Total revenue for the third quarter of 2025 reached $540.2 million, a 3.3% decline from $558.7 million in the same period a year earlier but a 6.4% increase from the $506.4 million reported in Q2 2025. The sequential rise is largely driven by a 3.5% jump in livestreaming revenue and a 27.3% year‑over‑year increase in the non‑livestreaming business, which is dominated by BIGO Ads.
Livestreaming revenue climbed to $388.5 million, up 3.5% from the previous quarter, reflecting a rebound in user engagement and higher monetization rates. The non‑livestreaming segment generated $151.7 million, with BIGO Ads contributing $104 million—a 33.1% year‑over‑year gain—highlighting robust demand for the company’s AI‑powered advertising platform.
Operating income was $19.6 million on a GAAP basis and $40.7 million on a non‑GAAP basis. The improvement is attributed to a shift toward higher‑margin ad revenue and disciplined cost management. Earnings per share came in at $1.15, beating the consensus estimate of $0.98 by $0.17, a result of efficient scaling and controlled operating expenses.
Management guided for fourth‑quarter net revenue of $563 million to $578 million, exceeding prior guidance and analyst consensus. The outlook signals confidence in continued sequential momentum and an expectation that year‑over‑year growth will resume in 2026 as the company expands its global technology footprint.
CEO Ting Li emphasized that the quarter demonstrated “steady sequential recovery in live streaming and accelerated top‑line growth in advertising.” She noted that synergies across the ecosystem are strengthening and that the company is well positioned to resume year‑over‑year growth in the near term.
Analysts responded positively to the results, citing the revenue beat, margin expansion, and strong performance of the BIGO Ads segment as evidence of effective cost control and a successful strategic pivot toward a global technology model.
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