JOYY Inc. has announced its unaudited financial results for the fourth quarter and full year of 2025. The company reported Q4 revenue of $581.9 million, surpassing market expectations. This represents a 5.9% increase compared to $549.4 million in the same period of 2024 and a 7.7% increase from $540.2 million in the third quarter of 2025.

Live streaming revenue was $394.4 million, compared to $422.4 million in Q4 2024, and increased 1.5% from $388.5 million in Q3 2025. Advertising revenue grew significantly by 62.4% year-over-year to $145.4 million, up from $89.6 million in the prior-year period. Sequentially, advertising revenue increased 29.3% from $112.5 million in the previous quarter. Other revenue rose 12.3% year-over-year to $42.1 million, and increased 7.2% from $39.2 million in Q3 2025.

The company reported operating income of $18.3 million, a notable improvement from an operating loss of $427.9 million in Q4 2024. Operating income was $19.6 million in the preceding quarter. Non-GAAP EBITDA was $50.6 million, compared to $55.7 million a year ago and $50.6 million in Q3 2025.

Net income from continuing operations attributable to JOYY controlling shareholders was $54.3 million, a strong recovery from a net loss of $304.1 million in the same quarter of 2024. Net income was $62.0 million in the third quarter. Non-GAAP net income from continuing operations attributable to controlling and ordinary shareholders was $70.3 million, compared to $96.1 million a year earlier and $72.4 million in the prior quarter.

As of December 31, 2025, the company held net cash of $3.258 billion. Net cash flow from operating activities was $116.0 million, up from $110.5 million in Q4 2024.

For the fourth quarter of 2025, the global average mobile monthly active users reached 272.1 million, a 3.4% increase from 263.1 million in the year-ago period and a 2.2% increase from 266.2 million in the third quarter. The company continues to optimize its market strategy, focusing on return on investment and high-value users.

Live streaming revenue for the quarter was $394.4 million, with the BIGO segment contributing $371.8 million, up 1.1% quarter-over-quarter and marking the third consecutive quarter of sequential growth. Live streaming revenue from developed countries and regions increased by 3.4% compared to the previous quarter. The total number of paying users in the BIGO segment grew 1.5% sequentially to 1.54 million, while the average revenue per paying user saw a moderate increase to $222.8.

Advertising technology is emerging as a new growth engine. Since 2022, JOYY has been advancing its revenue diversification strategy, actively cultivating new businesses represented by ad tech. The company is steadily progressing in its strategic transformation, aiming to become a global technology company driven by multiple growth engines. The latest earnings report indicates a continued optimization of the revenue structure. In the fourth quarter, non-live streaming revenue reached $187.5 million, a 47.6% year-over-year increase, raising its contribution to total net revenue from 23.1% in Q4 2024 to 32.2%.

Total revenue from BIGO Ads surged 61.5% year-over-year and 23.3% quarter-over-quarter to $128.1 million. Looking ahead, the company expects net revenue for the first quarter of 2026 to be between $538 million and $548 million.