| Summary of 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: |
| | | | | | | | | 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 |
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: |
| | | | | | | | | 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 |
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: |
| | | | | | | | | 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 |
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