JOYY Reports Q4 Adjusted EBITDA of $50.6M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 hours ago
0mins
Should l Buy JOYY?
Reports Q4 adjusted EBITDA $50.6M vs. $55.7M last year. Global average mobile MAUs7 reached 272.1 million in the fourth quarter of 2025, up by 3.4% from 263.1 million in the corresponding period of 2024 and up by 2.2% from 266.2 million in the third quarter of 2025. The Company continued to optimize its marketing strategies to focus on return on investment and high-value users. Ms. Ting Li, CEO, commented, "We closed 2025 on a strong note, with fourth-quarter total revenues of $581.9 million, up by 5.9% year over year and 7.7% quarter over quarter, our first year-over-year revenue growth since the second half of 2024. This signals a pivotal moment in our topline trajectory and our strategic transformation. Our live streaming business delivered its third consecutive quarter of sequential revenue recovery, with revenues showing a 1.5% quarter-over-quarter increase. Meanwhile, our advertising business demonstrated remarkable momentum, with BIGO Ads revenues reaching $128.1 million, representing a 61.5% year-over-year increase and a 23.3% quarter-over-quarter increase. Looking back at the full year of 2025, we made meaningful progress in shaping our strategic framework as a global technology company with multiple, synergistic growth engines. Driven by broader traffic coverage, multi-vertical advertiser expansion, and ongoing algorithm optimization, BIGO Ads achieved a 38.5% year-over-year revenue growth in 2025, with its third-party advertising revenues, Audience Network, accelerating to 56.3% year-over-year revenue growth. Operating cash flow remained robust, and we returned US$332.0 million to shareholders through share repurchases and dividends throughout 2025. As we look ahead, we believe 2026 will be a landmark year for JOYY, marking the resolute beginning of our renewed growth journey. With our social entertainment business serving as the cornerstone of profitability and cash flow, and BIGO Ads and Shopline fueling our next stage of growth, we believe we are well-positioned for sustainable and profitable growth. Leveraging our integrated ecosystem, we remain committed to strengthening JOYY's position and delivering sustainable long-term value for our shareholders."
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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.
JOYY Reports Q4 2025 Financial Results with Revenue Growth
- 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 Reports Significant Revenue Growth in 2025 Financial Results
- Revenue Growth Resurgence: In Q4 2025, JOYY reported total revenue of $581.9 million, reflecting a 7.7% quarter-over-quarter increase and a 5.9% year-over-year growth, indicating a recovery in market demand and the stability of the company's operations.
- Livestreaming and Ad Revenue Boost: Livestreaming revenue reached $394.4 million, up 1.5% quarter-over-quarter, while BIGO Ads revenue surged 61.5% year-over-year to $128.1 million, demonstrating significant progress in diversifying revenue streams and enhancing overall profitability.
- Sustained Profitability Improvement: For 2025, JOYY's non-GAAP operating income and EBITDA stood at $150.8 million and $189.8 million, respectively, both showing over 10% year-over-year growth, reflecting successful cost control and operational efficiency, further solidifying its market position.
- Shareholder Return Program Execution: JOYY announced a shareholder return program of approximately $900 million through dividends and share repurchases from 2025 to 2027, with $67.4 million in stock repurchases completed in 2025, highlighting the company's commitment to shareholder value and confidence in future growth.
See More
JOYY Reports Significant Revenue Growth in 2025 Financial Results
- Revenue Growth Resurgence: In Q4 2025, JOYY reported total revenue of $581.9 million, reflecting a 7.7% quarter-over-quarter and 5.9% year-over-year increase, marking a significant recovery in revenue growth and indicating a resurgence in market demand and business stability.
- Sustained Growth in Livestreaming: Livestreaming revenue reached $394.4 million in Q4, up 1.5% sequentially, representing the third consecutive quarter of growth, which underscores the steady recovery of JOYY's core social entertainment business and enhances its competitive position in the market.
- Accelerated Advertising Revenue: BIGO Ads generated $128.1 million in revenue in Q4 2025, a remarkable 61.5% increase year-over-year, showcasing the robust growth of the advertising segment and reflecting the success of the company's expansion and optimization strategies in the ad market.
- Shareholder Return Program: JOYY has announced a shareholder return program of approximately $900 million through dividends and share repurchases from 2025 to 2027, having already distributed about $332 million in 2025, demonstrating the company's commitment to shareholder value and effective cash flow management.
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
JOYY Reports Q4 2025 Financial Results with Revenue Growth
- 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 Reports Significant Revenue Growth in 2025 Financial Results
- Revenue Growth Resurgence: In Q4 2025, JOYY reported total revenue of $581.9 million, reflecting a 7.7% quarter-over-quarter increase and a 5.9% year-over-year growth, indicating a recovery in market demand and the stability of the company's operations.
- Livestreaming and Ad Revenue Boost: Livestreaming revenue reached $394.4 million, up 1.5% quarter-over-quarter, while BIGO Ads revenue surged 61.5% year-over-year to $128.1 million, demonstrating significant progress in diversifying revenue streams and enhancing overall profitability.
- Sustained Profitability Improvement: For 2025, JOYY's non-GAAP operating income and EBITDA stood at $150.8 million and $189.8 million, respectively, both showing over 10% year-over-year growth, reflecting successful cost control and operational efficiency, further solidifying its market position.
- Shareholder Return Program Execution: JOYY announced a shareholder return program of approximately $900 million through dividends and share repurchases from 2025 to 2027, with $67.4 million in stock repurchases completed in 2025, highlighting the company's commitment to shareholder value and confidence in future growth.
See More
JOYY Reports Significant Revenue Growth in 2025 Financial Results
- Revenue Growth Resurgence: In Q4 2025, JOYY reported total revenue of $581.9 million, reflecting a 7.7% quarter-over-quarter and 5.9% year-over-year increase, marking a significant recovery in revenue growth and indicating a resurgence in market demand and business stability.
- Sustained Growth in Livestreaming: Livestreaming revenue reached $394.4 million in Q4, up 1.5% sequentially, representing the third consecutive quarter of growth, which underscores the steady recovery of JOYY's core social entertainment business and enhances its competitive position in the market.
- Accelerated Advertising Revenue: BIGO Ads generated $128.1 million in revenue in Q4 2025, a remarkable 61.5% increase year-over-year, showcasing the robust growth of the advertising segment and reflecting the success of the company's expansion and optimization strategies in the ad market.
- Shareholder Return Program: JOYY has announced a shareholder return program of approximately $900 million through dividends and share repurchases from 2025 to 2027, having already distributed about $332 million in 2025, demonstrating the company's commitment to shareholder value and effective cash flow management.
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
