58.com Shares Jump As Third-Quarter Results Top Estimates
China internet company 58.com (WUBA), called the Craigslist of China, reported third-quarter results before the market open Monday that topped estimates and sent the stock higher.
XAutoplay: On | Off58.com reported revenue of $410.2 million, beating the consensus estimate of $385.6 million and up 33% from the year-ago period. It reported adjusted earnings of 49 cents per share, beating the consensus estimate of 28 cents and up from a 2-cent loss in the year-ago period.
58.com is China’s largest online market place for classifieds. Revenue from membership rose 27% to $149.8 million.
58.com shares were up 4.7%, near 72 during morning trading in the stock market today.
IBD’S TAKE: The IBD SmartSelect Composite Rating for 58.com is 97, up from 94 last week. The new rating shows the stock is outpacing 97% of all stocks when it comes to the most important stock-picking criteria.
“We continued to drive traffic growth and expand user engagement by deploying new and innovative technologies, particularly on our mobile applications,” said 58.com Chief Executive Michael Yao, in prepared remarks with the earnings release. “We continue to see enormous market opportunities.”
Another China-based company reporting third-quarter results Monday was e-commerce company JD.com (JD), which beat estimates. JD.com, the largest internet company in China by revenue, reported quarterly revenue of $12.58 billion, up 39% from the year-ago period. JD.com was up 5%, near 42.10.