The earnings call reflects a challenging period for PDD Holdings, with significant investments in merchant support programs amid external pressures and competition. While the company is committed to long-term growth and ecosystem development, short-term profitability has been adversely affected.

Company Guidance -

Q2 2025

During the PDD Holdings First Quarter 2025 Earnings Call, the company provided guidance on their strategic focus and financial performance. The company emphasized the continuation of their high-quality development strategy through initiatives like the 10 billion fee reduction program and the newly launched 100 billion support program aimed at supporting merchants amid external challenges. PDD Holdings reported Q1 2025 revenues of RMB95.7 billion, marking a 10% year-over-year increase, with revenues from online marketing services and transaction services contributing RMB48.7 billion and RMB47 billion, respectively. However, operating expenses rose significantly, with GAAP operating expenses increasing by 37% to RMB38.6 billion, impacting profitability. The company also noted a decrease in non-GAAP operating profit margin to 19%, down from 33% in the same quarter last year. PDD Holdings remains committed to long-term investments in their platform ecosystem, focusing on supporting merchants and consumers, despite the short-term profitability challenges.

Revenue Growth in Marketing and Transaction Services

Revenues from online marketing services increased 15% to RMB48.7 billion, and transaction services revenue increased 6% to RMB47 billion compared to the same quarter last year.

100 Billion Support Program

The company launched an upgraded 100 billion support program to provide substantial financial support to merchants, focusing on high-quality supply and demand side investments.

Commitment to Long-Term Growth

Management emphasized a focus on long-term intrinsic value over short-term financial performance, prioritizing ecosystem investments despite short-term profitability challenges.

PDD Holdings (DE:9PDA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

DE:9PDA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 25, 2025	2025 (Q2)	1.86 / -	2.787	―	―	―
May 27, 2025	2025 (Q1)	2.26 / 1.37	2.485	-44.93% (-1.12)	―
Mar 20, 2025	2024 (Q4)	2.38 / 2.42	2.077	16.34% (+0.34)	―
Nov 21, 2024	2024 (Q3)	2.35 / 2.23	1.392	60.12% (+0.84)	―
Aug 26, 2024	2024 (Q2)	2.46 / 2.79	1.256	121.97% (+1.53)	―
May 22, 2024	2024 (Q1)	1.26 / 2.48	0.83	199.42% (+1.65)	―
Mar 20, 2024	2023 (Q4)	1.35 / 2.08	1	107.67% (+1.08)	―
Nov 28, 2023	2023 (Q3)	1.07 / 1.39	1.034	34.69% (+0.36)	―
Aug 29, 2023	2023 (Q2)	0.88 / 1.26	0.904	38.86% (+0.35)	―
May 26, 2023	2023 (Q1)	0.54 / 0.83	0.354	134.58% (+0.48)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:9PDA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 27, 2025	€104.50	€90.00	-13.88%
Mar 20, 2025	€114.50	€120.00	+4.80%
Nov 21, 2024	€111.00	€100.50	-9.46%
Aug 26, 2024	€125.00	€89.80	-28.16%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.