NASDAQ$JOYY
JOYY Inc.-ADR · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
JOYY returns to revenue growth as BIGO Ads surges 62% and live streaming stabilizes
JOYY reported Q4 2025 net revenues of $581.9 million, up 5.9% year over year and 7.7% sequentially, marking its first YoY revenue growth since H2 2024. Live streaming revenue was $394.4 million (up 1.5% QoQ), while advertising revenue jumped 62.4% YoY to $145.4 million; BIGO Ads alone reached $128.1 million. Operating income was $18.3 million versus a $427.9 million loss a year ago when goodwill impairment hit results. Net income from continuing operations was $54.3 million (diluted EPS $1.03; non-GAAP EPS $1.34). Full-year 2025 revenue was $2.12 billion with net income of $222.5 million. Net cash stood at $3.26 billion; the company returned $332 million via buybacks and dividends in 2025 and declared a $1.38/ADS dividend for Q1 2026. Q1 2026 revenue guidance is $538–548 million.
- Q4 net revenue of $581.9M (+5.9% YoY) was the first year-over-year growth since H2 2024, driven by advertising and sequential live-stream recovery.
- BIGO Ads revenue hit $128.1M in Q4 (+61.5% YoY, +23.3% QoQ); Audience Network grew 82.5% YoY as non-live revenues reached 32.2% of total.
- Live streaming revenue rose 1.5% QoQ to $394.4M with BIGO paying users at 1.54M and ARPPU of $222.8; global mobile MAUs reached 272.1M.
- Full-year 2025 net income was $222.5M on $2.12B revenue; non-GAAP diluted EPS was $5.31 versus $4.15 GAAP.
- Capital returns remain active: $332M returned in 2025, $140M buyback authorization remaining, plus $1.38/ADS aggregate dividend declared for Q1 2026.
Headline financials
Revenue & EPS history
JOYY · Revenue · Quarterly
$582M
Revenue by segment
JOYY · $582M total across 3 segments · Q4 2025
- Live streaming$394M—67.8%
- Advertising$145M—25.0%
- Other (primarily advertising)$42.1M—7.2%
Forward guidance
For Q1 2026, JOYY expects net revenues of $538–548 million, reflecting current market conditions and potential macro uncertainty.
Tailwinds
- Advertising momentum and live-streaming stabilization support renewed growth trajectory into 2026.
- Strong net cash position of $3.26B and ongoing shareholder returns via dividends and buybacks.
Headwinds
- Guidance range implies potential sequential decline from Q4 2025 levels.
- Management flagged macroeconomic uncertainties as a risk to the outlook.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2025
+0.7%
Avg return
Earnings day
+1.4%
Avg return
5 days after
+3.2%
Avg return
30 days after
53%
29 / 55 earnings
Positive
+72.5%
Q4 2021
Best reaction
-14.9%
Q2 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | +0.1% | -0.6% | -1.8% | |
| Q3 2025 | +6.4% | +7.7% | +8.7% | |
| Q2 2025 | +3.8% | +4.9% | +13.6% | |
| Q1 2025 | +4.3% | +3.2% | +10.2% | |
| Q4 2024 | -12.1% | -10.3% | -16.4% | |
| Q3 2024 | +11.4% | +21.0% | +20.7% | |
| Q2 2024 | +2.7% | +2.1% | +11.7% | |
| Q1 2024 | -3.7% | -8.2% | -7.8% | |
| Q4 2023 | -2.4% | -4.8% | -0.2% | |
| Q3 2023 | -2.1% | -4.7% | +1.2% | |
| Q2 2023 | +2.8% | +4.8% | +15.9% | |
| Q1 2023 | -12.1% | +2.0% | +7.1% | |
| Q4 2022 | +1.9% | +6.1% | +7.4% | |
| Q3 2022 | +10.3% | +10.1% | +17.4% | |
| Q2 2022 | -13.5% | -10.5% | -19.4% | |
| Q1 2022 | -12.5% | -13.5% | -25.6% | |
| Q4 2021 | +72.5% | +74.6% | +61.6% | |
| Q3 2021 | -1.6% | +1.4% | -11.0% | |
| Q2 2021 | +11.8% | +21.3% | +35.2% | |
| Q1 2021 | -9.4% | -11.0% | -16.8% | |
| Q4 2020 | -11.3% | -11.7% | -8.6% | |
| Q3 2020 | +6.4% | -9.5% | -12.7% | |
| Q2 2020 | +6.9% | +5.2% | -3.5% | |
| Q1 2020 | +0.5% | -11.6% | +54.0% | |
| Q4 2019 | -2.6% | -17.1% | +14.3% | |
| Q3 2019 | -3.9% | -5.4% | -12.9% | |
| Q2 2019 | +3.1% | +5.5% | +15.3% | |
| Q1 2019 | +4.5% | +6.8% | +7.7% | |
| Q4 2018 | +14.9% | +7.1% | +24.4% | |
| Q3 2018 | -6.8% | +4.8% | +1.2% | |
| Q2 2018 | -14.9% | -17.1% | -19.6% | |
| Q1 2018 | -12.7% | -9.0% | -21.7% | |
| Q4 2017 | -11.2% | -10.3% | -22.8% | |
| Q3 2017 | +22.9% | +18.4% | +19.5% | |
| Q2 2017 | +1.2% | -6.2% | +0.1% | |
| Q1 2017 | -1.8% | +0.7% | +7.1% | |
| Q4 2016 | -3.6% | +4.5% | -9.9% | |
| Q3 2016 | +0.9% | +3.9% | -4.6% | |
| Q2 2016 | +4.4% | +3.6% | +12.1% | |
| Q1 2016 | +1.2% | -1.5% | -22.2% | |
| Q4 2015 | -0.1% | — | — | |
| Q3 2015 | -0.7% | — | — | |
| Q2 2015 | +0.4% | — | — | |
| Q1 2015 | -7.4% | — | — | |
| Q4 2014 | +12.3% | — | — | |
| Q3 2014 | -3.5% | — | — | |
| Q2 2014 | +8.1% | — | — | |
| Q1 2014 | -6.3% | — | — | |
| Q4 2013 | +2.9% | — | — | |
| Q3 2013 | -11.4% | — | — | |
| Q2 2013 | -4.3% | — | — | |
| Q1 2013 | +3.9% | — | — | |
| Q4 2011 | +0.1% | — | — | |
| Q4 2010 | +0.1% | — | — | |
| Q4 2012 | -13.2% | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q3 2011 | — | — | — |
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