JOYY Rides Ad-Tech Wave to Growth, Boosting Shareholder Returns

SINGAPORE – March 11, 2026 – Global technology firm JOYY Inc. has signaled a significant strategic success, reporting a return to year-over-year revenue growth in the fourth quarter of 2025, powered by the explosive expansion of its advertising technology business. The company announced Q4 revenue of US$581.9 million, a 5.9% increase from the prior year, marking a decisive turnaround and highlighting the success of its diversification strategy.

While the company's core livestreaming business remains a stable foundation, the standout performer was its BIGO Ads unit, which saw revenues skyrocket 61.5% year-over-year to US$128.1 million. This surge underscores JOYY's evolution from a social entertainment-focused company to a multi-faceted tech player with synergistic growth engines. Bolstered by this strong performance and a robust cash position, the company is also accelerating its capital return program, reinforcing its commitment to delivering shareholder value.

The New Growth Engine: BIGO Ads

JOYY's latest financial results paint a clear picture of a company successfully diversifying its revenue streams. The BIGO Ads division is no longer a peripheral business but a primary driver of growth. Its impressive 61.5% year-over-year revenue jump in the fourth quarter significantly outpaced the company's overall growth and reflects a broader trend of accelerating performance; for the full year 2025, BIGO Ads revenue grew 38.5% to US$398.5 million.

This performance is particularly noteworthy within the competitive global ad-tech market. While giants like Meta and Google continue to dominate, JOYY is carving out a substantial niche. The growth was attributed to expanded traffic coverage, penetration into multiple advertiser verticals, and continuous optimization of its algorithms. The company noted that third-party SDK ad requests grew by a staggering 166% year-over-year.

This strategic push is shifting the company's financial profile. For the full year, non-livestreaming revenue—which includes advertising and other ventures—now constitutes 28.0% of JOYY's total revenue, up nearly 8 percentage points from 2024. This diversification reduces reliance on the mature livestreaming market and positions JOYY to capture more of the rapidly expanding digital advertising spend, especially in key developed markets like North America and Western Europe, where revenue grew 21% and 46% quarter-over-quarter, respectively.

AI Reinvigorates the Core Livestreaming Business

Even as ad-tech takes center stage, JOYY continues to innovate within its foundational social entertainment business. The Bigo Live platform, a cornerstone of the company's portfolio, demonstrated resilience and a clear path for future growth through the sophisticated integration of artificial intelligence.

Global average mobile monthly active users (MAUs) for its platforms reached 272.1 million, a sequential increase of 2.2%. More importantly, user engagement metrics are strengthening. By integrating Large Language Model (LLM) architecture into its recommendation systems, Bigo Live has enhanced its ability to match content with user interests, leading to a 5.6% quarter-over-quarter increase in average viewing time.

Monetization is also benefiting from AI. The adoption of AI-generated virtual gifts has been a remarkable success, with their consumption surpassing 30% of total virtual gift spending on Bigo Live as of January 2026. This demonstrates the platform's ability to create novel, engaging, and profitable user experiences.

Beyond technology, Bigo Live is deepening its connection with users through localized content. The platform launched its first-ever all-live reality show in North America, which resulted in a 3% spike in daily active users. This, combined with culturally specific campaigns in regions like Indonesia and Latin America, showcases a savvy operational strategy that blends global technology with local relevance.

Balancing Growth with Shareholder Rewards

Amidst its strategic investments in growth and technology, JOYY has maintained a strong focus on delivering direct returns to its investors. The company's robust financial health, underscored by a net cash position of US$3.26 billion and a quarterly operating cash flow of US$116.0 million, provides a solid foundation for its generous shareholder return program.

In 2025, JOYY distributed approximately US$332.0 million to shareholders through dividends and share repurchases. The company is actively executing a previously announced plan to return roughly US$900 million from 2025 through 2027. Following the strong 2025 performance, which saw non-GAAP operating income rise 10.8% to US$150.8 million, the company announced it will distribute an additional cash dividend of approximately US$20 million in the first quarter of 2026.

This commitment to shareholder returns, balanced with a clear strategy for reinvesting in high-growth areas, provides a compelling narrative for investors seeking both stability and upside potential in the tech sector.

A Diversified Path Forward

The results from 2025 validate the strategic framework articulated by JOYY's leadership. Ms. Ting Li, Chairperson and CEO, framed the year's progress as a move toward a more resilient, synergistic business model.

"Looking back at the full year of 2025, we made meaningful progress in shaping our strategic framework as a global technology company with multiple, synergistic growth engines," she commented in the press release. "As we look ahead, with our social entertainment business serving as the cornerstone of profitability and cash flow, and BIGO Ads and e-commerce SaaS business fueling our next stage of growth, we are well-positioned for sustainable and profitable growth."

The mention of an "e-commerce SaaS business" as a future growth engine, alongside the proven success of BIGO Ads, signals that JOYY's transformation is ongoing. By leveraging its profitable livestreaming core to fund ventures in high-growth adjacent markets, the company is building an integrated ecosystem designed for long-term resilience and value creation.