FangDD Stock Dives on Sharp Losses

What’s new: Shares of Nasdaq-listed Chinese online real estate marketplace FangDD Network Group Ltd. plunged 25% on Monday to finish at $0.75, after the firm posted a dramatic turn into loss toward the end of the prior week of trading.

FangDD reported a net loss of 355 million yuan ($55.6 million), down from a net profit of 21.9 million yuan last year, while its revenue plunged 79% year-on-year to 169 million yuan, according to the quarterly financial results published on Friday. Back in the second quarter, the firm’s net loss was 139 million yuan and its revenue reached over 400 million yuan.