Adobe (NASDAQ: ADBE) — Q3 FY2026 Post Earnings

Adobe ADBE q3 26 post earnings

Operations

Q3 2026
Q3 Revenue ↑ 12.9% YoY $6.76B
Segments
Subscription 97.4%
Product 1.0%
Services and other 1.6%

Key Earnings Driver

Business Professionals & Consumers Subscription revenue increased 13.7% year over year to $6.58B, Within Subscription, Total Customer Group subscription revenue was $6.56B, with Business Professionals & Consumers subscription revenue increasing 15.6% to $1.91B, and Creative & Marketing Professionals subscription revenue increasing 13.0% to $4.65B. Product revenue declined 1.5% to $67M, and Services and other revenue declined 14% to $111M. Management cited expanding its user base through a freemium strategy and deeper engagement with agentic experiences to deliver long-term durable growth.

Key Operating Metrics¹

METRIC

STATUS

Subscription↑ 13.7%

Total Customer Group↑ 13.7%

Business Professionals & Consumers↑ 15.6%

🟢 Scaling

Creative & Marketing Professionals↑ 13.0%

Key Financial Metrics

Gross Margin 88.71% -0.6 pp YoY
Backlog / Revenue 327.8% 3.27x Qtr Rev
CapEx Intensity 1.26% 0.01x Revenue

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

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

Post earnings note company quarterly analysis

Operations

Q2 2026
Q2 Revenue ↑ 8.1% YoY ¥112.36B
Segments
Online Marketing Services and Others 51.3%
Transaction Services 48.7%

Key Earnings Driver

Transaction Services Online Marketing Services and Others revenue increased 3.4% year over year to RMB57.6B and rebounded 15.4% sequentially. Transaction Services revenue increased 13% to RMB54.7 billion.

Key Operating Metrics¹

METRIC

STATUS

Online Marketing Services and Others↑ 3.5%

Transaction Services↑ 13.3%

🟢 Scaling

Key Financial Metrics

Gross Margin 57.26% +1.37 pp YoY
Backlog / Revenue N/A
CapEx Intensity N/A

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

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

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

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

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

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

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

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

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

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.

Baidu (NASDAQ: BIDU) — Q2 2026 Post Earnings

Post earnings note company quarterly analysis

Operations¹

Q2 2026
Q2 Revenue ↓ 4.2% YoY ¥31.33B
Segments
Baidu General Business 80.0%
iQIYI 20.0%

Key Earnings Driver

GPU Cloud Baidu General Business revenue declined 4% year over year to RMB25.2 billion, with Online Marketing Services declining 19% to RMB13.1 billion, while Others revenue increased 21% to RMB12.1 billion and GPU Cloud revenue within Others increased 283%. iQIYI revenue declined 5% to RMB6.3 billion.

Key Operating Metrics²

METRIC

STATUS

Baidu General Business↓ 4.0%

Online Marketing Services↓ 19.0%

🟡 Watch

Others↑ 21.0%

GPU Cloud↑ 283.0%

🟢 Scaling

iQIYI↓ 5.0%

Membership Services↓ 2.0%

🟡 Watch

Online Advertising Services↓ 2.0%

🟡 Watch

Content Distribution↑ 56.0%

Other↓ 58.0%

🟡 Watch

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.

NetEase (NASDAQ: NTES) — Q2 2026 Pre Earnings

Pre earnings note company quarterly analysis

Operations

Q1 2026
Q1 Revenue ↑ 6.1% YoY ¥30.59B
Segments
Games and related value-added services 84.0%
Youdao 4.4%
NetEase Cloud Music 6.5%
Innovative businesses and others 5.1%

Key Earnings Driver

Online Games Games and related value-added services revenue increased 6.9% year over year to RMB25.7B in Q1, with Online Games accounting for approximately 97.5% of segment revenue. Management highlighted strong engagement and revenue performance across established titles, including the Fantasy Westward Journey franchise, Identity V, Eggy Party, Sword of Justice and Where Winds Meet, supported by high-cadence content updates and gameplay innovation. Youdao revenue increased 3.8%, NetEase Cloud Music revenue increased 6.6%, and Innovative businesses and others revenue declined 4.6%.

Key Operating Metrics¹

METRIC

STATUS

Games and related value–added services↑ 6.9%

Online Games

🟢 Scaling

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

Baidu (NASDAQ: BIDU) — Q2 2026 Pre Earnings

Pre earnings note company quarterly analysis

Operations¹

Q1 2026
Q1 Revenue ↓ 1.2% YoY ¥32.08B
Segments
Baidu General Business 80.7%
iQIYI 19.3%

Key Earnings Driver

GPU Cloud Baidu General Business revenue increased 2% year over year to RMB26.0B. with Online Marketing Services declining 22% to RMB12.6 billion, while Others revenue increased 42% to RMB13.4 billion and GPU Cloud revenue within Others increased 184%. iQIYI revenue declined 14% to RMB6.2B.

Key Operating Metrics²

METRIC

STATUS

Baidu General Business↑ 2.0%

Online Marketing Services↓ 22.0%

🟡 Watch

Others↑ 42.0%

GPU Cloud↑ 184.0%

🟢 Scaling

iQIYI↓ 13.0%

Membership Services↓ 5.0%

🟡 Watch

Online Advertising Services↓ 7.0%

🟡 Watch

Content Distribution↓ 43.0%

🟡 Watch

Other↓ 49.0%

🟡 Watch

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.