Business
FangDD Reports Fourth Quarter and Full Year 2019 Unaudited Financial Results
SHENZHEN, China, March 31, 2020 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or “the Company”), a leading property technology company
About this update from Fangdd Network Group Ltd.
[{"type":"text","content":"SHENZHEN, China, March 31, 2020 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or “the Company”), a leading property technology company in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2019. \n Fourth Quarter 2019 Financial Highlights Revenue increased by 50.0% year over year to RMB1,047.2 million (US$150.4 million) in the fourth quarter of 2019.Net loss was RMB691.0 million (US$99.3 million) in the fourth quarter of 2019.Non-GAAP1 net income grew by 36.9% year over year to RMB54.9 million (US$7.9 million) in the fourth quarter of 2019. Full Year 2019 Financial Highlights Revenue increased by 57.7% year over year to RMB3,599.4 million (US$517.0 million) in 2019.Net loss was RMB510.4 million (US$73.3 million) in 2019.Non-GAAP net income grew by 126.4% year over year to RMB235.5 million (US$33.8 million) in 2019. Fourth Quarter 2019 Operating Highlights The number of active agents2 in the Company’s marketplace was 238.2 thousand in the fourth quarter of 2019, representing an increase of 39.8% year over year from 170.4 thousand in the same period of 2018.The number of closed-loop agents3 was 26.8 thousand in the fourth quarter of 2019, representing an increase of 70.7% year over year from 15.7 thousand in the same period of 2018.Total closed-loop GMV4 facilitated on the Company’s platform increased by 75.1% year over year to RMB68.1 billion (US$9.78 billion) in the fourth quarter of 2019 from RMB38.9 billion in the same period of 2018. New property listings and secondary sales listings contributed RMB42.0 billion (US$6.0 billion) and RMB26.1 billion (US$ 3.7 billion), respectively, to the total closed-loop GMV in the fourth quarter of 2019. Full year 2019 Operating Highlights The number of active agents2 in the Company’s marketplace was 443.3 thousand in 2019, representing an increase of 39.7% year over year from 317.3 thousand in 2018.The number of closed-loop agents3 was 60.4 thousand in 2019, representing an increase of 52.9% year over year from 39.5 thousand in 2018.Total closed-loop GMV4 facilitated on the Company’s platform increased by 85.1% year over year to RMB210.5 billion (US$ 30.2 billion) in 2019 from RMB113.7 billion in 2018. New property listings and secondary sales listings contributed RMB 147.1 billion (US$ 21.1 billion) and RMB...