Ladies and gentlemen, thank you for standing by, and welcome to Q1 2019 Fang Holdings Limited Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions) I must advise you that this conference is being recorded today, Monday 17th of June 2019.
I would like to hand the conference over to your first speaker today, Ms. Jessie Yang. Thank you. Please go, ahead.
Thank you, operator. Hello everyone, and welcome to Fang's First Quarter 2019 Earnings Conference Call. Joining us today to discuss Fang's results are our CEO Mr. Jian Liu; and our Acting CFO, Mr. Zijin Li. After the prepared remarks, our management will answer your questions.
Before we get started, I would like to remind you that during the course of this conference call, we may make forward-looking statements, statements that are not historical facts, including statements about our belief and expectations. Forward-looking statements involve inherent risk and uncertainty. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Fang assumes no obligation to update the forward-looking statements in this conference call and elsewhere. Potential risks and uncertainties include, but are not limited to those outlined in our public filings with the SEC, including our Form 20-F.
Now I would like to walk you through our first quarter 2019 financial, after which Mr. Liu, and Mr. Li, will start the Q&A session. Revenues. Fang reported total revenues of $51.9 million in the first quarter of 2019, a decrease of 19.8% from $64.7 million in the corresponding period of 2018, mainly due to the decline in revenues from listing and e-commerce services.
Revenue from marketing services was $17.2 million in the first quarter of 2019, which was stable compared to $17.3 million in the corresponding period of 2018. Revenue from listing services was $21.4 million in the first quarter of 2019, a decrease of 20.1% from $26.7 million in the corresponding period of 2018. This is caused by a decreased number of paying members of listing services.
Revenue from value-added services was $8.7 million in the first quarter of 2019, an increase of 3.1% from $8.4 million in the corresponding period of 2018. Revenue from financial services was $3.5 million in the first quarter of 2019, a decrease of 30.8% from $5.1 million in the corresponding period of 2018. This is mainly due to the decrease in average loan receivable balances.
Revenue from e-commerce services was $1.1 million in the first quarter of 2019, a decrease of 84.9% from $7.2 million in the corresponding period of 2018. This is primarily due to Fang's transformation back to a technology-driven open platform model. Cost of revenue was $11.5 million in the first quarter of 2019, a decrease of 44.4% from $20.6 million in the corresponding period of 2018, primarily due to optimization in our cost structure.
Operating expenses were $42.2 (ph) million in the first quarter of 2019,
Director, Investor Relations
Acting Chief Financial Officer
Chief Executive Officer
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