Fang Holdings (SFUN) Reports Q2 Revenues Miss

Fang Holdings (NYSE: SFUN) reported Q2 revenue for the quarter came in at $66.8 million versus the consensus estimate of $67.56 million.

Second Quarter 2020 Highlights

• Total revenues were $66.8 million, a decrease of 1.5% from $67.8 million in the corresponding period of 2019.
• Operating income from continuing operations was $6.4 million, a decrease of 78.7% from $30.1 million in the corresponding period of 2019.
• Net income was $21.5 million, an increase of 321.6% from $5.1 million in the corresponding period of 2019.

"During the COVID-19 global pandemic, Fang remained solid financially in the first half of 2020," commented Mr. Jian Liu, CEO of Fang. "For the coming quarters we will continue our focus on new initiatives such as live broadcastings, online exhibitions and VR livestreams to better serve our customers."

Business Outlook

Based on current operations and market conditions, Fang's management predicts a positive net income for the year of 2020, which represents management's current and preliminary view and is subject to change.

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

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