JOYY Inc. is a global internet platform company that operates three primary business segments: live streaming, advertising, and e-commerce. In live streaming, the company generates revenue from the sale of virtual items on its platforms, which users purchase to support performers and access premium features, with revenue recognized upon consumption or ratably over fixed periods. The advertising segment derives revenue from matching advertiser demand with inventory on its own or third-party networks, primarily through display advertising and integrated promotional campaigns charged on a duration basis. The e-commerce segment operates a global smart commerce platform enabling merchants to build brands and sell products worldwide. The company acts as principal across its segments and reports revenues on a gross basis, funding its operations through these diversified internet platform activities while maintaining a corporate structure with subsidiaries and variable interest entities across multiple regions.