Autohome Tops Q1 Amid COVID Resurgence

  • Autohome Inc ATHM reported a first-quarter FY22 revenue decline of 20.1% year-on-year to $232.1 million, beating the consensus of $209.2 million.
  • In March, the mobile daily active users increased by 7.5% Y/Y. 
  • Revenues from new energy vehicle (NEV) brands rose 156.1% Y/Y.
  • Segments: Online Marketplace and Others Revenues declined 7.9% Y/Y to $78.3 million due to the pandemic.
  • Leads generation services revenues rose 1.5% Y/Y to $111.7 million.
  • Media services revenues reduced 55.9% Y/Y to $42.1 million due to a decrease in average revenue per automaker advertiser, reflecting the semiconductor chip crisis and the pandemic.
  • Margin: The adjusted net margin contracted 1,020 bps to 29.7%.
  • Non-GAAP earnings per ADS of $0.55 beat the consensus of $0.40.
  • Autohome held $3.2 billion in cash and equivalents.
  • CFO: On May 6, the board appointed Craig Yan Zeng as CFO.
  • Chair and CEO Quan Long stated, "Since the beginning of this year, the resurgence of COVID-19 pandemic in multiple cities of China has impacted most industries, including the automobile industry. Despite the challenging macro environment, Autohome reported a solid first quarter with revenues totaling RMB1.47 billion, which exceeded the market expectation, and maintained good profitability and high margin level."
  • Price Action: ATHM shares closed lower by 1.87% at $28.36 on Monday.
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