JOYY posts fastest revenue growth in years, unveils $1.5 billion capital return

JOYY (NASDAQ:JOYY) recorded its fastest pace of revenue growth in recent years during the first quarter, driven by a sharp acceleration in its digital advertising business, and authorized an aggressive three-year, $1.5 billion shareholder return initiative.

The Singapore-based technology platform reported unaudited first-quarter net revenue of $555.7 million, representing a 12.4% increase compared to the same period last year.

The double-digit expansion underscores a successful pivot toward a multi-segmented business structure as its foundational live-streaming operations stabilize.

The capital return program, slated to run from 2026 through 2028, significantly increases the company’s commitment to returning cash to investors.

The board approved a $600 million share repurchase authorization alongside a plan to distribute approximately $900 million in quarterly cash dividends over the next three years.

Growth during the quarter was anchored by BIGO Ads, the company’s programmatic advertising business, which saw revenues jump 55.6% year-over-year to $124.8 million.

Core social entertainment revenue, which remains the company's largest division by sales volume, brought in $400.4 million, reflecting a steady baseline return to growth.

Shopline, JOYY's e-commerce software unit, contributed $30.5 million to total revenue, rising 16.1% from the prior year.

Profitability metrics also moved higher.

Non-GAAP operating income advanced 22.5% year-over-year to $38.0 million, while non-GAAP earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $45.7 million, up 13.2% from the opening quarter of 2025.

The increased payout capabilities are backed by a robust balance sheet.

JOYY closed out the first quarter with a net cash position of approximately $3.18 billion, sustaining net operating cash inflows of $46 million during the three-month period.