AutoHome posted a steady growth in revenue during the second quarter of 2023 primarily due to robust performance of online marketplace, said China-based automotive vertical.

AutoHome’s net revenue increased to RMB1.8 billion ($253 million U.S.) from RMB1.7 billion in the corresponding period of 2022, according to earnings announcement.

Contribution of online marketplace — one of the three key segments — to the group’s revenue rose to RMB541 million in Q2 2023 compared to RMB450 million in Q2 2022. Revenue from media services amounted to RMB532 million as against RMB531 million, while leads generation services added RMB760 million to the second quarter’s revenue compared to RMB753 million in the year-ago period.

Escalating operational costs led to increase in cost of revenue, but operational expenses remained flat, resulting in operating profit of RMB342 million ($47.1 million U.S.) in the second quarter of 2023, compared to RMB301 million a year earlier.

“Our financial and operational performance continued to recover steadily with a 6% year-over-year increase in total revenues in the second quarter of 2023, led by strong growth in our online marketplace and other business,” said Craig Yan Zeng, chief financial officer of AutoHome.

“As we move forward, we will remain committed to the two major industry trends of NEVs [new energy vehicles] and artificial intelligence, constantly innovating to bring superior products and services to users and customers, and ultimately delivering long-term value to all shareholders.”

Founded in 2008, AutoHome is the leading auto marketplace dealing in both new and used cars in China, ahead of the likes of Yiche.com and Dongchedi.com.

Print Friendly, PDF & Email

Related Articles