Investments 551,802 611,678
Property and equipment, net 565,124 609,652
Land use rights, net 301,390 306,666
Intangible assets, net 221,963 194,484
Right-of-use assets, net 21,241 25,576
Goodwill 2,194,358 2,194,407
Other non-current assets 8,071 6,175
------------ ---------
Total non-current assets 5,933,117 5,644,912
------------ ---------
Total assets 7,552,488 7,541,392
============ =========
Liabilities, mezzanine equity and shareholders'
equity
Current liabilities
Short-term loans 10,672 43,908
Accounts payable 71,551 64,501
Deferred revenue 61,713 60,549
Advances from customers 5,408 7,915
Income taxes payable 64,533 70,283
Accrued liabilities and other current
liabilities 626,678 651,859
Amounts due to related parties 24,472 37,136
Lease liabilities due within one year 8,939 9,690
------------ ---------
Total current liabilities 873,966 945,841
------------ ---------
Non-current liabilities
Lease liabilities 12,029 16,060
Deferred revenue 9,522 9,051
Deferred tax liabilities 54,941 64,250
Other non-current liabilities - 398
------------ ---------
Total non-current liabilities 76,492 89,759
------------ ---------
Total liabilities 950,458 1,035,600
============ =========
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS and per
ADS data)
December 31, June 30,
2025 2026
------------ -------------
US$ US$
Mezzanine equity 25,333 26,133
Shareholders' equity
Class A common shares (US$0.00001 par
value; 10,000,000,000 and
10,000,000,000 shares authorized,
1,306,734,444 shares issued and
673,183,174 shares outstanding as of
December 31, 2025; 1,158,146,824
shares issued and 652,960,506 shares
outstanding as of June 30, 2026,
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, 2025
and June 30, 2026, respectively) 3 3
Treasury shares (US$0.00001 par value;
633,551,270 and 505,186,318 shares
held as of December 31, 2025 and June
30, 2026, respectively) (1,302,098) (1,093,577)
Additional paid-in capital 3,315,070 2,979,034
Statutory reserves 37,869 37,876
Retained earnings 4,699,089 4,658,456
Accumulated other comprehensive loss (208,093) (130,401)
----------- ----------
Total JOYY Inc.'s shareholders' equity 6,541,847 6,451,398
----------- ----------
Non-controlling interests 34,850 28,261
Total shareholders' equity 6,576,697 6,479,659
----------- ----------
Total liabilities, mezzanine equity and
shareholders' equity 7,552,488 7,541,392
=========== ==========
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS and per
ADS data)
Three Months Ended Six Months Ended
------------------------------- ------------------------
June 30, March 31, June 30, June 30, June 30,
2025 2026 2026 2025 2026
--------- --------- --------- ---------- ------------
US$ US$ US$ US$ US$
Net revenues(1)
Live streaming 375,409 380,265 402,633 746,757 782,898
Advertising 96,125 137,204 146,445 184,772 283,649
Others 36,226 38,231 41,676 70,582 79,907
Total net
revenues 507,760 555,700 590,754 1,002,111 1,146,454
-------- -------- -------- --------- ---------
Cost of
revenues(2) (322,515) (366,403) (389,159) (638,251) (755,562)
Gross profit 185,245 189,297 201,595 363,860 390,892
-------- -------- -------- --------- ---------
Operating
expenses(2)
Research and
development
expenses (60,075) (61,187) (53,024) (122,501) (114,211)
Sales and
marketing
expenses (71,852) (79,649) (79,587) (143,983) (159,236)
General and
administrative
expenses (47,922) (42,572) (55,632) (80,612) (98,204)
Total operating
expenses (179,849) (183,408) (188,243) (347,096) (371,651)
-------- -------- -------- --------- ---------
Loss on
deconsolidation
and disposal of
subsidiaries - (245) - - (245)
Other income 400 1,189 451 1,239 1,640
Operating income 5,796 6,833 13,803 18,003 20,636
-------- -------- -------- --------- ---------
Interest
expenses (151) (38) (112) (257) (150)
Interest income
and investment
income 40,799 39,765 39,476 80,186 79,241
Foreign currency
exchange gains
(losses), net 1,191 (13,555) (13,502) 430 (27,057)
Loss on disposal
and deemed
disposal of
investments - - (415) - (415)
Gain (loss) on
fair value
change of
investments 17,633 (7,958) 1,461 18,338 (6,497)
Income before
income tax
expenses 65,268 25,047 40,711 116,700 65,758
-------- -------- -------- --------- ---------
Income tax
expenses (6,066) (4,834) (9,849) (11,277) (14,683)
Income before
share of (loss)
income in
equity method
investments,
net of income
taxes 59,202 20,213 30,862 105,423 51,075
-------- -------- -------- --------- ---------
Share of (loss)
income in
equity method
investments,
net of income
taxes (1,176) 27,953 17,887 (4,494) 45,840
Net income from
continuing
operations 58,026 48,166 48,749 100,929 96,915
-------- -------- -------- --------- ---------
Gain on disposal
of YY Live(3) - - - 1,875,921 -
-------- -------- -------- --------- ---------
Net income 58,026 48,166 48,749 1,976,850 96,915
-------- -------- -------- --------- ---------
Net loss
attributable to
the
non-controlling
interest
shareholders
and the
mezzanine
equity
classified
non-controlling
interest
shareholders 2,799 2,501 3,045 5,298 5,546
Net income
attributable to
controlling
interest of
JOYY Inc. 60,825 50,667 51,794 1,982,148 102,461
-------- -------- -------- --------- ---------
Including
Net income from
continuing
operations
attributable to
controlling
interest of
JOYY Inc. 60,825 50,667 51,794 106,227 102,461
Gain on disposal
of YY Live(3) - - - 1,875,921 -
Accretion of
subsidiaries'
redeemable
convertible
preferred
shares to
redemption
value (347) (346) (346) (694) (692)
Net income
attributable to
common
shareholders of
JOYY Inc. 60,478 50,321 51,448 1,981,454 101,769
-------- -------- -------- --------- ---------
Including
Net income from
continuing
operations
attributable to
common
shareholders of
JOYY Inc. 60,478 50,321 51,448 105,533 101,769
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 Six Months Ended
---------------------------------- ----------------------
June 30, March 31, June 30, June 30, June 30,
2025 2026 2026 2025 2026
---------- ---------- ---------- ---------- ----------
US$ US$ US$ US$ US$
Net income per ADS
--Basic 1.15 1.01 1.03 37.36 2.03
Continuing
operations 1.15 1.01 1.03 1.99 2.03
Discontinued
operations - - - 35.37 -
--Diluted 1.13 1.00 1.01 36.97 1.99
Continuing
operations 1.13 1.00 1.01 1.97 1.99
Discontinued
operations - - - 35.00 -
Weighted average
number of ADS used
in calculating net
income per ADS
--Basic 52,788,040 49,767,292 50,047,670 53,040,855 50,252,381
--Diluted 53,353,026 50,534,120 51,121,698 53,593,910 51,173,317
(1) Net revenues by geographical areas were as follows:
Three Months Ended Six Months Ended
---------------------------------- ----------------------
June 30, March 31, June 30, June 30, June 30,
2025 2026 2026 2025 2026
---------- ---------- ---------- ---------- ----------
US$ US$ US$ US$ US$
Developed
countries and
regions 291,145 343,244 361,763 568,760 705,007
Middle East 61,268 58,760 63,168 127,919 121,928
Mainland China 51,291 52,063 58,128 99,676 110,191
Southeast Asia and
others 104,056 101,633 107,695 205,756 209,328
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 Six Months Ended
---------------------------------- ----------------------
June 30, March 31, June 30, June 30, June 30,
2025 2026 2026 2025 2026
---------- ---------- ---------- ---------- ----------
US$ US$ US$ US$ US$
Cost of revenues 677 802 964 1,312 1,766
Research and
development
expenses 1,605 1,480 2,245 3,743 3,725
Sales and
marketing
expenses 255 422 283 484 705
General and
administrative
expenses 1,430 14,633 13,125 3,665 27,758
(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 Six Months Ended
------------------------------------- --------------------------
June 30, March 31, June 30, June 30, June 30,
2025 2026 2026 2025 2026
----------- ----------- ----------- ----------- -------------
US$ US$ US$ US$ US$
Operating income 5,796 6,833 13,803 18,003 20,636
Share-based
compensation
expenses 3,967 17,337 16,617 9,204 33,954
Amortization of
intangible
assets from
business
acquisitions 13,540 13,540 13,540 27,080 27,080
Impairment of
goodwill and
investments 15,000 - 5,136 15,000 5,136
Loss on
deconsolidation
and disposal of
subsidiaries - 245 - - 245
Non-GAAP
operating
income 38,303 37,955 49,096 69,287 87,051
---------- ---------- ---------- ---------- ----------
Depreciation and
other
amortization 9,891 7,781 7,802 19,293 15,583
---------- ---------- ---------- ---------- ----------
Non-GAAP EBITDA 48,194 45,736 56,898 88,580 102,634
========== ========== ========== ========== ==========
Net income from
continuing
operations 58,026 48,166 48,749 100,929 96,915
Share-based
compensation
expenses 3,967 17,337 16,617 9,204 33,954
Amortization of
intangible
assets from
business
acquisitions 13,540 13,540 13,540 27,080 27,080
Impairment of
goodwill and
investments 15,000 - 5,136 15,000 5,136
Loss on
deconsolidation
and disposal of
subsidiaries - 245 - - 245
Loss on disposal
and deemed
disposal of
investments - - 415 - 415
(Gain) loss on
fair value
change of
investments (17,633) 7,958 (1,461) (18,338) 6,497
Income tax
effects on
non-GAAP
adjustments 913 (3,012) (2,067) (491) (5,079)
Reconciling
items on the
share of equity
method
investments 1,034 (30,192) (19,525) 2,921 (49,717)
---------- ---------- ---------- ---------- ----------
Non-GAAP net
income from
continuing
operations 74,847 54,042 61,404 136,305 115,446
========== ========== ========== ========== ==========
Net income from
continuing
operations
attributable to
common
shareholders of
JOYY Inc. 60,478 50,321 51,448 105,533 101,769
Share-based
compensation
expenses 3,967 17,337 16,617 9,204 33,954
Amortization of
intangible
assets from
business
acquisitions 13,540 13,540 13,540 27,080 27,080
Impairment of
goodwill and
investments 15,000 - 5,136 15,000 5,136
Loss on
deconsolidation
and disposal of
subsidiaries - 245 - - 245
Loss on disposal
and deemed
disposal of
investments - - 415 - 415
(Gain) loss on
fair value
change of
investments (17,633) 7,958 (1,461) (18,338) 6,497
Accretion,
cumulative
dividend and
deemed dividend
to
subsidiaries'
preferred
shareholders 347 346 346 694 692
Income tax
effects on
non-GAAP
adjustments 913 (3,012) (2,067) (491) (5,079)
Reconciling
items on the
share of equity
method
investments 1,034 (30,192) (19,525) 2,921 (49,717)
Non-GAAP
adjustments for
net loss
attributable to
the
non-controlling
interest
shareholders (690) (602) (973) (1,451) (1,575)
---------- ---------- ---------- ---------- ----------
Non-GAAP net
income from
continuing
operations
attributable to
controlling
interest and
common
shareholders of
JOYY Inc. 76,956 55,941 63,476 140,152 119,417
========== ========== ========== ========== ==========
Non-GAAP net
income from
continuing
operations per
ADS
--Basic 1.46 1.12 1.27 2.64 2.38
--Diluted 1.44 1.11 1.24 2.62 2.33
Weighted average
number of ADS
used in
calculating
Non-GAAP net
income from
continuing
operations per
ADS
--Basic 52,788,040 49,767,292 50,047,670 53,040,855 50,252,381
--Diluted 53,353,026 50,534,120 51,121,698 53,593,910 51,173,317
JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per
ADS data)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2025 2026 2026 2025 2026
US$ US$ US$ US$ US$
Net revenues:
Social
Entertainment 393,761 400,367 422,740 781,574 823,107
BIGO Ads 87,286 124,787 133,653 167,506 258,440
Shopline 26,713 30,546 34,361 53,031 64,907
Total net
revenues 507,760 555,700 590,754 1,002,111 1,146,454
Cost of
revenues(1) :
Social
Entertainment (248,475) (255,979) (264,559) (495,969) (520,538)
BIGO Ads (59,866) (95,600) (106,253) (113,541) (201,853)
Shopline (14,174) (14,824) (18,347) (28,741) (33,171)
Total cost of
revenues (322,515) (366,403) (389,159) (638,251) (755,562)
Gross profit:
Social
Entertainment 145,286 144,388 158,181 285,605 302,569
BIGO Ads 27,420 29,187 27,400 53,965 56,587
Shopline 12,539 15,722 16,014 24,290 31,736
Total gross
profit 185,245 189,297 201,595 363,860 390,892
(1) Share-based compensation allocated to cost of
revenues by segment as follows:
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2025 2026 2026 2025 2026
US$ US$ US$ US$ US$
Social
Entertainment 641 826 984 1,238 1,810
BIGO Ads 1 16 33 2 49
Shopline 35 (40) (53) 72 (93)
Total
share-based
compensation
allocated to
cost of
revenues 677 802 964 1,312 1,766