Q2 results were broadly in line with expectations, but profitability continued to be weighed down by the lingering effects of last year's data incident, the $410M administrative fine, and temporarily increased marketing investment.

Total revenue reached $8.9B, up 10% year over year in constant currency; product commerce grew 8%, with active customers at 24.7 million (+3%). Net loss was $570M, with adjusted EBITDA margin of 1.8%, down approximately 318bps year over year.

Taiwan logistics have accelerated, with dawn delivery launched within one year (South Korea took four years at the time); Eats is shifting toward a sustainable model; WOW membership hit a record high, and returning customers' spending has already exceeded pre-incident levels.

The company expects Q3 constant-currency revenue growth of 8%-9%, with EBITDA margin down 300-400bps year over year; product commerce margins are expected to recover to pre-incident levels by mid-2027.

Risks: the July warehouse fire involved approximately $246M in assets, with losses yet to be assessed; the fine is not tax-deductible, and marketing expenses remain elevated.