Home Equities Score KE Holdings Inc (BEKE) stock is sliding down in the pre-market on...

KE Holdings Inc (BEKE) stock is sliding down in the pre-market on Thursday after the latest developments

KE Holdings Inc. (BEKE) shares were plunging 10.6% to trade at $44.93 in premarket on Thursday, May 20, 2021, as of this writing.  BEKE shares have moved up by 1.47% in the past week. Over the past three months, the stock has lost 21.82%, while over the past six months, it has shed 31.67.

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KE Holdings founder passed away

KE Holdings Inc announced with profound sadness that Mr. Zuo Hui, the founder, and chairman of the board of directors of the company, passed away on May 20, 2021, due to an unexpected worsening of illness.

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The directors and employees of the Company are saddened by the passing of Mr. ZUO. They extend their deepest condolences to Mr. ZUO’s family.

Financial result announcement

On May 20, 2021, KE Holdings Inc released its unaudited financial results for the first quarter ended March 31, 2021.

Q1 2021financial highlights

  • KE Holdings reported net revenues of RMB20.7 billion (US$3.2 billion) in the first quarter of 2021 compared to RMB7.1 billion in the same period of 2020.
  • The total cost of revenues was RMB15.9 billion (US$2.4 billion) in Q1 2021 compared to RMB6.6 billion in Q1 2020.
  • Gross profit was RMB4.8 billion (US$0.7 billion) in the first quarter of 2021 from RMB0.5 billion in the same period of 2020.
  • Total operating expenses were RMB3.8 billion (US$0.6 billion) in Q1 2021, compared to RMB2.1 billion in Q1 2020.
  • Q1 2021, operating income was RMB1,013 million (US$155 million) compared to an operating loss of RMB1,631 million in Q1 2020.
  • Adjusted operating income was RMB1,564 million (US$239 million) in the first quarter of 2021, compared to an adjusted operating loss of RMB1,478 million in Q1 2020.
  • Net income was RMB1,059 million (US$162 million) in Q1 2021, compared to a net loss of RMB1,231 million in the same period of 2020.
  • Adjusted net income was RMB1,502 million (US$229 million) in the first quarter of 2021, compared to an adjusted net loss of RMB1,090 million in the same period of 2020.
  • KE Holdings had cash, cash equivalents, restricted cash, and short-term investments that amounted to RMB62.0 billion (US$9.5 billion) on March 31, 2021.

 Q4 & FY-2020 financial results announcement

On March 16, 2021, KE Holdings announced its unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2020.

FY-2020 financial highlights

  • FY 2020 Net revenues were RMB70.5 billion (US$10.8 billion) compared to RMB46.0 billion in 2019.
  • The total cost of revenues were RMB53.6 billion (US$8.2 billion) in 2020compared to RMB34.7 billion in 2019.
  • FY2020 gross profit was RMB16.9 billion (US$2.6 billion) compared to RMB11.3 billion in 2019.
  • Total Operating expenses were RMB14.0 billion (US$2.1 billion) in FY 2020 compared to RMB13.1 billion in FY 2019.
  • Operating income was RMB2,842 million (US$436 million) in FY 2020, compared to an operating loss of RMB1,786 million in 2019.
  • Net income was RMB2,778 million (US$426 million) in 2020, compared to a net loss of RMB2,180 million in 2019.

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Conclusion

The BEKE pre-market loss on Thursday does not make any sense because the company just announced its financial results which are not bad at all if we compare them with the same quarter in 2020. BEKE stock price may be declining due to the sudden demise id its founder.

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