- In addition to beating Q2 estimates, Autohome (NYSE:ATHM) is guiding for Q3 revenue of RMB850M-RMB884M ($137.1M-$142.6M, +55.9%-62.2% Y/Y), mostly above an RMB853.2M consensus. Shares have nonetheless fallen below $36, and taken those of archrival Bitauto (BITA) down with them.
- Concerns about still-heavy spending could be weighing: Operating expenses rose 116.1% Y/Y in Q2 to $55.8M (compares with 69.9% revenue growth), thanks in large part to a 157.1% increase in sales/marketing spend to $39.4M. R&D spend rose 72.6% to $9.8M, and G&A 36.3% to $6.5M. Cost of revenue rose 46.9% (less than revenue).
- Ad services revenue rose 63.1% to $96.3M - automaker ads +64.2% to $73M, dealer ads +59.8% to $23.4M. Dealer subscription services revenue rose 87.6% to $42.5M, fueled by a 37.1% increase in paying dealers and a 36.9% increase in average revenue per subscriber. Subscriptions were sold to 18,768 dealers.
- Bitauto's Q2 report arrives after the close on Thursday.
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Autohome's Q2 results, PR