| Segment Reporting |
33. Segment Reporting There are two operating and reportable segments in the Group (defined in Note1 (a)), including “BIGO” and “All other” for the years ended December 31, 2023, 2024 and 2025. BIGO segment is the Group’s core business segment which primarily includes some of our social entertainment platforms including Bigo Live, Likee, imo and others. All other segment is the Group’s other business segment which primarily includes our social entertainment platform Hago, our smart commerce platform Shopline, certain audio live streaming platforms, and others. The CODM measures the performance of each segment based on metrics of revenues and net income and uses these results to evaluate the performance of, and to allocate resources to, each of the segments. The CODM does not evaluate operating segments using asset or liability information. 33. Segment Reporting (continued) (a)The following table presents summary information by segment: For the year ended December 31, 2025: | | | | | | | | | | | BIGO | | All other | | Elimination(1) | | Total | | | US$ | | US$ | | US$ | | US$ | | | | | | | | | | Net revenues | | | | | | | | | Live streaming | | 1,446,437 | | 83,230 | | — | | 1,529,667 | Advertising | | 398,538 | | 44,180 | | — | | 442,718 | Others | | 3,470 | | 149,727 | | (1,334) | | 151,863 | | | | | | | | | | Total net revenues | | 1,848,445 | | 277,137 | | (1,334) | | 2,124,248 | | | | | | | | | | Cost of revenues(2) | | (1,206,124) | | (155,782) | | 290 | | (1,361,616) | | | | | | | | | | Gross profit | | 642,321 | | 121,355 | | (1,044) | | 762,632 | Operating expenses(2) | | | | | | | | | Research and development expenses | | (156,986) | | (90,952) | | 805 | | (247,133) | Sales and marketing expenses | | (211,265) | | (86,299) | | 94 | | (297,470) | General and administrative expenses | | (67,386) | | (97,288) | | 145 | | (164,529) | | | | | | | | | | Total operating expenses | | (435,637) | | (274,539) | | 1,044 | | (709,132) | | | | | | | | | | Other income | | 1,078 | | 1,242 | | — | | 2,320 | | | | | | | | | | Operating income (loss) | | 207,762 | | (151,942) | | — | | 55,820 | | | | | | | | | | Interest expense | | (3,090) | | (153) | | 2,727 | | (516) | Interest income and investment income | | 55,083 | | 110,251 | | (2,727) | | 162,607 | Foreign currency exchange losses, net | | (13,721) | | (390) | | — | | (14,111) | Gain on fair value changes of investment | | 514 | | 11,806 | | — | | 12,320 | | | | | | | | | | Income (loss) before income tax (expenses) benefits | | 246,548 | | (30,428) | | — | | 216,120 | | | | | | | | | | Income tax (expenses) benefits | | (20,278) | | 3,849 | | — | | (16,429) | | | | | | | | | | Income (loss) before share of income in equity method investments, net of income taxes | | 226,270 | | (26,579) | | — | | 199,691 | | | | | | | | | | Share of income in equity method investments, net of income taxes | | — | | 11,610 | | — | | 11,610 | | | | | | | | | | Net income (loss) from continuing operations | | 226,270 | | (14,969) | | — | | 211,301 |
| (1) | The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. |
| (2) | Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
33. Segment Reporting (continued) (a)The following table presents summary information by segment (continued): | | | | | | | | | BIGO | | All other | | Total | | | US$ | | US$ | | US$ | | | | | | | | Cost of revenues | | 2,875 | | 1,052 | | 3,927 | Research and development expenses | | 5,431 | | 3,987 | | 9,418 | Sales and marketing expenses | | 893 | | 490 | | 1,383 | General and administrative expenses | | 1,334 | | 9,738 | | 11,072 |
33. Segment Reporting (continued) (a)The following table presents summary information by segment (continued): For the year ended December 31, 2024: | | | | | | | | | | | BIGO | | All other | | Elimination(1) | | Total | | | US$ | | US$ | | US$ | | US$ | | | | | | | | | | Net revenues | | | | | | | | | Live streaming | | 1,699,591 | | 88,430 | | — | | 1,788,021 | Advertising | | 287,815 | | 35,198 | | — | | 323,013 | Others | | 934 | | 127,399 | | (1,579) | | 126,754 | | | | | | | | | | Total net revenues | | 1,988,340 | | 251,027 | | (1,579) | | 2,237,788 | | | | | | | | | | Cost of revenues(2) | | (1,273,805) | | (158,094) | | 314 | | (1,431,585) | | | | | | | | | | Gross profit | | 714,535 | | 92,933 | | (1,265) | | 806,203 | | | | | | | | | | Operating expenses(2) | | | | | | | | | Research and development expenses | | (172,262) | | (107,402) | | 924 | | (278,740) | Sales and marketing expenses | | (247,722) | | (85,711) | | 99 | | (333,334) | General and administrative expenses | | (57,529) | | (95,230) | | 242 | | (152,517) | Goodwill impairment | | — | | (454,935) | | — | | (454,935) | | | | | | | | | | Total operating expenses | | (477,513) | | (743,278) | | 1,265 | | (1,219,526) | | | | | | | | | | Gain on deconsolidation and disposal of subsidiaries | | — | | 1,643 | | — | | 1,643 | Other income | | 3,877 | | 2,178 | | — | | 6,055 | | | | | | | | | | Operating income (loss) | | 240,899 | | (646,524) | | — | | (405,625) | | | | | | | | | | Interest expense | | (5,728) | | (3,239) | | 4,120 | | (4,847) | Interest income and investment income | | 55,709 | | 123,967 | | (4,120) | | 175,556 | Foreign currency exchange gains (losses), net | | 1,453 | | (689) | | — | | 764 | (Loss) gain on fair value changes of investment | | (33) | | 6,669 | | — | | 6,636 | | | | | | | | | | Income (loss) before income tax (expenses) benefits | | 292,300 | | (519,816) | | — | | (227,516) | | | | | | | | | | Income tax (expenses) benefits | | (19,571) | | 6,086 | | — | | (13,485) | | | | | | | | | | Income (loss) before share of loss in equity method investments, net of income taxes | | 272,729 | | (513,730) | | — | | (241,001) | | | | | | | | | | Share of loss in equity method investments, net of income taxes | | — | | (1,637) | | — | | (1,637) | | | | | | | | | | Net income (loss) from continuing operations | | 272,729 | | (515,367) | | — | | (242,638) |
| (1) | The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. |
| (2) | Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
33. Segment Reporting (continued) (a)The following table presents summary information by segment (continued): | | | | | | | | | BIGO | | All other | | Total | | | US$ | | US$ | | US$ | | | | | | | | Cost of revenues | | 716 | | 1,004 | | 1,720 | Research and development expenses | | 6,394 | | 6,014 | | 12,408 | Sales and marketing expenses | | 170 | | 445 | | 615 | General and administrative expenses | | 781 | | 7,676 | | 8,457 |
33. Segment Reporting (continued) (a)The following table presents summary information by segment (continued): For the year ended December 31, 2023: | | | | | | | | | | | BIGO | | All other | | Elimination(1) | | Total | | | US$ | | US$ | | US$ | | US$ | | | | | | | | | | Net revenues | | | | | | | | | Live streaming | | 1,819,484 | | 159,887 | | — | | 1,979,371 | Advertising | | 91,849 | | 28,031 | | — | | 119,880 | Others | | 12,987 | | 156,971 | | (1,339) | | 168,619 | | | | | | | | | | Total net revenues | | 1,924,320 | | 344,889 | | (1,339) | | 2,267,870 | | | | | | | | | | Cost of revenues(2) | | (1,189,500) | | (265,662) | | 320 | | (1,454,842) | | | | | | | | | | Gross profit | | 734,820 | | 79,227 | | (1,019) | | 813,028 | Operating expenses(2) | | | | | | | | | Research and development expenses | | (163,634) | | (132,635) | | 766 | | (295,503) | Sales and marketing expenses | | (295,395) | | (74,260) | | 78 | | (369,577) | General and administrative expenses | | (52,906) | | (69,930) | | 175 | | (122,661) | | | | | | | | | | Total operating expenses | | (511,935) | | (276,825) | | 1,019 | | (787,741) | | | | | | | | | | Loss on deconsolidation and disposal of subsidiaries | | — | | (6,177) | | — | | (6,177) | Other income | | 7,240 | | 2,465 | | — | | 9,705 | | | | | | | | | | Operating income (loss) | | 230,125 | | (201,310) | | — | | 28,815 | | | | | | | | | | Interest expense | | (6,761) | | (8,759) | | 5,100 | | (10,420) | Interest income and investment income | | 43,518 | | 146,794 | | (5,100) | | 185,212 | Foreign currency exchange losses, net | | (174) | | (2,732) | | — | | (2,906) | Gain on disposal and deemed disposal of investments | | — | | 74,851 | | — | | 74,851 | (Loss) gain on fair value changes of investment | | (400) | | 12,825 | | — | | 12,425 | | | | | | | | | | Income before income tax expenses | | 266,308 | | 21,669 | | — | | 287,977 | | | | | | | | | | Income tax expenses | | (17,007) | | (1,849) | | — | | (18,856) | | | | | | | | | | Income before share of income in equity method investments, net of income taxes | | 249,301 | | 19,820 | | — | | 269,121 | | | | | | | | | | Share of income in equity method investments, net of income taxes | | — | | 3,297 | | — | | 3,297 | | | | | | | | | | Net income from continuing operations | | 249,301 | | 23,117 | | — | | 272,418 |
| (1) | The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. |
| (2) | Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
33. Segment Reporting (continued) | (a) | The following table presents summary information by segment (continued): |
| | | | | | | | | BIGO | | All other | | Total | | | US$ | | US$ | | US$ | | | | | | | | Cost of revenues | | 1,958 | | 1,617 | | 3,575 | Research and development expenses | | 8,967 | | 10,448 | | 19,415 | Sales and marketing expenses | | 341 | | 456 | | 797 | General and administrative expenses | | 1,829 | | 6,363 | | 8,192 |
| (b) | The following tables set forth revenues and long - lived assets, net for the Company’s geographic operations: |
| | | | | | | | | For the years ended December 31, | | | 2023 | | 2024 | | 2025 | | | US$ | | US$ | | US$ | Revenues: | | | | | | | Developed countries and regions | | 968,225 | | 1,206,679 | | 1,250,411 | Middle East | | 441,277 | | 317,848 | | 244,222 | Mainland China | | 347,825 | | 233,578 | | 208,722 | Southeast Asia and others | | 510,543 | | 479,683 | | 420,893 |
Developed countries and region mainly included the United States of America, Singapore, Japan, South Korea and Great Britain. Middle East mainly included Saudi Arabia and other countries located in the region, and Southeast Asia and others mainly included Indonesia, Vietnam and rest of the world. | | | | | | | As of December 31, | | | 2024 | | 2025 | | | US$ | | US$ | Long - lived assets, net: | | | | | Mainland China | | 770,349 | | 842,750 | Singapore | | 13,041 | | 12,105 | Others | | 39,905 | | 32,900 |
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