- Fang Holdings (NYSE:SFUN) is 1.9% lower premarket after today's Q2 earnings report, where revenues misssed substantially after dropping by more than 32%, as e-commerce fell off amid a pivot back to open platforms.
- Along with a near-total decline in e-commerce, marketing services dropped alongside a slowdown in the real estate market, and listing services dropped nearly 22% with a decrease in paying members.
- The company took a GAAP net loss of $26.6M; non-GAAP net income was $55.9M.
- EBITDA came to $27.4M.
- Revenue breakout: Listing services, $33.2M (down 21.7%); Marketing services, $25.1M (down 28.3%); Value-added services, $8.4M (up 17.9%); Financial services, $5.99M (up 122%); E-commerce services, $1.7M (down 92.4%).
- In outlook, the company says it expects a non-GAAP profit for the fiscal year ending Dec. 31, 2018, and that it will raise expenditures on marketing and promotion.
- Liquidity was $481.8M, down from $547.1M as of Dec. 31.
- The company also appointed Shaohua Zhang as an independent director; Minquiang Bi has resigned from the board due to personal reasons.
- Press release