Why did PDD's Q4 2024 EPS fall short again?

PDD's Q4 2024 EPS fell short for the following reasons:

1. **Revenue Shortfall**: Total revenue for the quarter was $15.15 billion, which missed the analyst estimate of $15.68 billion by approximately $746 million. This shortfall indicates that PDD's revenue growth did not meet market expectations.
2. **Strategic Shift**: PDD is undergoing a strategic shift towards high-quality development, focusing on ecosystem investments rather than short-term financial gains. These investments, although crucial for long-term value creation, can temporarily impact short-term revenue growth.

In conclusion, PDD's Q4 2024 EPS fell short primarily due to a combination of revenue shortfall and strategic shift.