Fangdd Network Group Ltd. (DUO) continues to dip in the pre-market, going down by 17.00%, against a fall of 0.99% at its close on November 18. Pre-market the stock fell to $0.97 at a volume of 22.45K, from $1.00 at its last close. At a volume of 540.17K, the stock saw a day range of $0.94 to $1.04 in the previous market session. In the past 52 weeks, the stock went as high as $13.97 and as low as $0.85 at an average volume of 1.3 million. Over the past five days the stock lost 9.91%, and 86.74% year to date. Currently, the stock has a market capital of $80.65 million and a beta value of 0.93.

On November 19, Fangdd Network Group Ltd. (DUO) announced its third-quarter financial results for 2021. The unimpressive financial results caused the stock to plummet, and it is still falling in the pre-market today.

Fangdd Network Group Ltd. (DUO)

Founded in 2011, Fangdd Network Group Ltd. (DUO), is an investment holding company. It provides real estate information services on its online platform, through its subsidiaries. The company operates various platforms including Duoduo Sales, Duodduo Cloud Agency, FangDuo, and Property Cloud. Fangdd Network offers a core management system, which enables agencies and agents to perform their daily operations through these platforms. It also provides integrated marketing services for individual customers, real estate developers, and agent.

Fangdd Network Group Ltd. (DUO) is headquartered in the Peoples Republic of China.

Third Quarter Financial Results

The company announced its unaudited third-quarter financial results on November 19, 2021. As per the quarter ended September 30, 2021, Fangdd Network Group Ltd. (DUO) had a revenue of RMB169.2 million (US$26.3 million). This revenue showed a decrease of 57.8% from the revenue of RMB401.4 million, in Q3 of 2020. The main reason for the decrease was a downturn of the real estate market and the subsequent measures by the company.

Moreover, the net loss for the third quarter of 2021, was RMB355.0 million (US$55.1 million). This net loss included provisions of US$39.3 million for impairment of some assets. While the net loss in the previous quarter was RMB139.0 million. In addition, Q3 2021, had a non-GAAP net loss of RMB343.4 million (US$53.3 million), against RMB127.9 million in the previous quarter.

The third quarter of 2021, reported a basic and diluted net loss per American Depositary Share (ADS) of RMB4.13 (US$0.64). While the basic and diluted net loss per ADS was RMB1.64 in the previous quarter of 2021.