Leju Holdings, a real estate services provider in China, reported a Q1 adjusted net loss of $0.18 per share, wider than the loss of $0.04 per share in the same period a year ago. Analysts polled by Capital IQ expected a loss of $0.21 per share. Total revenues of $68.3 million were down from $113 million in the same period a year ago and topped the Street projection of $65.3 million. The company expects Q2 revenues in the range of $75 million to $80 million, missing the Street estimate of $107.5 million.
Leju meanwhile also said its CFO Min Chen has resigned to pursue other career opportunities. Li-Lan Cheng has been named acting CFO. “Tightening measures put in place in late 2016 by the PRC government in the real estate industry, such as price ceilings and required holdings periods, continued to affect market conditions and pose challenges for our businesses, in particular our e-commerce business and secondary listing business,” said CEO Geoffrey He. “We do not expect significant improvement in market conditions in the near future.”