Ke Holdings Inc2423
▲ PositiveCapitalrelevance
Q2 non-GAAP net income surged 74.9% despite revenue decline, with margin expansion and cost cuts.
Impact on stocks 1
Real Estate
Ke Holdings IncKE Holdings reported a 74.9% jump in non-GAAP net income to RMB3.185 billion for the second quarter, even as revenue fell 5.7% year over year. Gross margin expanded 6.7 percentage points to 28.6%, while GAAP operating expenses declined 14.1% to RMB3.989 billion. Existing-home GTV rose 8% and new-home GTV increased 1.2%, but renovation and rental revenue dropped as the company exited inefficient operations and shifted rentals toward lower-risk net-revenue products. Management said the broad-based renovation adjustments are largely complete and highlighted AI-led, consumer-focused operational changes.
Ke Holdings IncQ2 non-GAAP net income surged 74.9% despite revenue decline, with margin expansion and cost cuts.