JOYY Q2 2026: Ad revenue surge reshapes the business model
As seen on the 24/7 Wall St. homepage on August 26, 2026.
BIGO Ads revenue jumped 53.1% year over year to $133.7 million, lifting non-live-streaming to 31.8% of the total from 26.1% a year ago. Management now guides full-year non-GAAP operating income up roughly 20%, with Q3 revenue seen at $602 million to $622 million.
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JOYY beat expectations in Q2 2026 with adjusted EPS of $1.24 against a consensus estimate of $1.20, and has now topped EPS estimates in each of the past eight reported quarters.
BIGO Ads revenue rose 53.1% year over year to $133.7 million, pushing non-live-streaming revenues to 31.8% of total net revenue from 26.1% a year ago. That is a structural shift for a company that built its name on live streaming.
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Social Entertainment remains the largest segment at $422.7 million, while gross margin narrowed to 34.1% from 36.5% a year ago on higher traffic acquisition costs tied to BIGO Ads expansion.
Management raised its full-year non-GAAP operating income growth target to approximately 20% year over year, citing first-half momentum and improved operating leverage. CEO Ting Li noted the company returned $358.8 million to shareholders year-to-date through August 21, 2026.
Mentioned: JOYY