China-based AutoHome reported 4.9% year-on-year (y-o-y) growth in net revenue in the first quarter of 2024.

The sustained revenue growth was ascribed to expansion in user base and new business initiatives.

In Q1 2024, net revenue rose to RMB1.6 billion ($223 million U.S.) from RMB1.5 billion in the corresponding period of 2023.

Revenues from lead generation services and online marketplace continued to increase during the period, but media services’ contribution declined year over year.

“We delivered solid financial results in the first quarter of 2024, reflecting the successful execution of our key growth strategies. Revenues from our data products continued their strong upward growth trajectory, while revenues from new energy vehicle brands remained robust, with a quarterly growth rate that consistently outpaces the broader industry,” said Craig Yan Zeng, chief financial officer of AutoHome.

Operating profit increased to RMB276 million ($38.2 million) from RMB263 million. However, net income decreased to RMB394 million from RMB405 million.

“According to QuestMobile, average mobile daily active users grew by 8.1% year-over-year to 69.39 million in March, highlighting the effectiveness of our content-focused strategy on attracting users,” added CEO Tao Wu.

AutoHome (NYSE: ATHM; HKEX: 2518), founded in 2008, deals in both new and used cars. It is the world’s leading automotive group by classified revenue.

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