KE Holdings (BEKE) Profits Soar Double-Digits, Shares Jump 5%

KE Holdings Inc. (NYSE:BEKE) is one of the 10 Stocks With Powerful Gains.

KE Holdings grew its share prices by 5.17 percent on Tuesday to close at $18.72 as investors took heart from its strong earnings performance in the first quarter of the year, with profits soaring by double digits despite lower revenues.

In an updated report, KE Holdings Inc. (NYSE:BEKE) said that it grew its net income attributable to shareholders by 46.6 percent to 1.255 billion yuan from only 856 million yuan in the same quarter last year, despite net revenues declining by 19 percent to 18.9 billion yuan from 23.3 billion yuan year-on-year.

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The lower revenues were primarily attributable to the high base of net revenues from new home and existing home transaction services.

Gross transaction value (GTV) also decreased by 15.6 percent year-on-year to 711.7 billion yuan, amid lower GTVs from existing and new home transactions.

“Our performance in this quarter reflected our ongoing efforts to enhance resource allocation, organizational efficiency, and service quality, and also laid a foundation for the company to further transition from scale-driven growth to efficiency-driven growth, and from transaction matching to decision-making services,” KE Holdings Inc. (NYSE:BEKE) Chairman and CEO Stanley Yongdong Peng said.

“Looking ahead, we will continue to focus on helping consumers make higher-quality residential decisions, enhance the professional capabilities of service providers, organizational efficiency, and AI-enabled capabilities, and strive to achieve higher-quality and more sustainable development,” he noted.

KE Holdings Inc. (NYSE:BEKE) is a China-based integrated online and offline platform for housing transactions and services, which owns Lianjia, a leading real estate brokerage brand, and Beike, its housing transactions and services platform.

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