KE Holdings Q3 Earnings Miss: Mobile User Base Decline Despite Housing Market Growth [Yahoo! Finance]
Global X PropTech ETF (PTEC)
Company Research
Source: Yahoo! Finance
Net revenues rose 26.8% year-over-year to RMB22.6 billion ($3.2 billion), missing the consensus of RMB23.46 billion. Mobile monthly active users (MAU) averaged 46.2 million in the quarter, down from 49.2 million in the same period of 2023. Gross transaction value (GTV) reached RMB736.8 billion ($105.0 billion), up 12.5% year-over-year, driven by growth across all segments. Existing home transactions grew 8.8% to RMB477.8 billion ($68.1 billion), while new home transactions increased 18.4% to RMB227.6 billion ($32.4 billion). Home renovation and furnishing GTV rose 24.6% to RMB4.1 billion ($0.6 billion), and emerging and other services surged 31.9% to RMB27.3 billion ($3.9 billion). Gross profit increased by 5.2% year-over-year to RMB5.1 billion ($0.7 billion). However, gross margin declined to 22.7% from 27.4% due to a reduced share of higher-margin existing home transaction services in net revenues and increased fixed compensation costs as a percentage of revenues in this
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