JOYY Reports Third Quarter 2025 Financial Results: Ad Revenue up 29.2% YoY, Livestreaming Revenue up Two Quarters Running
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 19 2025
0mins
Should l Buy JOYY?
Source: PRnewswire
Financial Performance: JOYY Inc. reported third-quarter 2025 revenue of US$540 million, a 6.4% increase from the previous quarter, with livestreaming revenue at US$388 million and advertising revenue growing 33.1% year-over-year to US$104 million.
Operating Income and Cash Flow: The company's operating income rose to US$20 million, a 19.1% year-over-year increase, while non-GAAP EBITDA reached US$51 million, up 16.8% year-over-year, and operating cash flow was US$73 million.
Shareholder Returns: JOYY is committed to returning approximately US$900 million to shareholders through dividends and share repurchases from 2025 to 2027, having already distributed US$148 million in dividends and repurchased US$89 million in shares.
Business Growth Strategies: The company is focusing on its dual growth engine strategy, with significant progress in both livestreaming and advertising sectors, leveraging AI technology to enhance user experience and drive revenue growth.
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Analyst Views on JOYY
Wall Street analysts forecast JOYY stock price to rise
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 60.340
Low
66.00
Averages
68.00
High
70.00
Current: 60.340
Low
66.00
Averages
68.00
High
70.00
About JOYY
JOYY Inc. is a global technology company. The Company operates several social media platforms such as Bigo Live, Likee and Hago that enable users to interact with others in real time. It operates through two segments: BIGO and All other. The BIGO segment primarily consists of several social entertainment platforms, including Bigo Live, Likee, imo, and certain audio live streaming platform, as well as its advertising platform, Bigo Ads. The All other segment primarily consist of Hago, Shopline, certain audio live streaming platforms, and others. Bigo Live enables its users to share their life moments, showcase their talents, socialize, and connect with other users. Likee enables users to easily discover, create and share short-form videos, with all-in-one video creation tools, such as filters and special effects, and AI-backed personalized feed. Hago provides casual games, audio and video multiuser chatrooms and three-dimensional (3D) avatars and 3D interactive scenes.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Surge in Advertising Revenue: Advertising revenues soared by 62.4% year-over-year to $145.4 million, and increased by 29.3% quarter-over-quarter, showcasing the strong performance of BIGO Ads and enhanced advertising spend efficiency, further solidifying the company's position in the advertising market.
- User Growth: The global average mobile MAUs reached 272.1 million in Q4 2025, up 3.4% year-over-year and 2.2% quarter-over-quarter, indicating significant success in optimizing marketing strategies and attracting high-value users.
- Strong Cash Flow: As of December 31, 2025, the company reported net cash of $3.258 billion, with net cash from operating activities at $116 million, demonstrating a robust financial foundation for ongoing investments and shareholder returns.
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- Revenue Expectations: The anticipated revenue for Q4 is $565.82 million, representing a 3% year-over-year increase, indicating some market resilience despite slowing growth, potentially attracting high-yield investors.
- Historical Performance: JOYY has beaten EPS estimates 100% of the time over the past two years and exceeded revenue estimates 75% of the time, which may bolster market confidence in its upcoming earnings report.
- Estimate Revision Trends: Over the last three months, there have been no upward revisions to EPS estimates and one downward revision, reflecting analysts' cautious outlook on the company's future profitability, warranting close attention to market reactions.
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- Technical Analysis Tool: Comparing the current share price to the 200-day moving average provides investors with deeper insights into market trends, aiding in optimizing investment decisions.
- ETF Unit Trading Mechanism: ETFs trade like stocks, where investors buy and sell 'units' that can be created or destroyed based on investor demand, reflecting changes in market interest for the ETF.
- Inflows and Outflows Monitoring: Weekly monitoring of changes in shares outstanding helps identify ETFs experiencing notable inflows (new units created) or outflows (old units destroyed), assessing their impact on underlying assets and market sentiment.
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- Traffic Governance Framework: The new partnership focuses on improving anomalous behavior detection, high-risk app identification, and real-time risk assessment, enabling advertisers to effectively filter high-risk traffic, thereby reducing media waste and improving ROI.
- Raising Industry Standards: Through the implementation of the Traffic Quality Enhancement Program, BIGO Ads aims to deliver cleaner traffic, minimize the impact of invalid activity, enhance brand safety, and support developers in achieving sustainable ecosystem growth.
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- Strong Small-Cap Performance: EverQuote (EVER), Grindr (GRND), and ZoomInfo Technologies (GTM) also achieved A+ EPS Revision Grades, suggesting that these mid- and small-cap communication services firms possess robust growth potential, likely attracting increased investor interest.
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- Revenue Growth: JOYY's net revenues for Q4 2025 reached $581.9 million, reflecting a 5.9% year-over-year increase and a 7.7% quarter-over-quarter rise, marking the first year-over-year growth since the second half of 2024, indicating a positive market recovery.
- Surge in Advertising Revenue: Advertising revenues soared by 62.4% year-over-year to $145.4 million, and increased by 29.3% quarter-over-quarter, showcasing the strong performance of BIGO Ads and enhanced advertising spend efficiency, further solidifying the company's position in the advertising market.
- User Growth: The global average mobile MAUs reached 272.1 million in Q4 2025, up 3.4% year-over-year and 2.2% quarter-over-quarter, indicating significant success in optimizing marketing strategies and attracting high-value users.
- Strong Cash Flow: As of December 31, 2025, the company reported net cash of $3.258 billion, with net cash from operating activities at $116 million, demonstrating a robust financial foundation for ongoing investments and shareholder returns.
See More
JOYY Set to Announce Q4 Earnings on March 10
- Earnings Announcement Date: JOYY is scheduled to release its Q4 earnings on March 10 after market close, with a consensus EPS estimate of $1.38, reflecting a 22% year-over-year decline, which may impact investor sentiment.
- Revenue Expectations: The anticipated revenue for Q4 is $565.82 million, representing a 3% year-over-year increase, indicating some market resilience despite slowing growth, potentially attracting high-yield investors.
- Historical Performance: JOYY has beaten EPS estimates 100% of the time over the past two years and exceeded revenue estimates 75% of the time, which may bolster market confidence in its upcoming earnings report.
- Estimate Revision Trends: Over the last three months, there have been no upward revisions to EPS estimates and one downward revision, reflecting analysts' cautious outlook on the company's future profitability, warranting close attention to market reactions.
See More
Market Dynamics: The Return of Value Investing
- Global Economic Overview: While inflation continues to ease across major economies, uneven growth persists, and concerns over how AI will reshape margins and pricing power have led to volatility in the software sector, impacting credit markets.
- European Market Resilience: The Eurozone remains stable with fiscal support, despite modest deterioration in manufacturing and hiring trends, as strong performances in banks, commodities, and defense industries offset volatility tied to global technology concerns.
- Japan's Policy Shifts: Fiscal expansion linked to election promises has pushed bond yields higher in Japan, prompting markets to reassess debt and spending expectations, while corporate governance reforms and improving economic growth have supported stock performance.
- North American Rotation: With moderating inflation and a resilient labor market in the U.S., investors are increasingly favoring companies with strong balance sheets and predictable cash flows, leading to relative strength in energy and financial sectors.
See More
KWEB ETF Trading Dynamics Analysis
- Price Fluctuation Analysis: KWEB ETF's 52-week low is $27.825 per share and high is $43.365, with the last trade at $33.24, indicating relative stability within its trading range, which may attract investor interest.
- Technical Analysis Tool: Comparing the current share price to the 200-day moving average provides investors with deeper insights into market trends, aiding in optimizing investment decisions.
- ETF Unit Trading Mechanism: ETFs trade like stocks, where investors buy and sell 'units' that can be created or destroyed based on investor demand, reflecting changes in market interest for the ETF.
- Inflows and Outflows Monitoring: Weekly monitoring of changes in shares outstanding helps identify ETFs experiencing notable inflows (new units created) or outflows (old units destroyed), assessing their impact on underlying assets and market sentiment.
See More
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- Partnership Enhancement: BIGO Ads has strengthened its collaboration with Pixalate, a global leader in ad traffic monitoring, by integrating MRC-certified invalid traffic detection capabilities to enhance traffic governance in its In-App Advertising ecosystem, ensuring ad authenticity and transparency.
- Traffic Governance Framework: The new partnership focuses on improving anomalous behavior detection, high-risk app identification, and real-time risk assessment, enabling advertisers to effectively filter high-risk traffic, thereby reducing media waste and improving ROI.
- Raising Industry Standards: Through the implementation of the Traffic Quality Enhancement Program, BIGO Ads aims to deliver cleaner traffic, minimize the impact of invalid activity, enhance brand safety, and support developers in achieving sustainable ecosystem growth.
- Market Demand Response: As global investment in In-App Advertising continues to rise, BIGO Ads' initiatives not only meet advertisers' demands for high-quality traffic but also drive the industry towards healthier and more sustainable growth.
See More
Analysts Upgrade Earnings Outlook for Communication Services, Angel Studios and Others Rated A+
- Earnings Upgrades: As earnings season approaches, analysts have positively revised earnings expectations for communication services companies, with Angel Studios (ANGX) receiving an A+ EPS Revision Grade, indicating growing market confidence in its near-term performance.
- Strong Small-Cap Performance: EverQuote (EVER), Grindr (GRND), and ZoomInfo Technologies (GTM) also achieved A+ EPS Revision Grades, suggesting that these mid- and small-cap communication services firms possess robust growth potential, likely attracting increased investor interest.
- Increased Market Confidence: IHS Holding (IHS), JOYY (JOYY), and Manchester United (MANU) also received A+ EPS Revision Grades, reflecting analysts' optimistic outlook on their profitability and market performance, which may drive their stock prices higher.
- Positive Industry Outlook: Turkcell Iletisim Hizmetleri (TKC), Uniti Group (UNIT), and Anterix (ATEX) also excelled in EPS Revision Grades, highlighting the growth potential within the communication services sector, presenting investment opportunities for investors to consider.
See More
