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BEIJING - Chinese real estate platform KE Holdings Inc. (NYSE:BEKE) reported first quarter results that topped analyst expectations on Thursday.
The company’s shares fell 1.33% as in pre-market trading following the release.
KE Holdings, which operates the Beike online and offline platform for housing transactions and services, said net revenue jumped 42.4% YoY to RMB23.3 billion ($3.2 billion) in Q1, beating the consensus estimate of RMB21.37 billion. Adjusted earnings per ADS came in at RMB1.24 ($0.17), exceeding analyst projections of RMB1.04.
The company saw strong growth across its business segments. Gross transaction value (GTV) increased 34% YoY to RMB843.7 billion ($116.3 billion), driven by a 28.1% rise in existing home transactions and a 53% surge in new home transactions.
"Building on the stable market performance and the continued effectiveness of our growth strategy, our business maintained strong growth in the first quarter," said Stanley Yongdong Peng, Chairman and CEO of KE Holdings.
While management expressed confidence in the company’s long-term prospects, they also noted they will be "more prudent" in certain investments this year to focus on return on investment.
The number of mobile monthly active users declined to 44.5 million in Q1 from 47.7 million a year ago, which may have disappointed some investors.
Despite the mixed reaction, KE Holdings delivered solid top and bottom line beats for the quarter as it continues to expand its presence in China’s massive real estate services market.
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