Recap | China’s tech giants PDD Holdings, Xiaomi, Alibaba, Tencent defy economic woes: 6 latest earning reports
How have some of China’s biggest tech companies fared in their third-quarter earnings revelations? Find out in some of our latest stories
1. Baidu’s third-quarter revenue drops 3% amid economic struggles
Hit by China’s economic downturn impacting advertising spending, the internet search giant faces challenges as it invests heavily in its Ernie large language model. Online marketing revenue dipped 4 per cent, outpacing AI growth.
2. PDD Holdings’ 44% revenue growth can not allay investor concerns
Shares plummeted due to investor concerns about China’s economic slowdown and fierce e-commerce competition, highlighting the price war and pressure on Chinese brands. The Temu owner’s third-quarter earnings results included a 66 per cent jump in net revenue, but it was not enough to prevent stocks sliding.
3. Xiaomi revenue up 30.5% in third quarter as EV business booms and firm meets goal of producing 100,000 vehicles this year
Driven by a burgeoning electric vehicle business and global smartphone rebound, the company’s revenue for the three months through September reached US$12.8 billion, beating estimates by analysts surveyed by Bloomberg. Adjusted net income over the period also rose 4.4 per cent year on year.
4. Alibaba profit rockets 58% to US$6 billion on back of its cloud computing and offshore e-commerce businesses
The tech giant’s net income soared in the three months that ended in September, beating analysts’ estimates despite a domestic retail decline amid China’s consumption slump. Robust growth in cloud computing and offshore e-commerce marketplaces such as AliExpress drove the rise.
Alibaba owns the South China Morning Post.
5. Tencent’s profit soars 47% as video gaming sales surge with hits such as DnF Mobile, Honour of Kings and Valorant
Tencent’s third-quarter profits rise was driven by booming video gaming revenue, exceeding analyst expectations. The gaming giant saw strong growth in both domestic and international markets, taking profits to US$7.4 billion in the three months to the end of September.
6. Bilibili scores its first quarterly profit, hitting US$33.6 million in the third quarter
The Shanghai-based youth-focused video and gaming platform hit the profitability milestone after a significant turnaround from previous losses. The result was driven by strong growth in its mobile gaming business and improved commercialisation efficiency.
Part of this article was produced with the assistance of generative AI.
