Q1 2026 Joyy Inc Earnings Call Transcript
Key Points
- JOYY Inc (JOYY) reported a strong year-over-year revenue growth of 12.4% for Q1 2026, marking its strongest growth rate in recent years.
- The Social Entertainment segment returned to year-over-year growth with a 3.2% increase, driven by a 2.4% rise in live streaming revenue.
- BIGO Ads achieved exceptional growth, with revenue up 55.6% year over year, and the BIGO Audience Network saw a 78.8% increase.
- SHOPLINE, reported as a standalone segment for the first time, delivered a 16.1% year-over-year revenue growth, with cross-border merchant revenue growing over 60%.
- JOYY Inc (JOYY) announced a new three-year shareholder return program totaling $1.5 billion, reflecting strong confidence in the company's long-term potential.
- Despite the positive growth, the company faced a significant unrealized FX loss of $13.6 million due to the weakening US dollar.
- BIGO Ads' gross margin declined quarter over quarter due to a shift in revenue mix towards lower-margin network revenues.
- The company anticipates continued FX fluctuations, which may impact net profit levels in the short term.
- Operating expenses increased year over year, driven by higher sales and marketing expenses and increased share-based compensation.
- SHOPLINE, while showing growth, is still on the path to breakeven by 2028, indicating ongoing operational losses in the near term.
Ladies and gentlemen, thank you for standing by, and welcome to JOYY Inc.'s first-quarter 2026 earnings call. (Operating Instructions)
I'd now like to hand the conferences over to your host today, Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jane.
Thank you, operator. Hello, everyone. Welcome to JOYY's first-quarter 2026 earnings conference call. Joining us today are Ms. Ting Li, Chairperson and CEO of JOYY; and Mr. Alex Liu, the Vice President of Finance.
For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session. The financial results and webcasts of this conference call are available at ir.joyy.com. The replay of the call will also be available on our website in a few hours.
Before we continue, I would like to remind you that we may make forward-looking statements, including but not limited to the future development of our products and businesses, expected future financial performance
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