Fang Holdings Ltd(NYSE: SFUN) stock lost over 5.4% on November 17th, 2017 (as of 12:13PM EST; Source: Google finance). The group delivered overall revenues fall of 55.1% yoy to $112.2 million in the third quarter of 2017, from $250.1 million in the corresponding period of 2016, hurt by weak e-commerce services revenue by 150.8 million.
On the other hand, the group’s listing services revenue enhanced 65.6% yoy to $47.2 million in the third quarter of 2017, boosted by rising number of paying members. Marketing services revenue enhanced 4.8% yoy to $37.3 million in the third quarter of 2017, against $35.6 million in the corresponding period of 2016. E-commerce services revenue lost 90.1% yoy to $16.6 million in the third quarter of 2017, hurt by Fang’s transformation back to a technology-driven open platform model. Internet financial services revenue lost 52.4% yoy to $3.5 million in the third quarter of 2017, hurt by falling transaction volumes of secondary homes. However, Other value-added services revenue lost 12.15 yoy to $7.7 million in the third quarter of 2017.
Operating income enhanced to $18.4 million in the third quarter of 2017, from $0.2 million in the corresponding period of 2016, mainly on the back of the agent reduction and effective cost control.
Net income attributable reached $15.2 million during the third quarter of 2017, from a net loss of $4.9 million in the corresponding period of 2016. Earnings per fully-diluted ordinary share and ADS reached $0.16 and $0.03 in the third quarter of 2017, from a loss of $0.05 and $0.01, respectively, in the corresponding period of 2016.
The group has a cash, cash equivalents, and short-term investments of $543.3 million as of September 2017 from $590.5 million in December 31, 2016. Net cash generated from operating activities reached $57.8 million in the third quarter of 2017, from cash flow generated from operating activities of $76.8 million in the same period of 2016. The group’s transformation back to a technology-driven open platform model is ongoing and forecasts to be profitable in the fourth quarter.
The shares of Fang delivered over 40.2% in the last three months despite today’s fall.