JOYY’s Dual Growth Strategy Shines: Q3 2025 Revenue Highlights Key Momentum

Advertising Revenue Hits 29.2% YoY Growth, Fueling Diversification

JOYY Inc. just released its third quarter 2025 results, and the headline figures speak volumes about a company that’s found new engines of growth. Advertising revenue rocketed by 29.2% year-over-year, totaling $113 million, with BIGO Ads as a standout—growing 33.1% from a year ago and nearly 20% quarter-over-quarter. That makes ad and other non-livestreaming revenue 28.1% of total revenue, an important step toward diversifying the business.

Livestreaming Revenue Sustains Two Quarters of Positive Momentum

Livestreaming remains the bedrock of JOYY, generating $388 million—up 3.5% from Q2, marking the second quarter in a row of sequential growth. BIGO Live, in particular, continues to build steam: both average viewing hours and total viewer numbers posted low-single-digit quarter-over-quarter growth, while ARPPU (average revenue per paying user) also climbed.

AI-powered content recommendations and payment optimizations have helped, with 25% of October’s virtual gift consumption coming from AI-powered interactive gifts. This kind of innovation has translated into stronger streamer and viewer engagement, laying groundwork for future revenue gains.

Profitability, Cash Flow, and Shareholder Returns All Strengthen

It wasn’t just revenue that saw improvement. Non-GAAP operating income rose 16.6% to $41 million, with EBITDA up nearly 17% to $51 million year-over-year. JOYY’s net operating cash flow reached $73 million for the quarter. At quarter-end, the company held a robust $3.32 billion in net cash.

True to its promise of returning capital, JOYY has distributed $148 million in dividends and repurchased $89 million in stock since January—making good progress on its three-year, $900 million return program.

BIGO Ads Expansion and AI Innovations Provide Tailwinds

The story isn’t just about revenue—it’s about how that revenue is being built. BIGO Ads delivered particularly strong growth, supported by advances in AI for real-time bidding and campaign optimization. Daily gross ad revenue and third-party app integrations hit new highs, with 228% more SDK ad requests than last year.

Advertiser demand continues to rise as ad spending from key cohorts increased 30% sequentially, while new advertisers jumped 17% in a single quarter. Regional expansion remains on track, with North American ad revenue up 22% and Western Europe surging 41% quarter-over-quarter.

What to Watch Next: Is Sustainable Growth the New Normal for JOYY?

The company’s ability to scale ad-tech, keep livestreaming revenues growing, and reinvest cash is a testament to the resilience of its “dual growth engine.” With momentum in both user engagement and ad spend, JOYY’s model seems positioned for a return to group-level year-over-year growth in 2026, even as macroeconomic uncertainties persist.

For investors, the questions now are: Can JOYY’s tech-driven ecosystem continue to fuel growth on both revenue streams? Will innovations like AI-powered features sustain engagement and profitability in the coming quarters? Either way, JOYY’s third quarter numbers suggest this dual-engine approach is far more than just a corporate buzzword.

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