Industry tailspin sends Autohome’s profit, revenue into reverse
Auto trading services provider Autohome Inc. (2518.HK; ATHM.US) on Wednesday reported its revenue dropped 26% year-over-year to 1.32 billion yuan ($196 million) in the third quarter, while its profit dived 53% to 195 million yuan.
The company attributed the revenue drop primarily to declining auto sales in China’s auto market, which prompted some dealers and automakers to leave its network and others to scale back spending.
Autohome Chairman and CEO Liu Chi said the company launched its proprietary automotive service AI agent, “Cheese Car Butler,” in early September, integrating AI with its user and merchant services.
Autohome’s Hong Kong shares rose 8.3% to close at HK$42.28 on Thursday. The stock is down 1.7% this year.
By Lau Chi Hang
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