BEIJING - Autohome Inc. (NYSE: ATHM), a premier online destination for automobile consumers in China, reported a solid start to the year with first-quarter earnings and revenue surpassing analyst expectations.
Following the earnings release, Autohome's stock price increased by 1.78%.
The company announced an adjusted EPS of RMB4.07 for the first quarter of 2024, which was RMB0.67 higher than the analyst estimate of RMB3.40. Revenue for the quarter was reported at RMB1.61 billion, exceeding the consensus estimate of RMB1.57 billion.
The company's revenue saw a modest increase from RMB1.53 billion in the same quarter last year, reflecting sustained growth. Despite a slight decline in net income attributable to Autohome, from RMB405.5 million in the first quarter of 2023 to RMB394.5 million in the same period of 2024, the adjusted net income showed an improvement, rising from RMB483.5 million to RMB493.9 million year-over-year (YoY).
Autohome's CEO, Mr. Tao Wu, attributed the strong quarter to consistent expansion in the user base and the successful launch of new business initiatives. The company's focus on content strategy has been effective in attracting users, with average mobile daily active users growing by 8.1% YoY.
Mr. Wu also highlighted the expansion of Autohome Space and the company's response to the national "trade-in for new" policy, which are expected to strengthen Autohome's long-term industry competitiveness.
Mr. Craig Yan Zeng, Autohome's CFO, commented on the financial results, emphasizing the strong performance of the company's data products and the robust growth of new energy vehicle brand revenues. He also pointed out the contribution of the new retail business to the company's top line and reaffirmed the company's commitment to delivering premium products and services while generating sustainable long-term returns for shareholders.
As the leading online destination for automobile consumers in China, Autohome continues to provide a comprehensive platform for automakers and dealers to engage with internet users and facilitate transactions.
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