KE Holdings (BEKE) Q2 2026 Earnings Call Transcript

KE Holdings (BEKE) reported Q2 results with operating expenses up 21.3% due to seasonal and bad-debt provisions. Existing-home GTV rose 8% YoY, while new-home GTV increased 1.2%. Renovation and rental revenues declined 30.1% and 14.8% YoY, respectively, but margins improved. The company emphasized consumer-centric and AI-led strategies, repurchased $250M in shares, and maintained strong cash flow.

KE Holdings Inc. (NYSE: BEKE; HKEX: 2423) reported Q2 2026 results: GTV up 6.3% YoY to RMB933.8B, net revenue down 5.7% to RMB24.5B, net income up 100.8% to RMB2.624B. Active stores and agents decreased, while MAU averaged 45.7M. Management highlighted cost adjustments and share repurchases.

The article highlights Asian equities’ “hidden value,” citing AllianceBernstein’s view that earnings recovery is not fully priced and projecting 52.3% earnings growth for 2026, with Asia ex Japan trading at a 32% MSCI World discount. It also notes support from AI/EV/robotics/semiconductors. Examples: JD.com reported Q1 revenue of $45.8B; BofA raised its target to $37 and Barclays to $43. KE Holdings posted Q1 adjusted EPS of RMB1.42 and revenue of RMB18.9B; BofA raised its target to $23 and Barc

Lumentum Holdings (LITE) reported fiscal Q4 revenue of $1B, up 109% YoY, with adjusted EPS at $3.23. Guidance for Q1 suggests 134% YoY revenue growth to $1.25B. NVIDIA invested $2B in Lumentum for optical components crucial for AI data centers, highlighting supply-demand imbalances. Analysts predict strong growth but note risks like AI spending slowdowns.

Horizon Kinetics Holding Corp (HKHC) reported a Q2 2026 net loss of $18.4M, or $0.99 per share, due to unrealized investment losses. Revenues from mutual funds fell 17% YoY, while operating expenses rose 5.5%. AUM dropped to $10.8B, impacted by declines in TPL and bitcoin-related holdings. The company plans to launch targeted marketing for ETFs and invest in AI data center resources. GAAP net income for H1 2026 was $54.2M, boosted by Q1 performance fees.

ARS Pharma (SPRY) reported Q2 2026 U.S. net product revenue of $26.2M, with total market share reaching 5%, up from 2.5% YoY. Neffy's market share in targeted areas hit 8%, driven by 16,000+ unique prescribers. The company aims to expand into the CSU market and expects cash flow breakeven by late 2027. Total revenue was $33.7M, with operating expenses at $95.1M. ARS plans to reduce SG&A and R&D expenses by over 40% in the second half of 2026.