Fang Holdings Ltd (NYSE: SFUN) stock slightly corrects post an outstanding rally

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Fang Holdings Ltd (NYSE: SFUN) stock surged 30.23% on 10th January, 2019 but slightly fell over 2.8% on 11th January, 2019 (as of 10:54 am GMT-5; Source: Google finance). Based on current operations and market conditions, Fang’s non-GAAP net income is expected to be profitable for the fiscal year ending December 31, 2018.

Net income attributable to Fang’s shareholders was $2.3 million in the third quarter of 2018, compared to net income of $15.2 million in the corresponding period of 2017. Adjusted EBITDA, defined as GAAP net income before share-based compensation, investment income, change in fair value of securities, income taxes, interest expenses, interest income and depreciation, was $25.7 million in the third quarter of 2018, compared to the $24.8 million in the corresponding period of 2017. As of September 30, 2018, Fang had cash and cash equivalents, restricted cash (current and non-current) and short-term investments of $439.9 million, compared to $547.1 million as of December 31, 2017. Net cash generated from operating activities was $33.5 million in the third quarter of 2018, compared to cash flow generated from operating activities of $57.8 million in the same period of 2017.

Moreover, Fang has reported total revenues of $83.6 million in the third quarter of 2018, a decrease of 25.5% from $112.2 million in the corresponding period of 2017, mainly due to the decline in revenues from listing and e-commerce services. Revenue from marketing services was $35.7 million in the third quarter of 2018, a slight decrease of 4.1% from $37.3 million in the corresponding period of 2017. Revenue from listing services was $29.2 million in the third quarter of 2018, a decrease of 38% from $47.2 million in the corresponding period of 2017, caused by the decreased number of paying members. Revenue from value-added services was $10.3 million in the third quarter of 2018, an increase of 33.3% from $7.7 million in the corresponding period of 2017, driven by the increased demand for our database and research services. Revenue from financial services was $4.7 million in the third quarter of 2018, an increase of 34.6% from $3.5 million in the corresponding period of 2017, driven by increased demand for our financial products. Revenue from e-commerce services was $3.7 million in the third quarter of 2018, a decrease of 77.7% from $16.6 million in the corresponding period of 2017, primarily due to Fang’s transformation back to a technology-driven open platform model.

On the other hand, Krane Funds Advisors LLC raised its holdings in shares of Fang Holdings Ltd (NYSE:SFUN) by 31.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission.

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