Qunar Q1 Loss Widens Sharply

(RTTNews) - Qunar Cayman Islands Ltd. (QUNR) reported a net loss for the first quarter of RMB701.2 million or RMB5.85 per ADS, compared to RMB183.6 million or RMB1.62 per ADS for the year-ago quarter.

Excluding items, adjusted net loss for the first quarter was RMB293.4 million, compared to adjusted net loss of RMB55.7 million in the prior year quarter.

Total revenues for the first quarter jum[ed 100% to RMB671.08 million from RMB335.47 million a year earlier.

Looking forward to the second quarter, Qunar expects year-on-year revenue growth of 105% to 110%.

Separately, Qunar said that Silver Lake has led a strategic investment round totaling $500 million in the company in the form of 2% Senior Unsecured Convertible Notes with an initial conversion price of $55 per ADS. Silver Lake has made a $330 million investment, while another investor contributed $170 million. Qunar will use the capital to continue to expand its mobile presence, grow business lines and further enhance technology capabilities.