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This quarter, we successfully predicted the earnings results for META, MSFT, GOOG, APP, Unity, PLTR, NET, and DDOG, and we alerted subscribers about C3.AI's CEO stepping down due to health issues before the quarter began. However, we incorrectly forecasted the performance trends for MNDY, AWS, and INOD. We welcome you to review our 2Q25 research reports.
You can also check here to see the research we conducted in 1Q25.
Advertising
Solid Performance with Potential Upside
Advertising performance this quarter remains solid, with potential to exceed expectations. Revenue growth could still reach 20%, with client-side ad spending showing no material slowdown versus last quarter. Government subsidies and the food delivery price war had minimal impact. Initially, major players planned to reduce advertising budgets and shift spending toward subsidies, but in practice, new funding was injected, leading to only limited budget reductions (cross-checked with ByteDance trends). WeChat Channels continues to scale, and WeChat Search ads—posting ~8% CTR, above typical search benchmarks—contributed significant incremental revenue. Key user-side metrics for Channels should be monitored going forward. E-commerce GMV on Channels remains in growth mode, though service formats appear to be still evolving. AI-driven ad initiatives are progressing on schedule, delivering a 1–2% quarterly revenue uplift since the start of the year.
