Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.
Adjusted gross margin of 62.7% decreased 50 basis points year-over-year, primarily due to tariffs impacting us for the first full quarter.
While we face near-term uncertainty from trade, tariff and regulatory policy, we remain focused on long-term growth and value creation.
We did face pockets of moderating ad spend in UCAN in Q3 as larger U.S. retailers navigate tariff-related margin pressure in the current environment.
Given the deferral in U.S. biofuel policy and other global movements, it is difficult to predict the timing of when we will see a structural increase in biofuel demand.
we will have a 3-year grace period from certain U.S. tariffs with our commitment to further invest in manufacturing in the U.S.
We expect full year 2025 gross margin to be approximately 59.2% above our prior outlook and adjusted operating margin is expected to be approximately 31%.
While we remain attentive to uncertainties related to tariffs and consumer pressures, particularly in the U.S., we are confident in our ability to proactively manage these dynamics.
the impact of the incremental U.S. import tariffs, which became visible in Q3
We still see that our merchants have in the aggregate raised their prices some since the April tariff announcements in the U.S., but the level of pricing increases is, in fact, slightly lower than the trends that we were seeing last quarter.
Every dollar, euro or RMB spent on tariffs is one not spent on innovation.