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Sep 30, 2025
PDD Holdings Q3 2025 Earnings Report
PDD Holdings reported solid earnings with increased net income and moderate revenue growth in Q3 2025.
Key Takeaways
PDD Holdings delivered $15.21B in revenue and $4.12B in net income for Q3 2025. The company maintained profitability while facing a more competitive market landscape and rising expenses.
Revenue reached $15.21B, driven by both marketing and transaction services.
Net income increased to $4.12B despite higher fulfillment and infrastructure costs.
Adjusted EPS came in at $2.96, above GAAP EPS of $2.77.
R&D expenses rose significantly due to increased staff and server costs.
Revenue by Segment
Forward Guidance
PDD plans to continue supporting merchants and investing in its ecosystem, expecting fluctuations in financial performance due to market competition and strategic initiatives.
Positive Outlook
- Continued investment in merchant support
- Commitment to long-term strategic growth
- Strong cash generation capability
- Focus on sustainable platform development
- Maintained profitability despite slower revenue growth
Challenges Ahead
- Revenue growth has moderated
- Rising infrastructure and fulfillment costs
- Competitive landscape remains challenging
- Earnings may fluctuate in future quarters
- External uncertainties impacting performance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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