Summary by Moomoo AI
KE Holdings reported strong Q2 2024 results with net revenues increasing 19.9% YoY to RMB23.4 billion ($3.2 billion), driven by a 14.3% rise in existing home transaction services and 53.9% growth in home renovation services. Net income grew 46.2% YoY to RMB1.9 billion ($262 million), with improved gross margin of 27.9%.Total GTV rose 7.5% YoY to RMB839 billion, with existing home transactions up 25% to RMB570.7 billion, while new home transactions declined 20.2% to RMB235.3 billion. The company maintained strong operational metrics with 45,948 stores and 458,690 agents as of June 30, 2024.The board approved an expansion of its share repurchase program from $2 billion to $3 billion and extended it to August 31, 2025. As of the announcement date, the company has repurchased shares worth approximately $480 million in 2024, representing about 2.75% of total issued shares at 2023-end.
