This week, $PDD(PDD.US) posted disappointing results, sending the stock down nearly 15%.
For a detailed take, see 'PDD: Old and Arrogant, Now Universally Disliked'. The most glaring issue: ad revenue grew just 2.5% YoY. Despite sector-wide improvement vs. Q4 last year, PDD's ad growth declined QoQ, making it the laggard among e-commerce peers...
+1Below is Dolphin Research's Trans of $PDD(PDD.US) FY1Q26 earnings call (qtr ended Mar 31, 2026). For our take, see 'PDD: Old and arrogant, disliked by everyone'.
I. Core earnings takeaways: 1) Shareholder returns: management mentioned no dividend or buyback plans this quarter.2) Guidance: management gave no specific revenue/profit guidance for next qtr or the full year. They repeatedly cited seasonality and the pace of investment.
$PDD(PDD.US) Pre-mkt on May 27, released Q1 2026 results, with both revenue and profit missing expectations, making it the worst performer in the e-com group.
1) Growth weakened against the trend: unlike the sector and peers that showed QoQ improvement, PDD’s revenue growth slowed vs. last quarter. Total revenue rose 11% YoY, below the 13.5% consensus and lower than Q4’s 12%.More notably, the shortfall was in ad revenue, up only 2.5%...
+8Below is Dolphin Research's summary of the FY25 Q4 earnings call for $PDD(PDD.US).
For our earnings take, please see 'PDD: Has the 'maniac' turned 'mediocre'?'.1) Slower topline growth: Q4 revenue RMB 123.9bn (+12% YoY); FY revenue RMB 431.8bn (+10% YoY). Within that, online marketing services were up just 5% YoY in Q4, while transaction services rose 19% YoY.2) Margin pressure. Q4 non-GAAP OP was RMB 29.5bn (OPM 24%...)
Pre-market tonight (Mar 25), $PDD(PDD.US) released Q4 2025 results. Once the year's wild card on earnings, the company has now delivered two straight quarters broadly in line with the Street. PDD is now arguably the most focused, pure-play, value-driven e-commerce player in China.
In detail: 1) Total revenue growth showed some recovery, weak at home and strong overseas. Revenue came in at approx. RMB 123.9bn (+12% YoY), roughly in line with expectations. Growth accelerated vs. last quarter, with a softer domestic contribution (Q4 was weak across e-com) ...
+8The following are the Minutes of the 3Q25 conference call for $PDD(PDD.US) organized by Dolphin Research. For the financial report commentary, please see "Pinduoduo's Embarrassment: Rapid 'Aging,' but No Buyback." I. Review of Core Financial Information 1. The company's total revenue for this quarter increased by 9% year-on-year to RMB 108.3 billion, mainly driven by growth in online marketing services and transaction services. 2. Revenue from online marketing services and other businesses reached RMB 53.3 billion, up 8% year-on-year; transaction service revenue was RMB 54.9 billion, up 10%...
On November 18th, before the U.S. stock market opened, $PDD(PDD.US) announced its Q3 2025 earnings. At that time, few could predict the results, and the once 'forever young' Pinduoduo now seems to have entered a mature phase from various perspectives. This quarter's performance is mixed; the positive aspect is that after the impact of state subsidies waned, the main site's profit began to recover. The concern, however, is that Pinduoduo seems to have completely lost its previously most striking 'growth potential.' Specifically: 1. Revenue appears decent but is actually not: Pinduoduo's total revenue for this quarter was approximately RMB 108.3 billion, a year-on-year increase of 9%...
+7Dolphin Research previously mentioned that although $PDD(PDD.US) has consistently emphasized no dividends or buybacks, any company that transitions from its growth phase to its maturity phase must address a core question: how to utilize the accumulated cash assets? This quarter, Pinduoduo's interest and investment income directly reached the level of 10 billion yuan (mainly from interest and stock investment income), which is already a significant presence compared to the 25.8 billion yuan operating profit from its main business for the quarter. Of course, from the perspective of quarterly volatility, the average single-quarter level is still around 5.3 billion yuan, not much different from the level of each quarter last year...
+6The following are the minutes of Pinduoduo's FY25Q2 earnings call organized by Dolphin Research. For earnings interpretation, please refer to $PDD(PDD.US) "Pinduoduo: Back to the Money Tree? Can't Compete with Management's 'Forced Compliance'". 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Key Information from Executive Statements 1. "Billion Core" Support Plan: a. Merchant Support (Core Investment Direction): Assisting merchants in facing challenges, seeking new growth, and navigating market cycles. Since last August, significant cost savings for merchants have been achieved through fee reductions...
$PDD(PDD.US) once again experienced familiar post-earnings volatility. On August 25th, before the U.S. stock market opened, Pinduoduo announced its second-quarter earnings, with profits significantly exceeding expectations, briefly driving the stock price up by 10%. But how substantial is this earnings surprise? 1. Revenue met expectations exactly, with no surprises: After two consecutive quarters of revenue significantly missing expectations, Pinduoduo's total revenue for this quarter was approximately RMB 104 billion, a year-on-year increase of 7%. Although the growth rate continued to slow, it was almost perfectly in line with market expectations. This was mainly due to Temu being affected by tariffs...
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