Joyy(JOYY.US)Q4 revenue increased by 6%, exceeding expectations. BIGO Ads revenue surged by 61.5%.

Joyy Inc. (JOYY.US) announced its unaudited financial results for Q4 2025 and the full year today. The data shows the company’s revenue for Q4 was $581.9 million, exceeding market expectations, up 5.9% from $519.4 million in the same period of 2024, and up 7.7% from $540.2 million in Q3 2025.

Live streaming revenue was $394.4 million, compared to $422.4 million in the same period of 2024, and increased 1.5% from $388.5 million in Q3 2025.

Advertising revenue grew 62.4% year-over-year to $145.4 million, from $89.6 million in the same period of 2024; it also increased 29.3% from $112.5 million in Q3 2025.

Other income rose 12.3% year-over-year to $42.1 million, from $39.2 million in Q3 2025.

Operating income was $18.3 million, compared to an operating loss of $427.9 million in the same period of 2024, and Q3 2025 operating income was $19.6 million.

Non-GAAP EBITDA was $50.6 million, compared to $55.7 million in the same period of 2024, and $50.6 million in Q3 2025.

Net profit attributable to Joyy Holdings’ shareholders from continuing operations was $54.3 million, compared to a net loss of $304.1 million in the same period of 2024, and net income of $62 million in Q3 2025.

Non-GAAP net income attributable to controlling and common shareholders from continuing operations was $70.3 million, compared to $96.1 million in the same period of 2024, and $72.4 million in Q3 2025.

As of December 31, 2025, net cash was $3.258 billion. Net cash flow from operating activities was $116 million, compared to $110.5 million in the same period of 2024.

In Q4 2025, the global average monthly active users on mobile reached 272.1 million, a 3.4% increase from 263.1 million in the same period of 2024, and a 2.2% increase from 266.2 million in Q3 2025. The company continues to optimize its market strategies, focusing on return on investment (ROI) and high-value users.

Live streaming revenue in Q4 was $394.4 million, with the BIGO segment contributing $371.8 million, a 1.1% quarter-over-quarter increase, marking the third consecutive quarter of sequential growth. Regionally, live streaming revenue from developed countries and regions increased 3.4% quarter-over-quarter.

The total paid users in the BIGO segment increased 1.5% quarter-over-quarter to 1.54 million, with average revenue per paying user (ARPPU) slightly increasing to $222.8.

Meanwhile, advertising technology has become a new growth engine. Since 2022, Joyy has been actively pursuing revenue diversification strategies, cultivating new businesses centered around advertising technology. The company is steadily advancing its strategic transformation, aiming to become a global tech company driven by multiple growth engines.

Latest financial data shows the company’s revenue structure continues to optimize. In Q4, non-live streaming revenue reached $187.5 million, a 47.6% year-over-year increase, accounting for 32.2% of total net revenue, up from 23.1% in the same period of 2024.

In Q4, BIGO Ads total revenue grew 61.5% year-over-year and 23.3% quarter-over-quarter to $128.1 million.

Looking ahead, the company expects net revenue for Q1 2026 to be between $538 million and $548 million.