Shares of Chinese real estate site Fang Holdings shed 15 percent Monday after lowering its guidance and reporting a miss on quarterly revenue. The stock had initially fallen 11 percent on the news and took another leg lower following a downgrade at Nomura.
Fang slashed its fiscal 2016 revenue guidance to $928 million from $1.15 billion. That new figure is also well below Wall Street expectations for $1.13 billion, according to a consensus estimate from Thomson Reuters.
The Beijing-based company also posted a quarterly loss of 3 cents per share on $250 million in revenue. Analysts had expected Fang to report a loss per share of 5 cents on $293 million in revenue, according to a Thomson Reuters consensus estimate.
CEO Vincent Mo said in a statement that the past quarter "was one of the toughest quarters in Fang's history."
"Our transformation coupled with the market regulations by the government was very challenging," Mo said in a statement. "Transformation is not easy but we are determined and optimizing the operations details. The company achieved operational profitability and we are confident to turn around the company."