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Zhihu closes Q2 with RMB690.1 million in revenue
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Zhihu closes Q2 with RMB690.1 million in revenue

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  • Zhihu (NYSE:ZH) reported Q2 2026 revenue of RMB690.1 million, down from RMB716.9 million a year earlier but up 5.9% quarter over quarter.
  • The company posted a RMB37.4 million net loss as lower investment income offset improvements in operating losses.
  • Zhihu expanded paid content and IP operations revenue while continuing its share repurchase program.

Zhihu (NYSE:ZH) reported unaudited second-quarter 2026 revenue of RMB690.1 million, down year over year from RMB716.9 million but up 5.9% compared with the previous quarter.

The company’s gross margin declined to 57% from 62.5% a year earlier as cost of revenues increased, mainly due to higher content-related costs, while paid content and IP operations revenue increased.

Marketing services revenue declined to RMB199 million, other revenue decreased to RMB65.2 million, and total operating expenses fell 13% year over year to RMB469.4 million due to lower selling and marketing, research and development, and general and administrative expenses.

Zhihu reported a loss from operations of RMB75.9 million and adjusted loss from operations of RMB48.7 million, while holding RMB4,423.8 million in cash, term deposits, restricted cash, and short-term investments.

Elsewhere, the company reported a net loss of RMB37.4 million compared with net income of RMB72.5 million a year earlier and stated that adjusted net loss was RMB10.3 million, while cumulative share repurchases reached 41.3 million Class A shares for US$77.9 million.

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