BEKE - Why KE Holdings Stock Popped Today
2023-08-31 16:36:00 ET
Shares of KE Holdings (NYSE: BEKE) -- also known as Beike -- closed up around 9.8% on Thursday after the China-based housing transaction and services platform announced strong second-quarter 2023 earnings, doubled its share-repurchase authorization, and announced a special dividend.
Quarterly net revenue climbed 41.4% year over year to $2.687 billion. That translated to adjusted ( non-GAAP ) net income of $326 million, or $0.27 per American depositary share (ADS), swinging from a loss of $0.07 per ADS in the same year-ago period. Analysts, on average, were expecting higher revenue of $2.73 billion but significantly lower adjusted earnings of $0.19 per ADS.
Digging deeper into its results, Beike saw a 7.6% increase in its number of active agents to 409,054 and an 11.6% increase in the number of mobile monthly active users to 48 million.
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Why KE Holdings Stock Popped Today