)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Youdao (DAO) investor relations material
Youdao Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Net revenues for Q3 2025 reached RMB 1,628.5 million, up 3.6% year-over-year, driven by strong growth in online marketing services and strategic investments in AI and digital learning, despite declines in learning services and smart devices.
Operating profit for Q3 was RMB 28.3 million, down 73.7% year-over-year due to increased investments and a high comparison base from last year's one-off STEAM course impact.
Maintained profitability for five consecutive quarters, with operating income for the first nine months at RMB 161.1 million.
Net income attributable to shareholders was near zero in Q3 2025, compared to RMB 86.3 million or RMB 88.9 million last year.
AI-powered solutions and generative AI applications are central to business strategy across learning, marketing, and smart devices.
Financial highlights
Online marketing services revenue grew 51.1% year-over-year to RMB 739.7 million, setting a new record.
Learning services revenue declined 16.2% year-over-year to RMB 643.1 million, reflecting a strategic focus on high-ROI customer acquisition.
Smart devices revenue fell 22.1% year-over-year to RMB 245.8 million.
Gross margin was 42.2% in Q3 2025, down from 50.2% in Q3 2024, mainly due to lower margins in online marketing services.
Operating cash outflow for Q3 was RMB 58.6 million, a 31.4% year-over-year improvement.
Outlook and guidance
Management remains confident in achieving full-year targets, including robust year-over-year operating profit growth and annual operational cash flow break-even for the first time.
Expect learning services segment to return to year-over-year growth in the near term, with continued investment in AI-driven products and customer acquisition.
Online marketing services expected to maintain strong growth, leveraging AI and expanding global partnerships.
Continued focus on executing the AI-Native Strategy and expanding applications of the Confucius large language model.
Online marketing margin improvement timeline?
Path to operating cash flow breakeven?
Youdao Lingshi's revenue impact on learning services?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Youdao earnings date
Q4 202519 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Youdao Inc., a subsidiary of NetEase Inc., is an internet technology company headquartered in Hangzhou, China. Founded in 2006, Youdao operates through three main segments: Learning Services, Smart Devices, and Online Marketing Services. The company provides a variety of learning content, applications, and solutions for different age groups through its websites and mobile applications. Youdao's learning services include online courses, tutoring, and premium services, with offerings ranging from STEAM courses to adult and vocational education, including foreign language and digital skills training. The company is headquartered in Hangzhou, China, and its shares are listed on the NYSE.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage