KE Holdings Slips To Net Loss In Q2, GTV Down; Sees Weak Revenues In Q3; Plans $1 Bln Buyback

(RTTNews) - KE Holdings Inc. (BEKE), an integrated online and offline platform for housing transactions and services, reported Tuesday that its second-quarter net loss attributable to ordinary shareholders was RMB1.87 billion or $279 million, compared to last year's net income of RMB1.11 billion.

Net loss per ADS was RMB1.57 or $0.23, compared to net income per ADS of RMB0.93 in the same period of 2021.

Adjusted net loss attributable was RMB622 million or $93 million, compared to prior year's RMB1.64 billion.

Adjusted net loss per ADS was RMB0.52 or $0.08, compared to adjusted net income per ADS of RMB1.37 a year ago.

Net revenues decreased 43 percent to RMB13.8 billion or $2.1 billion from last year's RMB24.2 billion.

Gross transaction value or GTV was RMB639.5 billion or $95.5 billion, a decrease of 47.6 percent year-over-year. GTV of existing home transactions was down 39.6 percent.

Looking ahead for the third quarter, the company expects total net revenues to be between RMB16.5 billion, or $2.5 billion, and RMB17.0 billion, representing a decrease of approximately 6.1 percent to 8.8 percent from the same quarter of 2021.

Further, the company proposed to establish a share repurchase program under which it may purchase up to $1 billion of its Class A ordinary shares and/or ADSs over a 12-month period.

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