NEW YORK (TheStreet) -- Shares of 58.com Inc. (WUBA) are higher by 8.60% to $45.06 on heavy volume in early afternoon trading on Wednesday, after the company reported its 2014 third quarter earnings results which beat analysts' expectations.
For the most recent quarter the online market place, which services local merchants and consumers in China via its website and mobile apps, posted a non-GAAP net income of $7.8 million, or 9 cents per ADS for the latest quarter.
Analysts polled by Thomson Reuters were expecting 58.com to report a net loss of 1 cent per share for the quarter.
58.com said its revenue for the most recent quarter grew by 72.9% to $72 million, exceeding its own guidance of $66 million to $68 million in revenue for the quarter.
Analysts were expecting $67.94 million in revenue for the 2014 third quarter.
The company also issued revenue guidance for the 2014 fourth quarter of $74.5 million to $77 million, representing a 65% to 75% increase over the same period the for prior year. Analysts are expecting 2014 fourth quarter revenue of $71.47 million.WUBA data by YCharts