China's Autohome Floors It On Sales, User-Base: Details

Autohome Inc ATHM reported first-quarter FY24 revenues of RMB1,609.1 million ($222.9 million), beating the consensus of $220.60 million.

Quarterly media services revenues were RMB327.4 million ($45.3 million), compared to RMB361.5 million a year ago.

Leads generation services revenues were RMB726.4 million ($100.6 million), compared to RMB680.6 million.

Online marketplace and others revenues were RMB555.2 million ($76.9 million) in the first quarter of 2024, compared to RMB491.5 million a year ago.

Adjusted net income was RMB493.9 million ($68.4 million), compared to RMB483.5 million in the year-ago period.

China’s online destination for automobile consumers posted an adjusted earnings per ADS of $0.56, beating the consensus of $0.49.

Tao Wu, Chief Executive Officer of Autohome, said, “For our users, according to QuestMobile, average mobile daily active users grew by 8.1% year-over-year to 69.39 million in March, highlighting the effectiveness of our content-focused strategy on attracting users. For our innovative businesses, Autohome Space is expanding further geographically, with a number of new franchise stores on track to open this year.”

As of March-end, the company had cash and equivalents of RMB23.65 billion ($3.27 billion). 

Craig Yan Zeng, Chief Financial Officer, commented, “Revenues from our data products continued their strong upward growth trajectory, while revenues from new energy vehicle (“NEV”) brands remained robust, with a quarterly growth rate that consistently outpaces the broader industry. Our new retail business also bolstered our topline, enhancing our revenue sources.”

Investors can gain exposure to the stock Invesco China Technology ETF CQQQ and American Century ETF Trust Avantis Emerging Markets Small Cap Equity ETF AVEE.

Price Action: ATHM shares are up by 3.99% at $28.09 at the last check Wednesday.