The quarterly results were broadly in line with expectations. Apartment revenue growth slowed to 10%, but overall bookings increased 20% year-on-year, with the core business remaining stable.

Key data: Bookings up 20% YoY; Apartment revenue up 10% YoY; Net bookings declined sequentially for three consecutive quarters, but Q2 is typically a peak season.

Business progress: The apartment business gained roof share from Rent.com but pulled down ARPU; Homes.com members increased from 10,000 to 35,000, with price increases planned; Matterport Pro4 is in development, enhancing technological differentiation.

Guidance and outlook: Management expects a strong Q2, with H2 sales team productivity to improve. No explicit upgrade or downgrade in guidance.

Risk/highlight signals: Highlights are Homes.com price increases and user growth, and Matterport's innovation leadership; Risks are apartment ARPU dragged down by lower-end customers and continued decline in net bookings.