NEW YORK (TheStreet) -- Shares of 58.com (WUBA) - Get Report closed trading up 3.51% to $60.14 on Monday after reporting third quarter financial results that topped analysts' expectations for the quarter before the opening bell today.
The China-based online market place reported a third quarter net loss of 50 cents per share, 33 cents per share better than analysts' 83 cent per share net loss expectations.
Revenue for the period rose 195.7% year over year to $212.9 million versus analysts' $201.72 million expectations.
For the current quarter, the company forecast revenue between $240 million and $245 million versus analysts' $242.12 million expectations.
TheStreet Ratings team rates 58.COM INC -ADR as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
We rate 58.COM INC -ADR (WUBA) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and feeble growth in its earnings per share.
Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.