58.com Q1 Results Top Estimates; Sees Q2 Revenue Above Consensus

(RTTNews) - 58.com Inc. (WUBA), China's largest online marketplace serving local merchants and consumers, reported a net loss for the first quarter of US$52.4 million or US$0.59 per ADS, compared to net income of US$2.3 million or US$0.03 per ADS for the year-ago quarter.

Excluding items, adjusted net loss for the first quarter was US$47.8 million or US$0.54 per ADS, compared to adjusted net income of US$3.3 million or US$0.04 per ADS in the prior year quarter.

Total revenues for the first quarter rose 80.5% to US$87.1 million from US$48.2 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to report a loss of US$0.25 per ADS on revenue of US$85.10 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward, the company forecasts second revenues to be between US$145.0 million and US$150.0 million, representing a year-over-year increase of 124.6% to 132.3%. Analysts currently expect the company to post revenue of US$121.96 million for the second quarter.