Revenue Performance:
- Total revenue for Q2 2025 was $3.018 billion, down from $3.369 billion in Q1 2025, reflecting a quarterly decrease of 10.42%. However, this marked a year-on-year growth of 3.85%.
Profitability Metrics:
- Gross profit for Q2 stood at $366 million, resulting in a gross profit margin of 12.12%, a YoY decline of 1.88% and a QoQ drop of 60.69%, impacted by rising costs and pricing pressures.
- Operating income was recorded at $161 million, which represents a significant year-over-year increase of 75.00%, although it declined by 77.00% from the previous quarter.
- Net income reached $164 million, showcasing a remarkable increase of 720% YoY, despite a 70.07% decline from the preceding quarter.
Expanding Costs:
- Operating expenses totaled $2.857 billion, which constricted operating margins but demonstrated management's focus on cost efficiency in a tightening market environment.