Cheetah Mobile (0C9) Q2 2026 Earnings Report
DE:0C9 Q2 2026 EPS Results
- Actual EPS
- -EUR 0.01
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 0.00
DE:0C9 Q2 2026 Revenue Results
- Actual Revenue
- EUR 33.67M
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- -4.21%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/11/2026
- Time
- Before Open
- Conference Call
- Friday, September 11, 2026
Cheetah Mobile's next earnings date is estimated for November 25, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
The call was broadly positive, driven by rapid growth in cloud and AI infrastructure, strong robotics revenue growth, the launch of smart mobility products, improved Internet-services margins and a substantial cash position. The main negatives were the sharp decline in advertising agency revenue, wider company-level operating losses, lower Internet and Global Enterprise Services revenue, and continued investment-stage losses in robotics. Management nevertheless emphasized ongoing business-mix improvement, enterprise AI demand and a path toward better robotics economics.
Management expects gross billings from services of cloud and AI infrastructure to exceed RMB 2 billion in 2026, representing year-over-year growth of over 100%, and expects related revenue to exceed RMB 200 million, representing year-over-year growth of over [ 59% ]; smart mobility products weighing less than 16 kilograms can operate for approximately 10 hours under specified conditions, and the company plans to turn early progress into more shipments, more customers, and repeat business, move Robotics and others toward breakeven, keep Internet and Global Enterprise Services profitable and efficient on an adjusted operating basis, and continue improving the economics of Robotics and others, while noting that single quarter profit “may not take long” but is not the current priority.
- Total Revenue Returned to Sequential GrowthSecond-quarter total revenue was RMB 766.1 million, representing an increase of 2.7% quarter-over-quarter and 9.9% year-over-year as stated in the overall performance discussion.
- Strong Cloud and AI Infrastructure GrowthRevenue from services of cloud and AI infrastructure was RMB 59.1 million, up 83.1% year-over-year and 26.2% quarter-over-quarter, accounting for 22.2% of total revenue. The year-over-year growth rate accelerated from 68% in the first quarter to 83% in the second quarter.
- AI Infrastructure Billings and 2026 OutlookGross billings for cloud and AI infrastructure exceeded RMB 500 million in the quarter, compared with approximately RMB 200 million in the same period last year and approximately RMB 300 million in the previous quarter. Management expects 2026 gross billings to exceed RMB 2 billion, representing year-over-year growth of over 100%, and related revenue to exceed RMB 200 million, representing year-over-year growth of over 59%.
- Expanding Enterprise AI Service OfferingThe company connects enterprises with cloud infrastructure and model inference services from Amazon Web Services, Google Cloud, Microsoft Azure, Alibaba, Tencent and other providers, while also supporting deployment, cost control, AI training, implementation and daily operations. Management cited differentiated enterprise services, long-standing cloud-provider relationships and accumulated delivery capabilities as competitive advantages.
- Robotics Revenue Growth and Smart Mobility LaunchRevenue from Robotics and others was RMB 54.5 million, up 72.5% year-over-year and 6.4% quarter-over-quarter, accounting for 20.5% of total revenue. Growth was attributed to higher robotic-product sales volume and the contribution of a factory acquired on July 29, 2025. Smart mobility products began shipping for sale in Europe and China and contributed revenue during the quarter.
- Smart Mobility Product CapabilitiesThe smart mobility products weigh less than 16 kilograms, can be folded for transport, are designed to support air travel and can operate for approximately 10 hours under specified conditions. The company is combining autonomous navigation and related robotics capabilities with established electric mobility manufacturers and wheelchair partners.
- Capital-Efficient Robotics CommercializationManagement stated that the smart mobility product moved from project initiation to initial mass production and shipments in a little over a year, with cumulative investment in the range of several tens of millions of RMB. The company is using existing robotics capabilities and established partners rather than developing the product entirely from scratch.
- Shared Robotics Platform StrategyThe company has built a shared robotics platform combining voice interaction, autonomous mobility and robotic-arm capabilities. Management said the company is applying these capabilities to individual products and customer needs as a step-by-step path toward potentially integrating them into more general-purpose robots.
- Improved Internet Services ProfitabilityInternet services adjusted operating profit increased 14.2% year-over-year and 67.2% quarter-over-quarter to RMB 25.4 million. Adjusted operating margin expanded to 19.4% from 14.1% in the same period last year and 11.3% in the first quarter, despite lower segment revenue.
- Internet Value-Added Services Continued to GrowInternet value-added services revenue increased 6.7% year-over-year and 2.9% quarter-over-quarter to RMB 101.2 million, accounting for 77.6% of Internet services revenue. Management said the business remains profitable, efficient and cash-generative.
- Underlying Revenue Growth Excluding Advertising Agency ServicesRevenue excluding advertising agency services was RMB 244.1 million, increasing approximately 10% year-over-year and 5% quarter-over-quarter. The company attributed this underlying growth to continued expansion in cloud and AI infrastructure, robotics and others, and Internet value-added services.
- Strong Cash PositionAs of June 30, 2026, the company held CNY 1,271 million, or USD 187.3 million, in cash and cash equivalents. Management said this provides flexibility to invest prudently in AI and robotics businesses.
- Potential Capital-Market Support Under EvaluationManagement said it is actively evaluating possibilities including external financing, strategic investors, industrial cooperation and more independent capital-operation methods when appropriate. No specific transactions were announced, and any actions would consider business maturity, strategic synergy, transaction conditions, regulatory requirements and shareholder interests.
- Selective 2C AI Product InvestmentThe company has not abandoned consumer AI products and is exploring lightweight, highly agile, AI-native product development. Management said potential 2C products will be evaluated based on user word-of-mouth, retention and data-proven user experience, while enterprise applications remain the primary real-world AI opportunity.
DE:0C9 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Nov 25, 2026 | 2026 (Q3) | ―- | 0 | ― | ― |
| Sep 11, 2026 | 2026 (Q2) | ―-0.01 | 0 | -287.50% (-0.01) | |
| Jun 10, 2026 | 2026 (Q1) | ―-0.00 | 0 | 45.83% (+0.00) | |
| Mar 24, 2026 | 2025 (Q4) | ―-0.02 | -0.03 | 48.36% (+0.02) | |
| Nov 26, 2025 | 2025 (Q3) | ―-0.00 | -0.03 | 95.85% (+0.03) | |
| Sep 11, 2025 | 2025 (Q2) | ―-0.00 | -0.07 | 97.20% (+0.07) | |
| Jun 19, 2025 | 2025 (Q1) | ―-0.00 | -0.05 | 93.57% (+0.04) | |
| Mar 26, 2025 | 2024 (Q4) | ―-0.03 | -0.19 | 83.80% (+0.16) | |
| Dec 17, 2024 | 2024 (Q3) | ―-0.19 | -1.19 | 84.25% (+1.00) | |
| Sep 13, 2024 | 2024 (Q2) | ―-0.49 | -1.19 | 58.49% (+0.69) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
