Zhihu Inc. (ZHIHU-W) saw its shares plummet 8.83% during intraday trading on Thursday, following the release of its latest quarterly earnings reports.

The significant drop comes after the company reported financial results for the quarters ended September 30 and December 31, 2025. For the fourth quarter, Zhihu reported an adjusted loss of 34 fen per share, significantly worse than the analyst forecast of a 16 fen loss. Revenue also declined by 25.1% year-over-year to CNY643.52 million.

Similarly, for the third quarter, the company reported an adjusted loss of 57 fen per share, missing analyst expectations, with revenue falling 23.3% from the previous year. The larger-than-anticipated losses and continued revenue decline appear to have driven negative investor sentiment, leading to the sharp sell-off in the stock.