PDD: 1Q25 Flash - Meaningful Deceleration in Revs; Margins Below Expectations
Total revenues were RMB95.7bn (-13.5% QoQ and +10.2% YoY), below consensus estimates of RMB101.6bn and our expectations of RMB107.9bn. Online marketing services revenue came in at RMB48.7bn (-14.5% QoQ and +14.8% YoY), below our estimates of RMB49.3bn. Transaction services revenues were RMB47.0bn (-12.4% QoQ and +5.8% YoY), below our estimates of RMB58.5bn.Analysts:
Jin Yoon
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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