PropertyGuru Group Limited (NYSE:PGRU) shares are trading lower after it reported first-quarter FY24 results.

Revenue grew 12% Y/Y to S$36.5 million, missing the consensus of S$37.3 million.

Marketplaces revenue increased 13% Y/Y to S$35 million in the quarter as strong results in Singapore offset a slower recovery in Vietnam and Malaysia.

By segment, Singapore Marketplaces revenue grew 25% Y/Y, Malaysia and Vietnam Marketplaces revenue both were flat Y/Y and Fintech & Data services revenue was marginally down 3% Y/Y in the quarter.

Adjusted EBITDA rose to S$4 million from S$0.2 million a year ago quarter, with a margin of 12% higher than 0.7% in the prior-year quarter.

EPS loss of S$0.04 was higher than loss of S$0.06 in the quarter.

Outlook: PropertyGuru continues to expect revenue of S$165 million-S$180 million and adjusted EBITDA of S$22 million-S$26 million.

Joe Dische, Chief Financial Officer, said, "We remain cautiously optimistic for the year ahead. The Singapore business continues to perform, and we are seeing positive signals coming from Vietnam and Malaysia. While awaiting further improvement in secular trends, we are laser-focused on managing costs and improving profitability."

"For the remainder of 2024, selective hiring and focused investment remain our mantra. We plan to continue to invest in automation, leverage our existing technologies and generative AI to both provide superior customer experiences and manage our cost base as we drive continued revenue growth. "

As of quarter-end, cash and cash equivalents stood at S$300 million.

Price Action: PGRU shares are down 3.78% at $4.33 at the last check Tuesday.