Logo

JOYY

JOYY Inc.

JOYY

JOYY Inc. • NASDAQ
$63.12 ▼ -0.39% (-0.25)
Market Cap $3.35 B
52w High $67.85
52w Low $35.01
Dividend Yield 3.88%
P/E -30.35
Volume 203.93K
Outstanding Shares 53.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $540.935M ▲ $174.446M ▼ $62.042M ▲ 11.469% ▼ $1.17 ▲ $82.386M ▲
Q2-2025 $507.76M ▲ $179.449M ▲ $60.825M ▼ 11.979% ▼ $1.15 ▼ $65.419M ▲
Q1-2025 $494.351M ▼ $166.408M ▼ $1.921B ▲ 388.656% ▲ $33.8 ▲ $51.538M ▼
Q4-2024 $549.446M ▼ $631.636M ▲ $-304.145M ▼ -55.355% ▼ $-5.6 ▼ $57.072M ▲
Q3-2024 $558.654M $191.702M $60.557M 10.84% $1.06 $46.406M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.294B ▼ $7.548B ▲ $898.334M ▲ $6.587B ▲
Q2-2025 $1.61B ▼ $7.518B ▼ $896.566M ▼ $6.581B ▼
Q1-2025 $2.157B ▲ $7.584B ▲ $955.262M ▼ $6.586B ▲
Q4-2024 $1.81B ▼ $7.52B ▼ $2.76B ▼ $4.712B ▼
Q3-2024 $2.465B $8.08B $2.793B $5.157B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $-304.492M ▼ $0 $0 $0 $0 $0
Q3-2024 $60.21M ▲ $0 $0 $0 $0 $0
Q2-2024 $51.719M ▲ $0 $0 $0 $0 $0
Q1-2024 $44.939M ▼ $0 $0 $0 $0 $0
Q4-2023 $45.485M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement JOYY’s revenues are relatively steady but have slowly drifted down from their recent peak, suggesting a business that is mature in live streaming and still working to unlock new growth engines. Gross margins have held up reasonably well, which means the core platforms still create solid economic value. The concern is at the operating level: after briefly returning to small operating profits, the company slipped back into a noticeable operating loss in the most recent year. Net income has bounced between modest profits and modest losses, with one unusually strong year likely driven by one‑off gains rather than ongoing operations. Overall, the income statement shows a company in transition: still profitable in cash terms, but with pressure on reported earnings as it reshapes its business mix and invests for the future.

Balance Sheet

Balance Sheet The balance sheet shows a company that still has a sizable asset base and meaningful shareholder equity, but with a gradually shrinking cushion over time. Cash holdings have come down significantly from prior years, which could reflect a mix of shareholder returns, investment, and some underlying cash burn. On the positive side, debt has been reduced sharply and now looks very modest, lowering financial risk and interest burdens. The trade‑off is that JOYY now relies more on its ongoing cash generation and less on a large cash war chest, leaving less room for strategic missteps. In short, the balance sheet is still solid but not as conservatively positioned as it was a few years ago.

Cash Flow

Cash Flow JOYY’s cash flow profile is noticeably stronger than its headline earnings might suggest. The company has consistently generated positive operating cash flow, indicating that the underlying business still brings in real cash even when reported profits are thin or negative. Free cash flow has remained positive each year, helped by relatively low spending on physical assets, which is typical for an internet platform business. This suggests an asset‑light model that can fund its own operations and investments without heavy external financing. The key watchpoint is whether operating cash flow can grow again, rather than just hold steady, as the company scales advertising and other new revenue streams.

Competitive Edge

Competitive Edge JOYY operates in a brutally competitive global arena, facing giants in live streaming, short video, messaging, and social entertainment. Its edge comes from a large and geographically diverse user base across many countries, which reduces reliance on any single market or regulatory regime. Strong network effects on platforms like Bigo Live mean that creators and viewers reinforce each other, making it harder for smaller rivals to catch up. That said, competition from global heavyweights and region‑specific apps remains intense, and user preferences in short video and live streaming can shift quickly. JOYY’s challenge is to defend engagement on its existing platforms while extending into advertising and SaaS, where many rivals are also pushing hard.

Innovation and R&D

Innovation and R&D Innovation is one of JOYY’s main levers. The company has leaned heavily into AI for content moderation and personalized recommendations, which helps keep platforms safer and more engaging with relatively low manual overhead. Its real‑time communication technology underpins smooth live video and audio experiences, which is central to live streaming and social entertainment. JOYY appears to be investing steadily in R&D across AI, virtual reality, and ad‑tech, as well as in emerging SaaS tools like Shopline. The opportunity is that these investments could diversify revenues beyond virtual gifting, but there is execution risk: not every new product or business line will scale successfully in such crowded markets.

Summary

Taken together, JOYY looks like a platform business in the middle of a strategic pivot rather than a pure growth story or a clear turnaround. The core live‑streaming operations still generate decent margins and consistent cash, but revenue has plateaued and recent operating results slipped back into loss. The balance sheet remains healthy, with very low debt, yet the decline in cash reserves reduces its margin of safety. On the strategic side, JOYY’s diversified global footprint, network‑effect platforms, and deep use of AI provide real strengths, but they are tested by intense competition from much larger global players. The future story hinges on how well JOYY can scale its ad‑tech and SaaS businesses, turning today’s promising innovations into stable, repeatable earnings while keeping its existing user communities vibrant and engaged.

NEWS

November 19, 2025 · 10:02 PM UTC

JOYY Reports Third Quarter 2025 Financial Results: Ad Revenue up 29.2% YoY, Livestreaming Revenue up Two Quarters Running

Read more

November 19, 2025 · 7:00 PM UTC

JOYY Reports Third Quarter 2025 Unaudited Financial Results

Read more

October 1, 2025 · 8:00 PM UTC

BIGO Ads Achieves Five Consecutive Years of IAB OM SDK Certification, Advancing Transparency in AI-Powered Advertising

Read more