First Quarter 2026 Financial Highlights1
- Net revenues were
US$555.7 million , an increase of 12.4% fromUS$494.4 million in the corresponding period of 2025, compared withUS$581.9 million in the fourth quarter of 2025.Social Entertainment net revenues increased by 3.2% toUS$400.4 million fromUS$387.8 million in the corresponding period of 2025, compared withUS$419.1 million in the fourth quarter of 2025.- BIGO Ads net revenues increased by 55.6% to
US$124.8 million fromUS$80.2 million in the corresponding period of 2025, compared withUS$128.6 million in the fourth quarter of 2025. - Shopline net revenues increased by 16.1% to
US$30.5 million fromUS$26.3 million in the corresponding period of 2025, compared withUS$34.3 million in the fourth quarter of 2025.
- Operating income was
US$6.8 million , compared withUS$12.2 million in the corresponding period of 2025 andUS$18.3 million in the fourth quarter of 2025. - Non-GAAP EBITDA2 was
US$45.7 million , compared withUS$40.4 million in the corresponding period of 2025 andUS$50.6 million in the fourth quarter of 2025. - Net income from continuing operations attributable to controlling interest of
JOYY 3 wasUS$50.7 million , compared withUS$45.4 million in the corresponding period of 2025 andUS$54.3 million in the fourth quarter of 2025. - Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of
JOYY 4 wasUS$55.9 million , compared withUS$63.2 million in the corresponding period of 2025 andUS$70.3 million in the fourth quarter of 2025. Net Cash 5 as ofMarch 31, 2026 wasUS$3,175.1 million .Net Cash from operating activities wasUS$46.0 million , compared withUS$58.0 million in the corresponding period of 2025.
First Quarter 2026 Business Highlights
Global community:
- Global average mobile MAUs6 reached 276.3 million in the first quarter of 2026, up by 6.1% from 260.4 million in the corresponding period of 2025 and up by 1.5% from 272.1 million in the fourth quarter of 2025. The Company continued to optimize its marketing strategies to focus on return on investment (ROI) and high-value users.
Social Entertainment :
- In the first quarter,
Social Entertainment revenues increased by 3.2% year over year toUS$400.4 million , with live streaming revenues reachingUS$380.3 million , returning to year over year growth with a 2.4% increase from the corresponding period of 2025, representing an important inflection point in the recovery of the Company’s core business. By region, live streaming revenues in developed markets grew 11.2% year over year, reflecting strong performance in key geographies. - Core live streaming paying users 7 rose by 5.9% year over year to 1.54 million, while ARPPU8 reached
US$214.1 . - The Company continued to enhance its content ecosystem through streamer incentive reforms and targeted support programs for high-quality content categories, while deepening AI-powered capabilities across content distribution and payment experiences. These initiatives drove steady improvements in user engagement and monetization. During the first quarter, the number of active streamers increased by 1.5% quarter over quarter, and average effective streaming hours per streamer rose by 1.4% quarter over quarter. AI-powered tools were fully deployed across core regions. User adoption of AI-generated virtual gifts continued to accelerate, with AI-generated interactive virtual gifts accounting for 34% of total virtual gift consumption on
Bigo Live inApril 2026 .
- Beginning in 2022, the Company ramped up efforts to diversify its revenue stream, cultivating its new initiatives in advertising technology and smart commerce. The Company has made steady progress advancing towards its strategic positioning as a global tech company powered by multiple growth engines. In the first quarter, total non-live streaming revenues reached
US$175.4 million , up by 42.6% year over year, representing 31.6% of total net revenues of the Company, compared with 24.9% in the corresponding period of 2025.
BIGO Ads:
- BIGO Ads is a global 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.
- In the first quarter, BIGO Ads' total revenues grew by 55.6% year over year to
US$124.8 million . In particular, BIGO Audience Network, which includes third-party advertising revenues generated on network partners' traffic properties, continued to demonstrate strong momentum, with revenues increasing by 78.8% year over year. - BIGO Ads has access to a vast traffic pool, comprising the Company’s own global average mobile MAU base and an extensive network of third-party traffic through seamless integration of developer traffic across major channels. During the quarter, Software Development Kit (SDK) advertising requests grew by 109% year over year and 7% quarter over quarter.
- BIGO Ads continued to enhance its deep learning and real-time bidding models. By promoting full-funnel data feedback from advertisers and capitalizing on the dual growth in traffic scale and advertiser density, BIGO Ads built a richer multi-dimensional user profile database. This enabled more precise real-time user understanding, improved ad distribution efficiency, and further strengthened its traffic bidding capabilities through continuous data accumulation and algorithm iteration.
- Broader traffic coverage, multi-vertical advertiser expansion, and ongoing algorithm optimization fueled accelerated growth. Web-based demand increased 90% year over year. In-app advertising (IAA) spending maintained robust growth of 97% year over year. Regionally, developed markets demonstrated strong momentum, with
North America remaining the largest market andWestern Europe delivering outstanding growth of 27% quarter over quarter.
Shopline:
- Shopline serves as a global AI-powered operating system for modern retail. Beyond storefront creation, Shopline offers a deeply integrated suite of merchant services across payments, logistics, marketing, and data analytics. It is an open, extensible omnichannel platform that enables merchants to manage the full commerce value chain from store setup and transactions to fulfillment, customer acquisition, and lifecycle engagement. Shopline has helped merchants in diverse industries across multiple markets to launch and scale their businesses.
- Shopline currently generates revenues from recurring software subscription fees and a suite of transaction-based value-added services, including localized payment processing (Shopline Payments) and marketing solutions.
- In the first quarter, Shopline continued its healthy growth trajectory, generating revenue of
US$30.5 million , up 16.1% year over year. Gross margin improved to 51.5%.
Ms.
Social entertainment revenues increased 3.2% year over year, with core live streaming revenues returning to 2.4% year over year growth, which marks an inflection point and a result of the strategic adjustments we’ve executed over the past several quarters. Meanwhile, BIGO Ads revenues surged 55.6% year over year to
This quarter marks the first time we are reporting results under our new three-segment structure:
With AI serving as the backbone of our entire ecosystem — driving content recommendation, advertising efficiency, and merchant intelligence across all three segments — our business pillars form a closed-loop system that deepens our competitive moat. We are confident this will drive long-term value creation for
First Quarter 2026 Financial Results
NET REVENUES
Net revenues were
BIGO Ads net revenues were
Shopline net revenues were
COST OF REVENUES AND GROSS PROFIT
Cost of revenues was
Social Entertainment’s cost of revenues increased by 3.4% year over year to
BIGO Ads’s cost of revenues increased by 78.1% year over year to
Shopline’s cost of revenues increased by 1.8% year over year to
Gross profit was
OPERATING EXPENSES AND INCOME
Operating expenses were
Operating income was
Non-GAAP operating income9 was
Non-GAAP EBITDA was
NET INCOME
Net income from continuing operations attributable to controlling interest of
Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of
NET INCOME PER ADS
Diluted net income from continuing operations per ADS13 was
Non-GAAP diluted net income from continuing operations per ADS14 was
BALANCE SHEET AND CASH FLOWS
As of
SHARES OUTSTANDING
As of
Business Outlook
For the second quarter of 2026, the Company expects net revenues to be between
Share Repurchase Programs
On
Pursuant to the 2025 Repurchase Program, the Company had repurchased approximately 0.8 million ADSs for an aggregate consideration of
As of the date of this announcement, the remaining unutilized amount under the 2026 Repurchase Program was approximately
Quarterly Dividend Program and Additional Cash Dividend
On
Pursuant to the 2026 Dividend Program, the board of directors has accordingly declared a dividend of
Conference Call Information
The Company will hold a conference call at
| Event Title: | |
| Conference ID: | #10054918 |
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.
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
| 1-855-883-1031 | |
| 800-101-3223 800-930-639 | |
| Conference ID: | #10054918 |
About
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in
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
Investor Relations Contact
Investor Relations
Email: joyy-ir@joyy.com
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. Starting from the first quarter of 2026, the Company reports three segments,
2 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.
3 Net income (loss) from continuing operations attributable to controlling interest of
4?Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of
5 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.
6?Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including
7 Core live streaming 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
8?Average revenue per user is calculated by dividing the Company’s total revenues from live streaming on
9?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.
10 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.
11 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.
12 Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of
13 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
14 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
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
| (All amounts in thousands, except share, ADS and per ADS data) | ||||
| 2025 | 2026 | |||
| US$ | US$ | |||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 374,248 | 309,167 | ||
| Restricted cash and cash equivalents | 21,593 | 21,107 | ||
| Short-term deposits | 192,535 | 154,460 | ||
| Restricted short-term deposits | 7,182 | 4,386 | ||
| Short-term investments | 613,702 | 657,238 | ||
| Accounts receivable, net | 154,439 | 161,363 | ||
| Amounts due from related parties | 106 | 190 | ||
| Prepayments and other current assets | 255,566 | 290,375 | ||
| Total current assets | 1,619,371 | 1,598,286 | ||
| Non-current assets | ||||
| Long-term deposits and held-to-maturity investments | 2,059,386 | 2,052,055 | ||
| Deferred tax assets | 9,782 | 10,920 | ||
| Investments | 551,802 | 589,087 | ||
| Property and equipment, net | 565,124 | 587,978 | ||
| Land use rights, net | 301,390 | 303,951 | ||
| Intangible assets, net | 221,963 | 208,236 | ||
| Right-of-use assets, net | 21,241 | 28,124 | ||
| 2,194,358 | 2,194,382 | |||
| Other non-current assets | 8,071 | 6,104 | ||
| Total non-current assets | 5,933,117 | 5,980,837 | ||
| Total assets | 7,552,488 | 7,579,123 | ||
| Liabilities, mezzanine equity and shareholders’ equity | ||||
| Current liabilities | ||||
| Short-term loans | 10,672 | 23,299 | ||
| Accounts payable | 71,551 | 68,201 | ||
| Deferred revenue | 61,713 | 59,258 | ||
| Advances from customers | 5,408 | 6,293 | ||
| Income taxes payable | 64,533 | 69,101 | ||
| Accrued liabilities and other current liabilities | 626,678 | 636,855 | ||
| Amounts due to related parties | 24,472 | 33,253 | ||
| Lease liabilities due within one year | 8,939 | 10,658 | ||
| Total current liabilities | 873,966 | 906,918 | ||
| Non-current liabilities | ||||
| Lease liabilities | 12,029 | 17,478 | ||
| Deferred revenue | 9,522 | 9,136 | ||
| Deferred tax liabilities | 54,941 | 61,304 | ||
| Other non-current liabilities | - | 392 | ||
| Total non-current liabilities | 76,492 | 88,310 | ||
| Total liabilities | 950,458 | 995,228 | ||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | ||||||
| (All amounts in thousands, except share, ADS and per ADS data) | ||||||
| 2025 | 2026 | |||||
| US$ | US$ | |||||
| Mezzanine equity | 25,333 | 25,733 | ||||
| Shareholders’ equity | ||||||
| Class A common shares ( | 7 | 7 | ||||
| Class B common shares ( | 3 | 3 | ||||
| (1,302,098 | ) | (1,095,211 | ) | |||
| Additional paid-in capital | 3,315,070 | 3,072,485 | ||||
| Statutory reserves | 37,869 | 37,869 | ||||
| Retained earnings | 4,699,089 | 4,680,560 | ||||
| Accumulated other comprehensive loss | (208,093 | ) | (168,409 | ) | ||
| Total JOYY Inc.’s shareholders’ equity | 6,541,847 | 6,527,304 | ||||
| Non-controlling interests | 34,850 | 30,858 | ||||
| Total shareholders’ equity | 6,576,697 | 6,558,162 | ||||
| Total liabilities, mezzanine equity and shareholders’ equity | 7,552,488 | 7,579,123 | ||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | ||||||||
| Three Months Ended | ||||||||
| 2025 | 2025 | 2026 | ||||||
| US$ | US$ | US$ | ||||||
| Net revenues(1) | ||||||||
| Live streaming | 371,348 | 394,436 | 380,265 | |||||
| Advertising | 88,647 | 145,430 | 137,204 | |||||
| Others | 34,356 | 42,050 | 38,231 | |||||
| Total net revenues | 494,351 | 581,916 | 555,700 | |||||
| Cost of revenues(2) | (315,736 | ) | (376,275 | ) | (366,403 | ) | ||
| Gross profit | 178,615 | 205,641 | 189,297 | |||||
| Operating expenses(2) | ||||||||
| Research and development expenses | (62,426 | ) | (61,538 | ) | (61,187 | ) | ||
| Sales and marketing expenses | (72,131 | ) | (81,415 | ) | (79,649 | ) | ||
| General and administrative expenses | (32,690 | ) | (44,867 | ) | (42,572 | ) | ||
| Total operating expenses | (167,247 | ) | (187,820 | ) | (183,408 | ) | ||
| Loss on deconsolidation and disposal of subsidiaries | - | - | (245 | ) | ||||
| Other income | 839 | 444 | 1,189 | |||||
| Operating income | 12,207 | 18,265 | 6,833 | |||||
| Interest expenses | (106 | ) | (162 | ) | (38 | ) | ||
| Interest income and investment income | 39,387 | 40,873 | 39,765 | |||||
| Foreign currency exchange losses, net | (761 | ) | (8,171 | ) | (13,555 | ) | ||
| Gain (loss) on fair value change of investments | 705 | (10,120 | ) | (7,958 | ) | |||
| Income before income tax expenses | 51,432 | 40,685 | 25,047 | |||||
| Income tax expenses | (5,211 | ) | (1,368 | ) | (4,834 | ) | ||
| Income before share of (loss) income in equity method investments, net of income taxes | 46,221 | 39,317 | 20,213 | |||||
| Share of (loss) income in equity method investments, net of income taxes | (3,318 | ) | 11,868 | 27,953 | ||||
| Net income from continuing operations | 42,903 | 51,185 | 48,166 | |||||
| Gain on disposal of YY Live(3) | 1,875,921 | - | - | |||||
| Net income | 1,918,824 | 51,185 | 48,166 | |||||
| Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders | 2,499 | 3,142 | 2,501 | |||||
| Net income attributable to controlling interest of | 1,921,323 | 54,327 | 50,667 | |||||
| Including: | ||||||||
| Net income from continuing operations attributable to controlling interest of | 45,402 | 54,327 | 50,667 | |||||
| Gain on disposal of YY Live(3) | 1,875,921 | - | - | |||||
| Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value | (347 | ) | (346 | ) | (346 | ) | ||
| Net income attributable to common shareholders of | 1,920,976 | 53,981 | 50,321 | |||||
| Including: | ||||||||
| Net income from continuing operations attributable to common shareholders of | 45,055 | 53,981 | 50,321 | |||||
| Gain on disposal of YY Live(3) | 1,875,921 | - | - | |||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) | |||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||
| Three Months Ended | |||||
| 2025 | 2025 | 2026 | |||
| US$ | US$ | US$ | |||
| Net income per ADS | |||||
| —Basic | 36.09 | 1.04 | 1.01 | ||
| Continuing operations | 0.85 | 1.04 | 1.01 | ||
| Discontinued operations | 35.24 | - | - | ||
| —Diluted | 35.72 | 1.03 | 1.00 | ||
| Continuing operations | 0.84 | 1.03 | 1.00 | ||
| Discontinued operations | 34.88 | - | - | ||
| Weighted average number of ADS used in calculating net income per ADS | |||||
| —Basic | 53,237,127 | 51,794,999 | 49,767,292 | ||
| —Diluted | 53,780,111 | 52,629,562 | 50,534,120 | ||
| (1) Net revenues by geographical areas were as follows: | |||||
| Three Months Ended | |||||
| 2025 | 2025 | 2026 | |||
| US$ | US$ | US$ | |||
| Developed countries and regions | 277,615 | 356,624 | 343,244 | ||
| 66,651 | 58,899 | 58,760 | |||
| Mainland | 48,385 | 59,817 | 52,063 | ||
| 101,700 | 106,576 | 101,633 | |||
| Note: Developed countries and region mainly included | |||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | |||||
| Three Months Ended | |||||
| 2025 | 2025 | 2026 | |||
| US$ | US$ | US$ | |||
| Cost of revenues | 635 | 1,199 | 802 | ||
| Research and development expenses | 2,138 | 3,231 | 1,480 | ||
| Sales and marketing expenses | 229 | 573 | 422 | ||
| General and administrative expenses | 2,235 | 4,035 | 14,633 | ||
| (3) Gain from disposal of YY Live amounted to approximately | |||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS | ||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | ||||||||
| Three Months Ended | ||||||||
| 2025 | 2025 | 2026 | ||||||
| US$ | US$ | US$ | ||||||
| Operating income | 12,207 | 18,265 | 6,833 | |||||
| Share-based compensation expenses | 5,237 | 9,038 | 17,337 | |||||
| Amortization of intangible assets from business acquisitions | 13,540 | 13,540 | 13,540 | |||||
| Loss on deconsolidation and disposal of subsidiaries | - | - | 245 | |||||
| Non-GAAP operating income | 30,984 | 40,843 | 37,955 | |||||
| Depreciation and other amortization | 9,402 | 9,774 | 7,781 | |||||
| Non-GAAP EBITDA | 40,386 | 50,617 | 45,736 | |||||
| Net income from continuing operations | 42,903 | 51,185 | 48,166 | |||||
| Share-based compensation expenses | 5,237 | 9,038 | 17,337 | |||||
| Amortization of intangible assets from business acquisitions | 13,540 | 13,540 | 13,540 | |||||
| Loss on deconsolidation and disposal of subsidiaries | - | - | 245 | |||||
| (Gain) loss on fair value change of investments | (705 | ) | 10,120 | 7,958 | ||||
| Income tax effects on non-GAAP adjustments | (1,404 | ) | (2,550 | ) | (3,012 | ) | ||
| Reconciling items on the share of equity method investments | 1,887 | (13,483 | ) | (30,192 | ) | |||
| Non-GAAP net income from continuing operations | 61,458 | 67,850 | 54,042 | |||||
| Net income from continuing operations attributable to common shareholders of | 45,055 | 53,981 | 50,321 | |||||
| Share-based compensation expenses | 5,237 | 9,038 | 17,337 | |||||
| Amortization of intangible assets from business acquisitions | 13,540 | 13,540 | 13,540 | |||||
| Loss on deconsolidation and disposal of subsidiaries | - | - | 245 | |||||
| (Gain) loss on fair value change of investments | (705 | ) | 10,120 | 7,958 | ||||
| Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders | 347 | 346 | 346 | |||||
| Income tax effects on non-GAAP adjustments | (1,404 | ) | (2,550 | ) | (3,012 | ) | ||
| Reconciling items on the share of equity method investments | 1,887 | (13,483 | ) | (30,192 | ) | |||
| Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders | (761 | ) | (722 | ) | (602 | ) | ||
| Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of | 63,196 | 70,270 | 55,941 | |||||
| Non-GAAP net income from continuing operations per ADS | ||||||||
| —Basic | 1.19 | 1.36 | 1.12 | |||||
| —Diluted | 1.18 | 1.34 | 1.11 | |||||
| Weighted average number of ADS used in calculating Non-GAAP net income from continuing operations per ADS | ||||||||
| —Basic | 53,237,127 | 51,794,999 | 49,767,292 | |||||
| —Diluted | 53,780,111 | 52,629,562 | 50,534,120 | |||||
| UNAUDITED SEGMENT REPORT | |||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
| Three Months Ended | |||||||||
| 2025 | 2025 | 2026 | |||||||
| US$ | US$ | US$ | |||||||
| Net revenues: | |||||||||
| Social?Entertainment | 387,813 | 419,050 | 400,367 | ||||||
| BIGO Ads | 80,220 | 128,611 | 124,787 | ||||||
| Shopline | 26,318 | 34,255 | 30,546 | ||||||
| Total net revenues | 494,351 | 581,916 | 555,700 | ||||||
| Cost of revenues(1): | |||||||||
| Social?Entertainment | (247,494 | ) | (260,186 | ) | (255,979 | ) | |||
| BIGO Ads | (53,675 | ) | (98,149 | ) | (95,600 | ) | |||
| Shopline | (14,567 | ) | (17,940 | ) | (14,824 | ) | |||
| Total cost of revenues | (315,736 | ) | (376,275 | ) | (366,403 | ) | |||
| Gross profit: | |||||||||
| Social?Entertainment | 140,319 | 158,864 | 144,388 | ||||||
| BIGO Ads | 26,545 | 30,462 | 29,187 | ||||||
| Shopline | 11,751 | 16,315 | 15,722 | ||||||
| Total gross profit | 178,615 | 205,641 | 189,297 | ||||||
| (1) Share-based compensation allocated to cost of revenues by segment as follows: | |||||||||
| Three Months Ended | |||||||||
| 2025 | 2025 | 2026 | |||||||
| US$ | US$ | US$ | |||||||
| Social?Entertainment | 597 | 1,149 | 826 | ||||||
| BIGO Ads | 1 | 23 | 16 | ||||||
| Shopline | 37 | 27 | (40 | ) | |||||
| Total share-based compensation allocated to cost of revenues | 635 | 1,199 | 802 | ||||||
Source: