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Jun 30
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
PDD Holdings
PDD Holdings
PDD Holdings Revenue by Segment
Revenue by Segment
Online Marketing Revenue
CapyFin.comTransaction Services Revenue
CapyFin.com 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