Fang Holdings (SFUN) Reports Q2 EPS of $0.13, Revenues Miss

Fang Holdings (NYSE: SFUN) reported Q2 EPS of $0.13, versus $0.04 reported last year. Revenue for the quarter came in at $74.4 million versus the consensus estimate of $96.53 million.

• Total revenues were $74.4 million, a decrease of 32.4% from the corresponding period in 2017.
• Operating income was $16.7 million. Non-GAAP operating income was $20.8 million.
• Net loss attributable to Fang\'s shareholders was $26.6 million, which was primarily due to the change in fair value of equity securities of $80.3 million in accordance with new accounting pronouncement, and the income tax benefits of $38.3 million related to the effect of change in fair value of equity securities and the reversal of previously recorded ASC 740 (FIN 48) income tax and interest liability. Fully diluted loss per ADS was $0.06.
• Non-GAAP net income attributable to Fang's shareholders was $55.9 million. Non-GAAP fully diluted income per ADS was $0.13. A description of the adjustments from GAAP net loss to non-GAAP net income attributable to Fang's shareholders and fully diluted income per ADS is detailed in the Reconciliation Statement following this press release.
• Adjusted EBITDA was $27.4 million. A description of the adjustments from GAAP net loss to Adjusted EBITDA is detailed in the Reconciliation Statement following this press release.

"Fang's technology-driven open platform is speeding up its offerings of upgraded products and services to real estate companies and professionals as well as home buyers and sellers," said Vincent Mo, Chairman and CEO of Fang.com. "We aim to serve and empower our clients and recover our market share sustainably."

For earnings history and earnings-related data on Fang Holdings (SFUN) click here.

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