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Jun 30, 2025
PDD Holdings Q2 2025 Earnings Report
PDD Holdings reported its Q2 2025 earnings with modest revenue growth and a slight decline in net income.
Key Takeaways
PDD Holdings delivered $14.52B in revenue and $4.29B in net income in Q2 2025, with earnings per share at $2.90. Despite revenue growth, operating and net income declined as the company continued to invest heavily in its ecosystem.
Revenue reached $14.52B, up from $13.56B the prior year
Net income declined slightly to $4.29B
Diluted EPS came in at $2.90, with non-GAAP EPS at $3.08
Significant investments in merchant support impacted short-term margins
Revenue by Segment
Forward Guidance
PDD Holdings plans to continue investing in long-term ecosystem health, which may pressure short-term profits.
Positive Outlook
- Strong cash position with over $18B in cash and equivalents
- Revenue growth driven by online marketing services
- Commitment to long-term ecosystem development
- Increased support for merchants through dedicated initiatives
- Sustained investment in R&D and innovation
Challenges Ahead
- Operating income fell 21% year-over-year
- Net income slightly declined despite revenue growth
- Free cash flow halved compared to prior year
- Short-term profitability pressured by ongoing investments
- Foreign exchange losses impacted results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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