SouFun Q3 Earnings Fall, Results Miss Estimates; Slashes Annual Revenue Outlook

(RTTNews) - SouFun Holdings Ltd. (SFUN) Thursday reported third-quarter earnings which fell sharply, as costs escalated and revenue grew by a modest 3 percent. Even as the it cut listing prices, SouFun lowered its annual sales outlook, seeing softness in China's real estate market.

Both earnings and revenues missed Wall Street expectations.

Net earnings were $60.99 million, down from $102.74 million a year earlier. Earnings per ADS declined to $0.14, from $0.24 a year ago.

Earnings per ADS, excluding certain items, of $0.16 was below the $0.18 average estimate of six analysts polled by Thomson-Reuters. Analysts' estimates typically exclude one-time items.

Revenues rose to $190.53 million, from $185.05 million last year, shy of the $200.2 million Wall Street expected.

The company lowered its annual revenue outlook to $675.0 million - $688.0 million, from the prior guidance of $727.0 million - $739.0 million.