PDD Holdings Inc. reported mixed second-quarter 2026 results. Revenue increased 8% to CNY 112.36 billion ($16.56 billion) but missed analyst consensus of CNY 116.35 billion. Transaction services revenue grew 13.3% to $8.07 billion. Adjusted operating profit rose 5% to $4.3 billion and adjusted earnings per ADS beat estimates at 19.33 yuan. Net income fell 12% to CNY 27.18 billion. The company ended the quarter with $67.3 billion in cash and generated $3.8 billion in operating cash flow. Its shares rose in U.S. trading on the 24th. As Alibaba's primary competitor, PDD faces weak Chinese consumer spending, fierce competition and regulatory scrutiny. The company aims to build a trusted global platform while supporting merchants amid near-term margin compression.