For the first quarter 58.com reported earnings of 3 cents a share, missing analysts' estimates of 4 cents a share by 1 cent. Revenue grew 103.3% from the year-ago quarter to $48.2 million. Analysts surveyed by Thomson Reuters expected revenue of $44.6 million for the quarter.
Looking forward to the second quarter 58.com expects revenue of $61 million to $63 million, while analysts expect revenue of $57.8 million for the quarter.
"58.com Inc. is a holding company. The Company is an online marketplace serving local merchants and consumers in China through its Website www.58.com and mobile applications. Its online marketplace enables local merchants and consumers to connect, share information and conduct business. The Company's online marketplace contains a range of information in approximately 380 cities, across diverse content categories, including housing, jobs, used goods, automotive, pets, tickets, yellow pages and other local services. Its online marketing services include listing services, such as real-time bidding and priority listing, and marketing services through collaboration with third-party Internet companies in China. The listings on its online marketplace cover a range of content categories, such as housing, jobs, used goods, automotive, tickets, homecare and relocation, renovation, wedding, business services, travel, education, food, beauty, entertainment, franchise, and other local services."