Why KE Holdings (BEKE) Stock Is Rising

KE Holdings Inc - ADR BEKE shares are trading higher by 4.36% to $17.96 Thursday afternoon after the company reported better-than-expected fourth-quarter sales and issued strong first-quarter guidance.

What Happened: KE Holdings reported quarterly earnings of 4 cents per share which missed the analyst consensus estimate of 8 cents.

The company also reported quarterly sales of $2.43 billion which beat the analyst consensus estimate of $2.29 billion by 6%. This sales figure is a 13% decrease over sales of $2.79 billion in the same period last year.

See Also: Why WeWork Stock Is Soaring Higher

What Else: KE Holdings says the company expects first-quarter FY23 Revenues in the range of $2.6 billion-$2.7 billion, which is handily above the $2.03 billion analyst estimate.

Stanley Yongdong Peng, Chairman of the Board and CEO, commented, "Amid the challenging housing market in 2022, we underwent a strategic transformation from high-speed to high-quality growth, which not only enabled us to continue outperforming the market in GTV growth and cultivate new growth engines, such as home renovation and furnishing, but also delivered contribution margin expansion in both our existing and new home transaction services in 2022."

According to data from Benzinga Pro, BEKE has a 52-week high of $21.08 and a 52-week low of $9.09.

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