Research Reports

Total revenue of $507.8M, up 2.7% Q-o-Q (CFO).
Livestreaming revenue of $375.4M; BIGO livestreaming revenue of $355.3M, both stabilizing Q-o-Q (CEO, CFO).
Non-livestreaming revenue of $132.4M, up 25.6% Y-o-Y, contributing 26.1% of total revenue (vs. 18.7% in Q2 2024) (CFO).
BIGO Ads (advertising) revenue of $87.4M, up 29% Y-o-Y and 8.9% Q-o-Q (CFO); ad network revenue recorded mid double-digit Y-o-Y growth (CEO).
Non-GAAP operating profit of $38.3M, up 27.9% Y-o-Y (CEO, CFO).
Non-GAAP EBITDA of $48.2M, up 25.7% Y-o-Y (CEO, CFO).
Operating cash flow of $57.6M (CEO, CFO).
Net cash of $3.3B as of June 30, 2025 (CEO, CFO).
Global average mobile MAUs of 263M, up sequentially (CEO); IM MAUs increased by 3M Q-o-Q, with average daily user time spent up 12.8% Y-o-Y (CEO).
BIGO LIVE paying users grew 3.7% Q-o-Q; premium paying users up 13% Q-o-Q (CEO).
Livestreaming revenue by region: Developed countries up 3.4% Q-o-Q; Europe BIGO LIVE revenue up 6.5% Q-o-Q; Southeast Asia BIGO LIVE revenue up 3.9% Q-o-Q (CEO, CFO).
Shareholder returns: $49.4M in dividends in Q2; $36.5M in share repurchases YTD as of June 30, 2025 (CFO).

"We've stabilized our livestreaming business while driving robust growth in our non-livestreaming businesses, particularly our ad tech business." (CEO)
"Our advertising business has delivered consistent sequential growth and profitability for multiple consecutive quarters." (CEO)
"BIGO Ads has emerged as our second major growth engine, representing a strategic long term priority for the group." (CEO)
"We view our share as substantially undervalued and remain committed to actively utilize buybacks under the previous approved program." (CEO)
"Our efforts to cultivate new growth engines continue to bear fruit, as evidenced by the impressive revenue growth of BIGO Ads and our livestreaming business reaching a stable footing." (CFO)

Metric	Value	Speaker/Context
Total Revenue	$507.8M	Q2 2025, up 2.7% Q-o-Q (CFO)
Livestreaming Revenue	$375.4M	Q2 2025, BIGO $355.3M (CEO, CFO)
Non-Livestreaming Revenue	$132.4M	Q2 2025, up 25.6% Y-o-Y (CFO)
BIGO Ads Revenue	$87.4M	Q2 2025, up 29% Y-o-Y, 8.9% Q-o-Q (CFO)
Non-GAAP Operating Profit	$38.3M	Q2 2025, up 27.9% Y-o-Y (CEO, CFO)
Non-GAAP EBITDA	$48.2M	Q2 2025, up 25.7% Y-o-Y (CEO, CFO)
Operating Cash Flow	$57.6M	Q2 2025 (CEO, CFO)
Net Cash	$3.3B	As of June 30, 2025 (CEO, CFO)
Global Mobile MAUs	263M	Q2 2025, sequential increase (CEO)
BIGO LIVE Paying Users Growth	+3.7% Q-o-Q	Q2 2025 (CEO)
BIGO Ads Traffic Growth	~80% vs. H2 2024	Driven by third-party network integrations (CEO)
North America Ad Revenue Growth	+24.2% sequential	H1 2025 (CEO)
Q3 2025 Revenue Guidance	$525M – $539M	CFO

Topic: BIGO直播收入恢复趋势与业绩指引
Key points:
- Q1为直播收入底部，受季节性及应用下架影响；Q2环比恢复，三个全球产品直播收入均环比增长，主因付费用户增长。
- 发达地区（尤其欧洲）直播收入回暖，东南亚同样显现恢复；Q2总收入5.078亿美元，环比增长2.7%。
- 非直播收入同比增长25.6%，占总收入26.1%；预计Q3直播收入持续环比恢复，广告旺季推动非直播双位数同比增长。
- 预期2026年直播收入恢复稳定同比增长；