BRIEF: Autohome’s profit dips slightly in third quarter
Car-trading services provider Autohome Inc. (2518.HK; ATHM.US) on Thursday reported its revenue was flat year-on-year at 1.78 billion yuan ($250 million) in the third quarter, while its profit edged down 1.5% to 419 million yuan.
CFO Zeng Yan said significant progress in the company’s content diversification helped to drive user growth. According to QuestMobile data, the company’s mobile daily active users reached 76.56 million in September, up 5.1% year-on-year. Revenue from online marketing and other services surged 32.1% year-on-year, fueled by strong contributions from new retail initiatives.
The company’s operating costs for the third quarter totaled 646 million yuan, up by a substantial 58% year-on-year. It attributed the jump to higher transaction costs stemming from the expansion of its innovative business initiatives in lower-tier cities, coupled with a rise in share-based compensation expenses.
Shares of Autohome opened flat at HK$48.60 on Friday. The stock is down 23% from its 52-week high.
By Lau Chi Hang
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