Autohome Registers 11% Revenue Decline In Q2 Due To Pandemic Resurgence

  • Autohome Inc ATHM reported a second-quarter FY22 revenue decline of 10.6% year-on-year to $258.7 million, marginally beating the consensus of $258.5 million.
  • In June, the average daily users increased by 8.1% Y/Y. 
  • Segments: Online Marketplace and Others Revenues declined 24.3% Y/Y to $67.1 million due to the pandemic.
  • Leads generation services revenues rose 1.2% Y/Y to $112.4 million.
  • Media services revenues reduced 11.5% Y/Y to $79.2 million due to a decrease in average revenue per automaker advertiser, reflecting the pandemic resurgence.
  • Margin: The adjusted net margin contracted 1,380 bps to 27.2%.
  • Non-GAAP earnings per ADS of $0.56 was in line with the consensus.
  • Autohome held $3.1 billion in cash and equivalents.
  • CFO Craig Yan Zeng added, “We sustained our strong recovery momentum in the second quarter of 2022 with revenues totaling RMB1.73 billion. Notably, the year-over-year revenue growth for our new energy vehicle (“NEV”) business once again significantly outpaced the market.” 
  • Price Action: ATHM shares closed higher by 5.36% at $35.56 on Tuesday.

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