Zhihu faced declining revenues year-over-year across all segments in Q3 2025, but made progress on cost controls and remains on track for non-GAAP breakeven. Net loss increased under GAAP, while adjusted loss narrowed.
Total revenue declined to $92.6M from $118.6M YoY.
Net loss widened to $6.6M vs. $1.3M YoY under GAAP.
Adjusted net loss narrowed to $3.0M from $3.7M YoY.
Average monthly subscribing members dropped to 14.3M.
Zhihu expects to achieve full-year non-GAAP breakeven through continued cost optimization and innovation in AI and content strategy.
Visualization of income flow from segment revenue to net income
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