Shares of KE Holdings Inc. (BEKE) are rising more than 11% in the morning trade on Tuesday after reporting better-than-expected first-quarter results.
KE Holdings operates an integrated online and offline platform for housing transactions and services in China.
The company reported net loss of RMB620 million or $98 million in the first quarter, compared with net income of RMB1.059 billion a year ago.
Loss per ADS was RMB0.52 or $0.08 compared with RMB0.88 last year.
Excluding one-time items, earnings were RMB29 million or $5 million compared with RMB1.502 billion last year.
Adjusted earnings per ADS was RMB0.02 or breakeven compared with RMB1.25 in the previous year.
Revenue for the quarter increased 39.4% year-over-year to RMB12.5 billion or $2.0 billion.
On average, analysts polled by Thomson Reuters expected the company to report loss of $0.05 per share on revenue of $1.8 billion for the quarter.
Looking forward, KE Holdings expects second-quarter revenues to be between RMB10.0 billion or $1.6 billion and RMB10.5 billion or $1.7 billion. The consensus estimate stands at $2.65 billion.
BEKE, currently at $12.78, has traded in the range of $7.31-$54.49 in the past 52 weeks.
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