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FangDD Reports Second Quarter 2021 Unaudited Financial Results
SHENZHEN, China, Aug. 13, 2021 (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, Aug. 13, 2021 (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 second quarter ended June 30, 2021. Second Quarter 2021 Financial Highlights Revenue in the second quarter of 2021 increased by 37.9% to RMB401.4 million (US$62.2 million) from RMB291.0 million in the first quarter of 2021.Net loss was RMB139.0 million (US$21.5 million) in the second quarter of 2021, which included provision of allowance for doubtful accounts on accounts receivable from certain real estate developers of RMB79.1 million (US$12.2 million) in response to their tighter financial conditions, compared to a net loss of RMB104.8 million in the first quarter of 2021, which included provision of allowance for doubtful accounts of RMB20.0 million. If taking the provision of allowance for doubtful accounts effect out of consideration, the net loss would be narrowed to RMB59.9 million (US$9.3 million) in the second quarter of 2021, compared to RMB84.8 million in the first quarter of 2021.Non-GAAP net loss1 was RMB127.9 million (US$19.8 million) compared to non-GAAP net loss of RMB93.0 million in the first quarter of 2021. If taking the provision of allowance for doubtful accounts effect out of consideration, the non-GAAP net loss would be narrowed to RMB48.8 million (US$7.6 million) in the second quarter of 2021, compared to RMB72.9 million in the first quarter of 2021. Second Quarter 2021 Operating Highlights The number of active agents2 in the Company’s marketplace was 249.9 thousand, representing an increase of 13.0% from 221.1 thousand in the first quarter of 2021.The number of closed-loop agents3 was 19.0 thousand, representing an increase of 3.3% from 18.4 thousand in the first quarter of 2021.Total closed-loop GMV4 facilitated on the Company’s platform decreased by 1.0% to RMB29.6 billion (US$4.6 billion) from RMB29.9 billion in the first quarter of 2021. New property and resale property contributed RMB18.9 billion (US$2.9 billion) and RMB10.6 billion (US$1.6 billion), respectively, to the total closed-loop GMV in the second quarter of 2021. The decline in GMV was mainly due to change of fee structures of resale property. Mr. Yi Duan, Chairman and Co-Chief Executive Officer of FangDD, commented, “C...