Why Fangdd Network's Stock Is Trading Lower Today

Fangdd Network DUO shares are trading lower after the company reported first-quarter earnings results. The company reported an earnings loss of $25 per share and sales of $38.40 million, a revenue decrease of 58.5% year over year.

"Following the Chinese New Year holidays in the first quarter of 2020, the outbreak of COVID-19 significantly hampered the ability of real estate agents in China to work offline. As such, both the entire real estate transaction service industry in China and our business experienced a downturn,” said Yi Duan, chairman and co-CEO of FangDD.

Fangdd Network Group Ltd is engaged in the business of real estate. It has built SaaS-based solutions that help real estate agents to connect with essential business resources, including customers, property listings, capital and transaction data.

Fangdd Network was trading 64.25% lower at $16.83 at time of publication on Wednesday. The stock has a 52-week high of $129.04 and a 52-week low of $5.66.