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PDD Holdings (NASDAQ: PDD) — Q2 2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

Q1 2026
Q1 Revenue ↑ 11.0% YoY ¥106.23B
Segments
Online Marketing Services and Others 47.0%
Transaction Services 53.0%

Key Earnings Driver

Transaction Services Online Marketing Services and Others revenue increased 2.5% year over year to RMB49.9B, but declined 16.8% sequentially. Transaction Services revenue increased 20% to RMB56.3B

Key Operating Metrics¹

METRIC

STATUS

Online Marketing Services and Others↑ 2.5%

Transaction Services↑ 19.9%

🟢 Scaling

Key Financial Metrics

Gross Margin 55.86% -1.35 pp YoY
Backlog / Revenue N/A
CapEx Intensity N/A

Sources: PDD Holdings Q1 2026 Earnings Release — Company Website, PDD Holdings Q1 2026 Earnings Release — Company Website, PDD Holdings Q4 2025 Earnings Release — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Analog Devices (NASDAQ: ADI) — Q3 FY2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q3 2026
Q3 Revenue ↑ 39.6% YoY $4.02B
Segments
Industrial 49.0%
Automotive 24.8%
Communications 16.3%
Consumer 9.9%

Key Earnings Driver

Data Center Communications revenue increased 84.5% year over year to $654.5M. Within Communications, Data Center growth exceeded 100%, with demand across both the optical and power portfolios supporting growth. Analog Devices CEO Vincent Roche said growth across all end markets was “led by data center and industrial,” with Industrial revenue increasing 53%. Automotive revenue increased 16.5% and Consumer revenue increased 5.8%.

Key Operating Metrics¹

METRIC

STATUS

Industrial↑ 52.5%

Automotive↑ 16.5%

Communications↑ 84.5%

Data Center

🟢 Scaling

Key Financial Metrics

Gross Margin 67.30% +5.2 pp YoY
Backlog / Revenue N/A
CapEx Intensity 3.62% 0.03x Revenue

Sources: Analog Devices Q3 FY2026 Earnings Release — Company Website, Analog Devices Q3 FY2026 Form 10-Q — Financial Filings, Analog Devices Q3 FY2026 Earnings Call Transcript — LSEG Transcript

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Tuya (NYSE: TUYA) — Q2 2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

Q1 2026
Q1 Revenue ↑ 8.3% YoY $80.9M
Segments
PaaS 73.0%
AI application & others 14.4%
Smart Home & Robot Products 12.6%

Key Earnings Driver

AI Application & Others AI application & others revenue increased 16.9% year over year to $11.6 million in Q1, primarily driven by higher cloud based services revenue. The company stated that it remained committed to offering recurring value-added services with AI application functions during the quarter. PaaS revenue increased 9.8% to $59.0M. Smart Home & Robot Products revenue declined 6.9% to $10.2 million as management proactively phased out relatively low-value hardware products.

Key Operating Metrics¹

METRIC

STATUS

PaaS↑ 9.8%

AI application & others↑ 16.9%

🟢 Scaling

Smart Home & Robot Products↓ 6.9%

🟠 Transition phase

Key Financial Metrics

Gross Margin 46.90% -1.6 pp YoY
Backlog / Revenue N/A
CapEx Intensity N/A

Sources: Tuya Q1 2026 Financial Results — Company Website, Tuya Q1 2026 Earnings Call Transcript — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Ubiquiti Inc. (NYSE: UI) — Q4 FY2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q4 2026
Q4 Revenue ↑ 23.5% YoY $937.3M
Segments
Enterprise Technology 92.6%
Service Provider Technology 7.4%

Key Earnings Driver

Enterprise Technology Enterprise Technology revenue increased 27.7% year over year to $868.3M. Ubiquiti stated that the growth in revenues over the prior quarter and the comparable prior year periods was driven by an increase in revenue from its Enterprise Technology platform. Service Provider Technology revenue declined 12.7% to $69.0M.

Key Operating Metrics¹

METRIC

STATUS

Enterprise Technology↑ 27.7%

🟢 Scaling

Key Financial Metrics

Gross Margin 45.80% +0.7 pp YoY
Backlog / Revenue N/A
CapEx Intensity 0.58% 0.00x Revenue

Sources: Ubiquiti Inc. Q4 FY2026 Financial Results — SEC Filing, Ubiquiti Inc. FY2026 Form 10-K — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Alibaba (NYSE: BABA) — Q1 FY2027 Post Earnings

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Post earnings note company quarterly analysis

Operations¹

Q1 2027
Q1 Revenue ↑ 8.6% YoY ¥268.95B
Segments
Alibaba E-commerce Group 71.9%
AI Cloud and Compute Services 16.9%
AI Labs and Applications 1.2%
All Others 10.0%

Key Earnings Driver

Freshippo and Taobao Instant Commerce AI Cloud and Compute Services revenue increased 45% year over year to RMB48.4 billion, driven primarily by public cloud revenue growth and increasing adoption of AI-related products. AI-related product revenue reached RMB12.4 billion. Alibaba E-commerce Group revenue increased 4% to RMB205.9B. Within Alibaba E-commerce Group, China Quick Commerce revenue increased 45% to RMB53.3 billion, primarily driven by Freshippo and Taobao Instant Commerce.

Key Operating Metrics²

METRIC

STATUS

Alibaba E–commerce Group↑ 4.0%

China Quick Commerce↑ 45.0%

Freshippo

🟢 Scaling

Taobao Instant Commerce

🟢 Scaling

AI Cloud and Compute Services↑ 45.0%

Public Cloud

AI-related products

Key Financial Metrics

Gross Margin 38.25% -6.65 pp YoY
Backlog / Revenue N/A
CapEx Intensity 25.16% 0.25x Revenue

Sources: Alibaba Q1 FY2027 Earnings Release — SEC Filing, Alibaba Q1 FY2027 Earnings Call Transcript — ROIC.ai

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination. Division names changed beginning Q1 2027 following Alibaba’s restructuring of its operations.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

NetEase (NASDAQ: NTES) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q2 2026
Q2 Revenue ↑ 7.9% YoY ¥30.11B
Segments
Games and related value-added services 83.1%
Youdao 4.9%
NetEase Cloud Music 6.6%
Innovative businesses and others 5.4%

Key Earnings Driver

Online Games Games and related value-added services revenue increased 9.7% year over year to RMB25.0B, with Online Games accounting for approximately 97.7% of division revenue. The Fantasy Westward Journey franchise, Identity V, Eggy Party, Sword of Justice and Where Winds Meet sustained solid momentum through ongoing content updates, gameplay innovation and vibrant community activities. Youdao revenue increased 3.5%, NetEase Cloud Music revenue was relatively stable at RMB2.0B, and Innovative businesses and others revenue declined 3.5%.

Key Operating Metrics¹

METRIC

STATUS

Games and related value–added services↑ 9.7%

Online Games

🟢 Scaling

Key Financial Metrics

Gross Margin 70.50% +5.75 pp YoY
Backlog / Revenue N/A
CapEx Intensity 1.67% 0.01x Revenue

Sources: NetEase Q2 2026 Earnings Release — Company Website, NetEase Form 6-K — Company Website, NetEase 2Q26 Investor Presentation — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Ubiquiti Inc. (NYSE: UI) — Q4 FY2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

Q3 2026
Q3 Revenue ↑ 18.7% YoY $788.2M
Segments
Enterprise Technology 91.1%
Service Provider Technology 8.9%

Key Earnings Driver

Enterprise Technology Enterprise Technology revenue increased 22.6% year over year to $717.9M, compared with $585.7M in the same period a year earlier. The company attributed the increase in Enterprise Technology revenue to growth from its Enterprise Technology platform across all regions. Service Provider Technology revenue declined 10.3% to $70.3M.

Key Operating Metrics¹

METRIC

STATUS

Enterprise Technology↑ 22.6%

🟢 Scaling

Sources: Ubiquiti Q3 FY2026 Financial Results — Company Website, Ubiquiti Q3 FY2026 Quarterly Report — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Kingsoft Cloud (NASDAQ: KC) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q2 2026
Q2 Revenue ↑ 30.8% YoY $3.07B
Segments
Public Cloud Services 76.7%
Enterprise Cloud Services 23.3%

Key Earnings Driver

AI Cloud Services Public cloud services revenue increased 45.1% year over year to RMB2.358 billion. Enterprise cloud services revenue declined 1.3% to RMB714.3 million. Management said the revenue increase was mainly driven by growing demand for AI cloud services

Key Operating Metrics¹

METRIC

STATUS

Public Cloud Services↑ 45.1%

AI cloud services

🟢 Scaling

Enterprise Cloud Services↓ 1.3%

🟡 Watch

Key Financial Metrics

Gross Margin 15.17% +0.75 pp YoY
Backlog / Revenue N/A
CapEx Intensity N/A

Sources: Kingsoft Cloud Q2 2026 Quarterly Results — Company Website, Kingsoft Cloud Q2 2026 Financial Results — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Hesai Group (NASDAQ: HSAI) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q2 2026
Q2 Revenue ↑ 21.9% YoY ¥860.8M
Segments
LiDAR Business 94.8%
Strategic Growth Initiatives 5.2%

Key Earnings Driver

Robotics LiDAR Business revenue increased 15.5% year over year to RMB815.9M, with total LiDAR shipments increasing 78.4% to 628,275 units, including 485,904 ADAS shipments and 142,371 Robotics shipments. The year over year increase was mainly attributable to increased deliveries of both ADAS and Robotics lidar products driven by robust demand, both in China and globally. ADAS shipments increased 60.1% and Robotics shipments increased 193.4%

Key Operating Metrics¹

METRIC

STATUS

LiDAR Business↑ 15.5%

ADAS

Robotics

🟢 Scaling

Sources: Hesai Group Q2 FY2026 Earnings Release — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Alibaba (NYSE: BABA) — Q1 FY2027 Pre Earnings

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Pre earnings note company quarterly analysis

Operations¹

Q4 2026
Q4 Revenue ↑ 2.9% YoY ¥243.38B
Segments
China E-commerce Group 46.2%
International Digital Commerce Group 13.4%
Cloud Intelligence Group 15.7%
All Others 24.7%

Key Earnings Driver

Public Cloud and AI-related Products China E-commerce Group revenue increased 6% to RMB122.2 billion. International Digital Commerce Group revenue increased 6% to RMB35.4 billion. Cloud Intelligence Group revenue increased 38% year over year to RMB41.6 billion. Within Cloud Intelligence Group, external cloud revenue grew 40%. The company attributed external cloud growth primarily to public cloud revenue growth and increasing adoption of AI-related products.

Key Operating Metrics²

METRIC

STATUS

China E–commerce Group↑ 6.0%

International Digital Commerce Group↑ 6.0%

Cloud Intelligence Group↑ 38.0%

Public Cloud

🟢 Scaling

AI-related products

🟢 Scaling

Key Financial Metrics

Gross Margin 34.51% -3.9 pp YoY
Backlog / Revenue N/A
CapEx Intensity 11.05% 0.11x Revenue

Sources: Alibaba FY2026 Annual Results — SEC Filing

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.