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Mar 31
JOYY Q1 2025 Earnings Report
JOYY delivered stable net income and strong growth in its non-livestreaming business during Q1 2025.
Key Takeaways
JOYY posted $494.4M in revenue and $45.4M in net income. Non-livestreaming revenue surged, while global MAUs declined slightly due to strategic marketing adjustments.
Net income from continuing operations remained steady at $45.4M.
Non-livestreaming revenue grew 25.3% YoY to $123.0M.
Operating income rose 244.5% YoY to $12.2M.
Global MAUs declined to 260.4M due to reduced ad spending.
JOYY
JOYY
JOYY Revenue by Segment
JOYY Revenue by Geographic Location
Revenue by Segment
Live streaming Revenue
CapyFin.comOther revenues Revenue
CapyFin.comRevenue by Geographic Location
Developed countries Revenue
CapyFin.comMiddle East Revenue
CapyFin.comMainland China Revenue
CapyFin.comSE Asia & Others Revenue
CapyFin.com Forward Guidance
JOYY expects Q2 2025 revenue to range between $499M and $519M amid macroeconomic uncertainties.
Positive Outlook
- Revenue guidance up to $519M for Q2 2025
- Strong momentum in non-livestreaming (BIGO Ads)
- Increased gross margin to 36.1%
- Disciplined cost control measures
- AI-driven ad targeting improvements
Challenges Ahead
- Decline in global MAUs
- Lower ARPPU from BIGO
- Reduced number of paying users
- Continued weakness in Middle East and China
- Macroeconomic uncertainty remains a risk
Revenue & Expenses
Visualization of income flow from segment revenue to net income