Autohome Inc. (NYSE: ATHM) saw its shares drop to begin June on Monday, on the release of first-quarter financial figures.
The Beijing-based company, calling itself the leading online destination for automobile consumers in China, today announced Net Revenues in the first quarter of 2020 were RMB1,546.6 million ($218.4 million U,S.), in line with the Company’s guidance.
Online Marketplace and Others Revenues in the first quarter of 2020 were RMB309.9 million ($43.8 million U.S.), which contributed to 20% of total revenues, compared to 15% in the corresponding period of 2019. Data Products in the online marketplace and other business achieved revenue growth of over 80% year-over-year in the first quarter of 2020.
CEO Min Lu,stated, “We kicked off 2020 with a solid first quarter, reporting revenue of RMB1.55 billion. During the quarter, we witnessed an increasing demand for online marketing services as automakers and dealers shifted their focus from offline to online channels.
“To capitalize on this trend, we introduced a suite of data products and tools that enhance the efficiency and effectiveness of online marketing programs for our customers. In addition, we launched the spring virtual auto show, providing access to the event to a much broader consumer audience as well as automobile enthusiasts. These efforts and initiatives result in an increase in the customer base for our data products.”
Cost of revenues was RMB177.9 million ($25.1 million U.S.), compared to RMB184.5 million in the corresponding period of 2019. In addition, cost of revenues included share-based compensation expenses of RMB5.1 million ($0.7 million U.S.) during the first quarter of 2020, compared to RMB3.9 million in the corresponding period of 2019.
Autohome slipped 93 cents, or 1.2%, to $76.00