Fang Holdings (SFUN) Reports Q2 Loss, Marketing Services Growth
Zacks Investment Research | Sep 02, 2019 10:07PM ET
Fang Holdings Limited (NYSE:SFUN) reported second-quarter 2019 non-GAAP net loss of 2 cents per share. Total revenues came in at $67.6 million.
Revenues in Detail
Marketing services revenues of $32.5 million increased 19.3% from the year-ago quarter on the back of Fang's efforts in customer development.
Listing services revenues of $19.2 million decreased 26% due to lower number of paying members.
Revenues from leads generation services came in at $10.8 million compared with $2.8 million in the prior-year quarter on the back of increased effectiveness of service and customer development.
Revenues from value-added services came in at $1.7 million, up 19.9% from the prior-year quarter.
Financial services revenues of $2.6 million declined 3.2% from the year-ago quarter.
Revenues from e-commerce services decreased 75.7% year over year to $0.8 million.
Profitability Performance
Gross profit decreased 8% from the year-ago quarter to $59.3 million. Operating income from continuing operations came in at $29.0 million in the reported quarter against operating loss of $9.6 million in the prior-year quarter, owing to a decline in operating expenses.
Operating expenses of $30.3 million decreased 53% year over year due to lower bad debt and staff costs. Selling expenses of $16.1 million increased 12.5% year over year. General and administrative expenses decreased to $15.7 million from $50.7 million in the year-ago quarter due to a decline in bad debt and staff cost.
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