SINGAPORE, Nov. 20, 2025 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: JOYY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the third quarter of 2025.

Third Quarter 2025 Financial Highlights 1

  • Net revenues were US$540.2 million, compared with US$558.7 million in the corresponding period of 2024, representing an increase of 6.4% from US$507.8 million in the second quarter of 2025.
    • Live streaming revenues were US$388.5 million, compared with US$439.5 million in the corresponding period of 2024, representing an increase of 3.5% from US$375.4 million in the second quarter of 2025.
    • A dvertising revenues 2 increased by 29.2% to US$112.5 million from US$87.1 million in the corresponding period of 2024 and by 17.1% from US$96.1 million in the second quarter of 2025.
    • Other revenues increased by 22.3% to US$39.2 million from US$32.1 million in the corresponding period of 2024 and by 8.3% from US$36.2 million in the second quarter of 2025.
  • Operating income was US$19.6 million in the third quarter of 2025, representing an increase of 19.1% from US$16.4 million in the corresponding period of 2024 and an increase of 237.3% from US$5.8 million in the second quarter of 2025.
  • Non-GAAP EBITDA 3 was US$50.6 million, representing an increase of 16.8% from US$43.3 million in the corresponding period of 2024 and an increase of 4.9% from US$48.2 million in the second quarter of 2025.
  • Net income from continuing operations attributable to controlling interest of JOYY 4 was US$62.0 million, representing an increase of 2.3% from US$60.6 million in the corresponding period of 2024 and an increase of 1.9% from US$60.8 million in the second quarter of 2025.
  • Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY 5 was US$72.4 million, representing an increase of 18.4% from US$61.2 million in the corresponding period of 2024, compared with US$77.0 million in the second quarter of 2025.
  • Net Cash 6 as of September 30, 2025 was US$3,320.9 million.
  • Net cash from operating activities was US$73.4 million, compared with US$61.1 million in the corresponding period of 2024.

Third Quarter 2025 Business Highlights

Global community ：

  • Global average mobile MAUs 7 reached 266.2 million in the third quarter of 2025, compared with 272.4 million in the corresponding period of 2024. The global average mobile MAUs was up by 1.4% from 262.5 million in the second quarter of 2025.
  • The Company continued to optimize its marketing strategies to focus on return-on-investment and high-value users.

Live streaming ：

  • Live streaming revenues reached US$388.5 million in the third quarter, including US$367.7 million from BIGO, up by 3.5% from the previous quarter, marking the second consecutive quarter of sequential growth.
  • Live streaming revenues grew by 7.6% quarter-over-quarter in Developed Countries and regions and by 4.4% in Southeast Asia and others.
  • Total paying users of BIGO 8 rose by 0.8% quarter-over-quarter to 1.50 million, while ARPPU 9 increased by 3.4% quarter-over-quarter to US$222.6.
  • The Company implemented AI-powered improvements across content distribution and payment experiences. By incorporating richer user behavior touchpoints and optimizing strategies for cross-regional and in-app scenarios in Bigo Live, the Company enhanced viewing experiences and drove users' average viewing time up quarter-over-quarter. Meanwhile, the Company’s real-time translation subtitles now support 15 languages, significantly improving user interactions across different regions. The Company is also using AIGC technology to efficiently generate localized virtual gifts. In October, AI-powered interactive gifts represented 25% of total virtual gift consumption, demonstrating strong user adoption of AI-enhanced features.

Recent Development on Our New Initiatives- Advertising Technology ：

  • Beginning in 2022, the Company ramped up efforts to diversify its revenue stream, cultivating its new initiatives in advertising technology and others. The Company has made steady progress advancing towards its strategic positioning as a global tech company powered by multiple growth engines.
    Total non-live streaming revenues reached US$151.7 million in the third quarter, up by 27.3% year-over-year. In particular, revenues from BIGO Ads reached US$103.9 million in the third quarter, achieving 33.1% year-over-year and 19.7% quarter-over-quarter revenue growth.
  • BIGO Ads is an AI-powered programmatic advertising platform. Launched to provide one-stop marketing and monetization solutions, it leverages deep learning, real-time bidding, and smart bidding models (such as oCPC and ROAS optimization) to enable brands to scale user acquisition and app developers to effectively unlock monetization potentials through connecting premium global demand.
  • The Company has access to a vast traffic pool, comprising its own global average mobile MAU base of 266.2 million, and an extensively expanded network of third-party traffic by seamlessly integrating developer traffic across major channels. In recent quarters, the Company has significantly scaled its third-party Software Development Kit (SDK) network traffic through successful integrations with mediation platforms. The Company’s SDK advertising requests were up by 228% year-over-year and by 29% quarter-over-quarter.
  • Leveraging cross-channel and cross-industry user behavior and attrition data, the Company employs machine learning for predictive modeling, real-time-bidding and automated optimization. In the third quarter, the Company upgraded its IAA D7 ROAS optimization feature. The enhancement enables advertisers to acquire higher-quality users while maintaining strong return efficiency, allowing them to scale budgets with greater confidence.
  • As a result, the average daily advertising revenue of BIGO Ads reached new height, driven by strong advertiser demand across multiple verticals, with number of key cohorts up by 17% quarter-over-quarter and total spending from key cohorts up by 30% quarter-over-quarter.

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “In the third quarter of 2025, we sustained a steady sequential recovery in our live streaming revenues while accelerating top-line growth in our advertising business. Our live streaming revenue was US$388.5 million, increasing by 3.5% quarter-over-quarter, marking our second consecutive quarter of sequential growth, while our non-live streaming revenue was US$151.7 million, increasing by 27.3% year-over-year. Our operating income increased from US$16.4 million to US$19.6 million while our non-GAAP EBITDA reached US$50.6 million, up 16.8% year-over-year, demonstrating our continued operational excellence. We maintained our commitment to shareholder returns, distributing US$147.9 million in cash dividends and repurchasing US$88.6 million worth of shares from January 1, 2025 to November 14, 2025.”

“We made significant progress in advancing our dual growth engine strategy and strengthening synergies within our ecosystem. BIGO Ads achieved approximately 33.1% year-over-year and 19.7% quarter-over-quarter revenue growth, building remarkable momentum through traffic expansion, algorithm optimization and multi-vertical expansion. As we approach 2026, we are positioned for a resumption in year-over-year group-level revenue growth, with our live streaming business expected to return to a steady positive trajectory and our advertising technology and smart commerce SaaS businesses poised to deliver robust revenue growth. We are leveraging the powerful synergies of our integrated ecosystem to strengthen our position as a global technology company, and we remain dedicated to generating sustained long-term value for our shareholders.”

Third Quarter 2025 Financial Results

NET REVENUES

Net revenues were US$540.2 million in the third quarter of 2025, compared with US$558.7 million in the corresponding period of 2024, representing an increase of 6.4% from US$507.8 million in the second quarter of 2025.

Live streaming revenues were US$388.5 million in the third quarter of 2025, compared with US$439.5 million in the corresponding period of 2024, representing an increase of 3.5% from US$375.4 million in the second quarter of 2025. The year-over-year decrease was primarily due to proactive adjustments to the operational strategies and product features to enhance efficiency and compliance. The quarter-over-quarter increase was primarily driven by improved user spending sentiment through a more diversified content ecosystem and effective localized operations.

Advertising revenues increased by 29.2% to US$112.5 million in the third quarter of 2025 from US$87.1 million in the corresponding period of 2024, and an increase of 17.1% from US$96.1 million in the second quarter of 2025. The year-over-year and quarter-over-quarter increases were due to strong performance of BIGO Ads, driven by expansion of traffic, geographic and vertical market diversification, and enhanced algorithm performance that resulted in improved advertisement delivery efficiency and higher advertiser spending.

Other revenues increased by 22.3% to US$39.2 million in the third quarter of 2025 from US$32.1 million in the corresponding period of 2024, and by 8.3% from US$36.2 million in the second quarter of 2025, mainly driven by the continued steady growth of the Company’s smart commerce SaaS business.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues was US$347.1 million in the third quarter of 2025, compared with US$350.5 million in the corresponding period of 2024 and US$322.5 million in the second quarter of 2025. BIGO’s cost of revenues decreased by 1.4% year-over-year to US$308.1 million, and increased by 7.9% from US$285.6 million in the second quarter of 2025. The quarter-over-quarter sequential change was primarily attributable to a US$19.2 million increase in revenue-sharing fees and content costs, resulting from higher traffic acquisition costs paid to third-party partners in relation to the expansion of the Company’s advertising business. All others’ cost of revenues increased by 2.6% year-over-year to US$39.1 million, and by 5.7% from the second quarter of 2025, generally in line with the increase in segment revenue.

Gross profit was US$193.1 million in the third quarter of 2025, compared with US$208.1 million in the corresponding period of 2024 and US$185.2 million in the second quarter of 2025. Gross margin was 35.8% in the third quarter of 2025, compared with 37.3% in the corresponding period of 2024 and 36.5% in the second quarter of 2025.

OPERATING EXPENSES AND INCOME

Operating expenses were US$174.2 million in the third quarter of 2025, compared with US$192.0 million in the same period of 2024 and US$179.8 million in the second quarter of 2025. Among the operating expenses, sales and marketing expenses were US$72.1 million, compared with US$83.5 million in the corresponding period of 2024 and US$71.9 million in the second quarter of 2025, as the Company continued to optimize sales and marketing strategies across various social products, with a stronger focus on return-on-investment and user acquisition efficiency. Research and development expenses were US$63.1 million, compared with US$72.4 million in the corresponding period of 2024 and US$60.1 million in the second quarter of 2025. The year-over-year decrease was mainly attributable to a US$8.2 million decrease in employee compensation and welfare expenses and a US$0.5 million decrease in share-based compensation expenses. This reflects continued prudence and discipline in spending through enhanced resources sharing and operational synergy across different business units, while strategically allocating incremental share of research and development resources towards BIGO Ads. General and administrative expenses were US$39.1 million, compared with US$36.1 million in the corresponding period of 2024 and US$47.9 million in the second quarter of 2025. The quarter-over-quarter decrease was mainly attributable to the US$15.0 million impairment of investments recorded in the previous quarter.

Operating income was US$19.6 million in the third quarter of 2025, representing an increase of 19.1% from US$16.4 million in the corresponding period of 2024 and an increase of 237.3% from US$5.8 million in the second quarter of 2025.

Non-GAAP operating income 10 was US$40.7 million in the third quarter of 2025, representing an increase of 16.6% from US$34.9 million in the corresponding period of 2024 and an increase of 6.1% from US$38.3 million in the second quarter of 2025. Non-GAAP operating income margin 1 1 was 7.5% in the third quarter of 2025, compared with 6.2% in the corresponding period of 2024 and 7.5% in the second quarter of 2025.

Non-GAAP EBITDA was US$50.6 million, compared with US$43.3 million in the corresponding period of 2024 and US$48.2 million in the second quarter of 2025. Non-GAAP EBITDA margin 1 2 was 9.4%, compared with 7.7% in the corresponding period of 2024 and 9.5% in the second quarter of 2025.

NET INCOME

Net income from continuing operations attributable to controlling interest of JOYY was US$62.0 million, representing an increase of 2.3% from US$60.6 million in the corresponding period of 2024 and an increase of 1.9% from US$60.8 million in the second quarter of 2025. Net income margin was 11.5% in the third quarter of 2025, compared with net income margin of 10.8% in the corresponding period of 2024 and 12.0% in the second quarter of 2025.

Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$72.4 million, representing an increase of 18.4% from US$61.2 million in the corresponding period of 2024, compared with US$77.0 million in the second quarter of 2025. Non-GAAP net income margin 1 3 was 13.4% in the third quarter of 2025, compared with non-GAAP net income margin of 10.9% in the corresponding period of 2024 and 15.2% in the second quarter of 2025.

NET INCOME PER ADS

Diluted net income from continuing operations per ADS 14 was US$1.15 in the third quarter of 2025, compared with US$1.05 in the corresponding period of 2024 and US$1.13 in in the second quarter of 2025.

Non-GAAP diluted net income from continuing operations per ADS 15 was US$1.36 in the third quarter of 2025, compared with US$1.07 in the corresponding period of 2024 and US$1.44 in the second quarter of 2025.

BALANCE SHEET AND CASH FLOWS

As of September 30, 2025, the Company had net cash 5 of US$3,320.9 million, compared with US$3,275.9 million as of December 31, 2024. For the third quarter of 2025, net cash from operating activities was US$73.4 million.

SHARES OUTSTANDING

As of September 30, 2025, the Company had a total of 1,019.6 million common shares outstanding, representing the equivalent of 51.0 million ADSs assuming the conversion of all common shares into ADSs.

Business Outlook

For the fourth quarter of 2025, the Company expects net revenues to be between US$563 million and US$578 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from macroeconomic uncertainties.

Share Repurchase Programs

Pursuant to the Company's share repurchase program authorized in March 2025, which is effective till the end of 2027, the Company had repurchased approximately 1.34 million ADSs for an aggregate consideration of US$67.3 million on the open market as of September 30, 2025.

Between September 30 and November 14, 2025, the Company repurchased an additional approximately 0.36 million ADSs, bringing total repurchases to approximately 1.70 million ADSs for an aggregate consideration of US$88.6 million in 2025. The remaining unutilized amount under the authorized share repurchase program was approximately US$211.4 million as of the date of this announcement.

Quarterly Dividend Program

On March 19, 2025, the board of directors authorized a quarterly dividend program from 2025 to 2027, under which a total of approximately US$600 million in cash will be distributed on a quarterly basis over the three-year period. Pursuant to this quarterly dividend program, the board of directors has accordingly declared a dividend of US$0.97 per ADS, or US$0.0483 per common share, for the fourth quarter of 2025, which is expected to be paid on January 13, 2026 to shareholders of record as of the close of business on January 2, 2026. The ex-dividend date will be January 2, 2026.

Conference Call Information

The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Wednesday, November 19, 2025 (10:00 AM Singapore/Hong Kong Time on Thursday, November 20, 2025). Details for the conference call are as follows:

Event Title: JOYY Inc. Third Quarter 2025 Earnings Conference Call

Conference ID: # 10051480

All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10051480-8u6d2a.html

A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com.

The replay will be accessible through November 28, 2025, by dialing the following numbers:

United States: 1-855-883-1031
Singapore: 800-101-3223
Hong Kong: 800-930-639
Conference ID: #10051480

About JOYY Inc.

JOYY (NASDAQ: JOYY) is a leading global technology company with a mission to enrich lives through technology. With a diversified product portfolio spanning live streaming, short-form videos, instant messaging, and emerging initiatives such as advertising and smart commerce SaaS, JOYY has transformed into a dynamic ecosystem powered by AI and data intelligence. Headquartered in Singapore and operating across the globe, JOYY empowers creators, merchants and enterprises worldwide. JOYY’s ADSs have been listed on the NASDAQ since November 2012.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online social entertainment and advertising market; JOYY’s ability to attract and retain users and advertisers; JOYY’s expectations regarding demand for and market acceptances of its products and services; JOYY’s ability to adopt the latest technology to enhance its operations; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating (loss) income, non-GAAP operating income (loss) margin, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on deconsolidation and disposal of subsidiaries and business. Non-GAAP operating income (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations is net income (loss) from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP EBITDA is non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions), and non-GAAP EBITDA margin is non-GAAP EBITDA as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY is net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) from continuing operations attributable to non-controlling interest shareholders. After the non-GAAP adjustment, non-GAAP net income (loss) from continuing operations attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) from continuing operations per ADS is non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses, amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, and interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) from continuing operations attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release.

Investor Relations Contact

JOYY Inc.
Investor Relations
Email: [email protected]

1 The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended September 30, 2024, June 30, 2025 and September 30, 2025 and for the nine months ended September 30, 2024 and September 30, 2025, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment.

2 The Company is presenting advertising revenues as a separate line item in the financial statements in this quarter, to better reflect the performance of its emerging advertising business.

3 Non-GAAP EBITDA is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions). Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

4 Net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders.

5 Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US$10.5 million and US$0.6 million in the third quarter of 2025 and 2024, respectively. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

6 Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments, long-term deposits and held-to-maturity investments, less short-term and long-term loans.

7 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period.

8 The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period.

9 Average revenue per user is calculated by dividing the Company’s total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period.

10 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on deconsolidation and disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

1 1 Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

1 2 Non-GAAP EBITDA margin is a non-GAAP financial measure, which is defined as non-GAAP EBITDA as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

1 3 Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues.

1 4 ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.

1 5 Non-GAAP diluted net income (loss) from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS and per ADS data)
December 31,
September 30,
2024
2025
US$
US$
Assets
Current assets
Cash and cash equivalents 444,761 383,826
Restricted cash and cash equivalents 371,332 24,255
Short-term deposits 1,061,011 304,532
Restricted short-term deposits 20,722 18,597
Short-term investments 288,589 563,058
Accounts receivable, net 121,861 143,753
Amounts due from related parties 467 120
Prepayments and other current assets (1) 247,538 227,777
Assets held for sale - 7,007
Total current assets 2,556,281 1,672,925
Non-current assets
Long-term deposits and held-to-maturity investments 1,124,308 2,043,571
Deferred tax assets 2,563 2,278
Investments 530,685 537,710
Property and equipment, net 499,723 534,556
Land use rights, net 303,115 300,230
Intangible assets, net 277,257 235,650
Right-of-use assets, net 20,457 17,550
Goodwill 2,194,324 2,194,341
Other non-current assets 19,084 9,319
Total non-current assets 4,971,516 5,875,205
Total assets 7,527,797 7,548,130
Liabilities, mezzanine equity and shareholders’ equity
Current liabilities
Short-term loans 34,853 16,900
Accounts payable 84,015 76,541
Deferred revenue 66,813 62,008
Advances from customers 4,031 7,055
Income taxes payable 78,304 56,866
Accrued liabilities and other current liabilities (1) 2,393,923 575,525
Amounts due to related parties 1,378 24,186
Lease liabilities due within one year 10,775 8,675
Total current liabilities 2,674,092 827,756
Non-current liabilities
Lease liabilities 9,948 9,111
Deferred revenue 12,635 9,665
Deferred tax liabilities 47,631 51,802
Total non-current liabilities 70,214 70,578
Total liabilities 2,744,306 898,334


JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
December 31, September 30,
2024
2025
US$ US$
Mezzanine equity 23,733 24,933
Shareholders’ equity
Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,317,840,464 shares issued and 714,663,197 shares outstanding as of December 31, 2024; 1,306,734,444 shares issued and 693,061,124 shares outstanding as of September 30, 2025, respectively) 7 7
Class B common shares (US$0.00001 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively) 3 3
Treasury shares (US$0.00001 par value; 603,177,267 and 613,673,320 shares held as of December 31, 2024 and September 30, 2025, respectively) (1,223,186 ) (1,238,309 )
Additional paid-in capital 3,345,536 3,309,785
Statutory reserves 40,500 36,148
Retained earnings 2,796,745 4,696,266
Accumulated other comprehensive loss (247,615 ) (216,982 )
Total JOYY Inc.’s shareholders’ equity 4,711,990 6,586,918
Non-controlling interests 47,768 37,945
Total shareholders’ equity 4,759,758 6,624,863
Total liabilities, mezzanine equity and shareholders’ equity 7,527,797 7,548,130
(1) JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits. Correspondingly, the advanced payments received have been recorded as accrued liabilities and other current liabilities on the Company’s consolidated balance sheet as of December 31, 2024. On February 25, 2025, the Company entered into agreements with Baidu and closed the sale of YY Live to Baidu.


JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS and per ADS data)
Three Months Ended Nine Months Ended
September
30, 		June
30, 		September
30, 		September
30, 		September
30,
2024
2025
2025
2024
2025
US$ US$ US$ US$ US$
Net revenues
Live streaming (1) 439,482 375,409 388,474 1,365,603 1,135,231
Advertising 87,107 96,125 112,516 233,443 297,288
Others 32,065 36,226 39,231 89,296 109,813
Total net revenues 558,654 507,760 540,221 1,688,342 1,542,332
Cost of revenues (2) (350,536 ) (322,515 ) (347,090 ) (1,085,922 ) (985,341 )
Gross profit 208,118 185,245 193,131 602,420 556,991
Operating expenses (2)
Research and development expenses (72,360 ) (60,075 ) (63,094 ) (211,255 ) (185,595 )
Sales and marketing expenses (83,524 ) (71,852 ) (72,072 ) (266,294 ) (216,055 )
General and administrative expenses (36,073 ) (47,922 ) (39,050 ) (108,502 ) (119,662 )
Total operating expenses (191,957 ) (179,849 ) (174,216 ) (586,051 ) (521,312 )
Gain on disposal of subsidiary - - - 1,643 -
Other income 255 400 637 4,216 1,876
Operating income 16,416 5,796 19,552 22,228 37,555
Interest expenses (535 ) (151 ) (97 ) (4,535 ) (354 )
Interest income and investment income 41,067 40,799 41,548 136,696 121,734
Foreign currency exchange (losses) gains, net (10,742 ) 1,191 (6,370 ) (8,849 ) (5,940 )
Gain on fair value change of investments 9,281 17,633 4,102 9,647 22,440
Income before income tax expenses 55,487 65,268 58,735 155,187 175,435
Income tax expenses (6,279 ) (6,066 ) (3,784 ) (13,444 ) (15,061 )
Income before share of income (loss) in equity method investments, net of income taxes 49,208 59,202 54,951 141,743 160,374
Share of income (loss) in equity method investments, net of income taxes 6,746 (1,176 ) 4,236 2,156 (258 )
Net income from continuing operations 55,954 58,026 59,187 143,899 160,116
Gain on disposal of YY Live (3) - - - - 1,875,921
Net income 55,954 58,026 59,187 143,899 2,036,037
Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders 4,603 2,799 2,773 14,010 8,071
Net income attributable to controlling interest of JOYY Inc. 60,557 60,825 61,960 157,909 2,044,108
Including ：
Net income from continuing operations attributable to controlling interest of JOYY Inc. 60,557 60,825 61,960 157,909 168,187
Gain on disposal of YY Live (3) - - - - 1,875,921
Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value (347 ) (347 ) (347 ) (1,041 ) (1,041 )
Net income attributable to common shareholders of JOYY Inc. 60,210 60,478 61,613 156,868 2,043,067
Including ：
Net income from continuing operations attributable to common shareholders of JOYY Inc. 60,210 60,478 61,613 156,868 167,146
Gain on disposal of YY Live (3) - - - - 1,875,921


JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
Three Months Ended
Nine Months Ended
September
30, 		June
30,
September
30,
September
30,
September
30,
2024
2025
2025
2024
2025
US$ US$
US$
US$
US$
Net income per ADS
——Basic 1.06 1.15 1.17 2.65 38.64
Continuing operations 1.06 1.15 1.17 2.65 3.16
Discontinued operations - - - - 35.48
——Diluted 1.05 1.13 1.15 2.55 38.20
Continuing operations 1.05 1.13 1.15 2.55 3.13
Discontinued operations - - - - 35.07
Weighted average number of ADS used in calculating net income per ADS
——Basic 56,573,411 52,788,040 52,557,478 59,287,792 52,877,958
——Diluted 57,220,581 53,353,026 53,354,913 62,803,046 53,484,775
(1)    Revenues by geographical areas were as follows:
Three Months Ended
Nine Months Ended
September
30, 		June
30,
September
30,
September
30,
September
30,
2024
2025
2025
2024
2025
US$ US$
US$
US$
US$
Developed countries and regions 306,633 291,145 325,027 903,768 893,787
Middle East 77,152 61,268 57,404 240,140 185,323
Mainland China 57,952 51,291 49,229 180,357 148,905
Southeast Asia and others 116,917 104,056 108,561 364,077 314,317
Note: Developed countries and region mainly included the United States of America, Singapore, Japan, South Korea and Great Britain. Middle East mainly included Saudi Arabia and other countries located in the region. Southeast Asia and others mainly included Indonesia, Vietnam and rest of the world.
(2)    Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended
Nine Months Ended
September
30, 		June
30,
September
30,
September
30,
September
30,
2024
2025
2025
2024
2025
US$ US$
US$
US$
US$
Cost of revenues (16 ) 677 1,416 1,425 2,728
Research and development expenses 2,960 1,605 2,444 9,634 6,187
Sales and marketing expenses 193 255 326 432 810
General and administrative expenses 1,778 1,430 3,372 5,903 7,037
(3)    Gain from disposal of YY Live amounted to approximately US$1.9 billion, which was reported as part of the net income from discontinued operations in the first quarter of 2025.


JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS and per ADS data)
Three Months Ended Nine Months Ended
September
30, 		June
30, 		September
30, 		September
30, 		September
30,
2024
2025
2025
2024
2025
US$ US$ US$ US$ US$
Operating income 16,416 5,796 19,552 22,228 37,555
Share-based compensation expenses 4,915 3,967 7,558 17,394 16,762
Amortization of intangible assets from business acquisitions 13,540 13,540 13,540 42,262 40,620
Impairment of investments - 15,000 - 9,386 15,000
Gain on disposal of subsidiary - - - (1,643 ) -
Non-GAAP operating income 34,871 38,303 40,650 89,627 109,937
Depreciation and other amortization 8,419 9,891 9,905 25,807 29,198
Non-GAAP EBITDA 43,290 48,194 50,555 115,434 139,135
Net income from continuing operations 55,954 58,026 59,187 143,899 160,116
Share-based compensation expenses 4,915 3,967 7,558 17,394 16,762
Amortization of intangible assets from business acquisitions 13,540 13,540 13,540 42,262 40,620
Impairment of investments - 15,000 - 9,386 15,000
Gain on disposal of subsidiary - - - (1,643 ) -
Gain on fair value change of investments (9,281 ) (17,633 ) (4,102 ) (9,647 ) (22,440 )
Interest expenses related to the convertible bonds’ amortization to face value - - - 435 -
Income tax effects on non-GAAP adjustments (1,574 ) 913 (1,930 ) (5,679 ) (2,421 )
Reconciling items on the share of equity method investments (6,167 ) 1,034 (4,111 ) (5,433 ) (1,190 )
Non-GAAP net income from continuing operations 57,387 74,847 70,142 190,974 206,447
Net income from continuing operations attributable to common shareholders of JOYY Inc. 60,210 60,478 61,613 156,868 167,146
Share-based compensation expenses 4,915 3,967 7,558 17,394 16,762
Amortization of intangible assets from business acquisitions 13,540 13,540 13,540 42,262 40,620
Impairment of investments - 15,000 - 9,386 15,000
Gain on disposal of subsidiary - - - (1,643 ) -
Gain on fair value change of investments (9,281 ) (17,633 ) (4,102 ) (9,647 ) (22,440 )
Interest expenses related to the convertible bonds’ amortization to face value - - - 435 -
Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders 347 347 347 1,041 1,041
Income tax effects on non-GAAP adjustments (1,574 ) 913 (1,930 ) (5,679 ) (2,421 )
Reconciling items on the share of equity method investments (6,167 ) 1,034 (4,111 ) (5,433 ) (1,190 )
Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders (819 ) (690 ) (492 ) (2,574 ) (1,943 )
Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc. 61,171 76,956 72,423 202,410 212,575
Non-GAAP net income from continuing operations per ADS
——Basic 1.08 1.46 1.38 3.41 4.02
——Diluted 1.07 1.44 1.36 3.26 3.97
Weighted average number of ADS used in calculating Non-GAAP net income from continuing operations per ADS
——Basic 56,573,411 52,788,040 52,557,478 59,287,792 52,877,958
——Diluted 57,220,581 53,353,026 53,354,913 62,803,046 53,484,775


JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
Three Months Ended
September 30, 2025
BIGO All other Elimination (1) Total
US$ US$ US$ US$
Net revenues
Live streaming 367,744 20,730 - 388,474
Advertising 103,942 8,574 - 112,516
Others 749 38,785 (303 ) 39,231
Total net revenues 472,435 68,089 (303 ) 540,221
Cost of revenues (2) (308,107 ) (39,051 ) 68 (347,090 )
Gross profit 164,328 29,038 (235 ) 193,131
Operating expenses (2)
Research and development expenses (40,950 ) (22,331 ) 187 (63,094 )
Sales and marketing expenses (51,832 ) (20,263 ) 23 (72,072 )
General and administrative expenses (18,385 ) (20,690 ) 25 (39,050 )
Total operating expenses (111,167 ) (63,284 ) 235 (174,216 )
Other income 270 367 - 637
Operating income (loss) 53,431 (33,879 ) - 19,552
Interest expenses (826 ) (22 ) 751 (97 )
Interest income and investment income 14,305 27,994 (751 ) 41,548
Foreign currency exchange losses, net (6,085 ) (285 ) - (6,370 )
Gain on fair value change of investments 91 4,011 - 4,102
Income (loss) before income tax (expenses) benefits 60,916 (2,181 ) - 58,735
Income tax (expenses) benefits (5,626 ) 1,842 - (3,784 )
Income (loss) before share of income in equity method investments, net of income taxes 55,290 (339 ) - 54,951
Share of income in equity method investments, net of income taxes - 4,236 - 4,236
Net income from continuing operations 55,290 3,897 - 59,187


(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended
September 30, 2025
BIGO
All other
Total
US$
US$
US$
Cost of revenues 1,230 186 1,416
Research and development expenses 1,903 541 2,444
Sales and marketing expenses 259 67 326
General and administrative expenses 390 2,982 3,372


JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
Three Months Ended
September 30, 2025
BIGO All other Total
US$ US$ US$
Operating income (loss) 53,431 (33,879 ) 19,552
Share-based compensation expenses 3,782 3,776 7,558
Amortization of intangible assets from business acquisitions 8,950 4,590 13,540
Non-GAAP operating income (loss) 66,163 (25,513 ) 40,650
Depreciation and other amortization 4,574 5,331 9,905
Non-GAAP EBITDA 70,737 (20,182 ) 50,555
Net income from continuing operations 55,290 3,897 59,187
Share-based compensation expenses 3,782 3,776 7,558
Amortization of intangible assets from business acquisitions 8,950 4,590 13,540
Gain on fair value change of investments (91 ) (4,011 ) (4,102 )
Income tax effects on non-GAAP adjustments (763 ) (1,167 ) (1,930 )
Reconciling items on the share of equity method investments - (4,111 ) (4,111 )
Non-GAAP net income from continuing operations 67,168 2,974 70,142


JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
Three Months Ended
June 30, 2025
BIGO All other Elimination (1) Total
US$ US$ US$ US$
Net revenues
Live streaming 355,318 20,091 - 375,409
Advertising 86,801 9,324 - 96,125
Others 614 35,909 (297 ) 36,226
Total net revenues 442,733 65,324 (297 ) 507,760
Cost of revenues (2) (285,645 ) (36,933 ) 63 (322,515 )
Gross profit 157,088 28,391 (234 ) 185,245
Operating expenses (2)
Research and development expenses (37,427 ) (22,825 ) 177 (60,075 )
Sales and marketing expenses (51,990 ) (19,883 ) 21 (71,852 )
General and administrative expenses (16,057 ) (31,901 ) 36 (47,922 )
Total operating expenses (105,474 ) (74,609 ) 234 (179,849 )
Other income 56 344 - 400
Operating income (loss) 51,670 (45,874 ) - 5,796
Interest expenses (821 ) (77 ) 747 (151 )
Interest income and investment income 14,220 27,326 (747 ) 40,799
Foreign currency exchange gains, net 947 244 - 1,191
Gain on fair value change of investments 822 16,811 - 17,633
Income (loss) before income tax expenses 66,838 (1,570 ) - 65,268
Income tax expenses (5,124 ) (942 ) - (6,066 )
Income (loss) before share of loss in equity method investments, net of income taxes 61,714 (2,512 ) - 59,202
Share of loss in equity method investments, net of income taxes - (1,176 ) - (1,176 )
Net income (loss) from continuing operations 61,714 (3,688 ) - 58,026


(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended
June 30, 2025
BIGO
All other
Total
US$
US$
US$
Cost of revenues 440 237 677
Research and development expenses 520 1,085 1,605
Sales and marketing expenses 95 160 255
General and administrative expenses 289 1,141 1,430


JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
Three Months Ended
June 30, 2025
BIGO All other Total
US$ US$ US$
Operating income (loss) 51,670 (45,874 ) 5,796
Share-based compensation expenses 1,344 2,623 3,967
Amortization of intangible assets from business acquisitions 8,950 4,590 13,540
Impairment of investments - 15,000 15,000
Non-GAAP operating income (loss) 61,964 (23,661 ) 38,303
Depreciation and other amortization 4,629 5,262 9,891
Non-GAAP EBITDA 66,593 (18,399 ) 48,194
Net income (loss) from continuing operations 61,714 (3,688 ) 58,026
Share-based compensation expenses 1,344 2,623 3,967
Amortization of intangible assets from business acquisitions 8,950 4,590 13,540
Impairment of investments - 15,000 15,000
Gain on fair value change of investments (822 ) (16,811 ) (17,633 )
Income tax effects on non-GAAP adjustments (638 ) 1,551 913
Reconciling items on the share of equity method investments - 1,034 1,034
Non-GAAP net income from continuing operations 70,548 4,299 74,847


JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
Three Months Ended
September 30, 2024
BIGO All other Elimination (1) Total
US$ US$ US$ US$
Net revenues
Live streaming 417,762 21,720 - 439,482
Advertising 78,083 9,024 - 87,107
Others 164 32,293 (392 ) 32,065
Total net revenues 496,009 63,037 (392 ) 558,654
Cost of revenues (2) (312,561 ) (38,050 ) 75 (350,536 )
Gross profit 183,448 24,987 (317 ) 208,118
Operating expenses (2)
Research and development expenses (44,884 ) (27,702 ) 226 (72,360 )
Sales and marketing expenses (61,582 ) (21,968 ) 26 (83,524 )
General and administrative expenses (14,249 ) (21,889 ) 65 (36,073 )
Total operating expenses (120,715 ) (71,559 ) 317 (191,957 )
Other income 6 249 - 255
Operating income (loss) 62,739 (46,323 ) - 16,416
Interest expenses (1,335 ) (117 ) 917 (535 )
Interest income and investment income 13,107 28,877 (917 ) 41,067
Foreign currency exchange losses, net (10,290 ) (452 ) - (10,742 )
Gain on fair value change of investments 5,466 3,815 - 9,281
Income (loss) before income tax (expenses) benefits 69,687 (14,200 ) - 55,487
Income tax (expenses) benefits (6,408 ) 129 - (6,279 )
Income (loss) before share of income in equity method investments, net of income taxes 63,279 (14,071 ) - 49,208
Share of income in equity method investments, net of income taxes - 6,746 - 6,746
Net income (loss) from continuing operations 63,279 (7,325 ) - 55,954


(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended
September 30, 2024
BIGO All other
Total
US$ US$
US$
Cost of revenues (261 ) 245 (16 )
Research and development expenses 1,571 1,389 2,960
Sales and marketing expenses 39 154 193
General and administrative expenses (186 ) 1,964 1,778


JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)
Three Months Ended
September 30, 2024
BIGO All other Total
US$ US$ US$
Operating income (loss) 62,739 (46,323 ) 16,416
Share-based compensation expenses 1,163 3,752 4,915
Amortization of intangible assets from business acquisitions 8,950 4,590 13,540
Non-GAAP operating income (loss) 72,852 (37,981 ) 34,871
Depreciation and other amortization 3,272 5,147 8,419
Non-GAAP EBITDA 76,124 (32,834 ) 43,290
Net income (loss) from continuing operations 63,279 (7,325 ) 55,954
Share-based compensation expenses 1,163 3,752 4,915
Amortization of intangible assets from business acquisitions 8,950 4,590 13,540
Gain on fair value change of investments (5,466 ) (3,815 ) (9,281 )
Income tax effects on non-GAAP adjustments (778 ) (796 ) (1,574 )
Reconciling items on the share of equity method investments - (6,167 ) (6,167 )
Non-GAAP net income (loss) from continuing operations 67,148 (9,761 ) 57,387