Noah Holdings (NOAH) has released an update.
Noah Holdings Limited reported a 19.2% decrease in net revenues for Q1 2024, compared to Q1 2023, attributed to lower performance-based and recurring service fees, despite a slight increase in one-time commissions from insurance product distributions. Additionally, the company experienced a significant 56.4% drop in income from operations, mainly due to reduced net revenues and increased share-based compensation and administrative expenses. The firm also saw a 46.2% decline in net income attributable to shareholders, though this was partially offset by a rise in interest income.
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