Xu Zheng Zheng's questions to JOYY (JOYY) leadership • Q2 2025
Question
Xu Zheng Zheng from CICC asked for the reasoning behind adding the non-GAAP EBITDA disclosure this quarter and questioned the expected trend for operating expenses and the profit outlook for the second half of 2025.
Answer
Alex Liu, Vice President of Finance, stated that non-GAAP EBITDA is a better proxy for core operational cash flow and facilitates peer comparisons. For the H2 outlook, he noted that BIGO's non-GAAP operating profit should continue its steady improvement in Q3. While the 'All Other' segment's loss might widen slightly quarter-over-quarter, it will show significant year-over-year improvement. He affirmed that the full-year 2025 non-GAAP operating profit and EBITDA are expected to show an improving trend.