58.com (WUBA) Reports Q1 Revenues Beat

58.com (NYSE: WUBA) reported Q1 EPS of ($2.12), $2.04 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $361.4 million versus the consensus estimate of $313.44 million.

First Quarter 2020 Highlights

• Total revenues were RMB2,560.3 million (US$361.4 million[1]), a 15.5% decrease from RMB3,028.3 million in the same quarter of 2019.
• Total number of paying business users[2] was approximately 2.7 million in the first quarter of 2020, a 20.7% decrease from the same quarter of 2019.
• Gross margin was 87.9% compared with 90.2% in the same quarter of 2019.
• Loss from operations was RMB55.8 million (US$7.9 million), compared with income from operations of RMB281.3 million in the same quarter of 2019.
• Non-GAAP income from operations[3] was RMB144.0 million (US$20.3 million), a 69.0% decrease from RMB465.1 million in the same quarter of 2019.
• Net income attributable to 58.com Inc. ordinary shareholders was RMB1,638.6 million (US$231.3 million), a 134.7% increase from RMB698.2 million in the same quarter of 2019. This includes a net gain picked up from 58 Home of RMB2,683.2 million.
• Non-GAAP net income attributable to 58.com Inc. ordinary shareholders [4] was RMB2,243.6 million (US$316.7 million), a 414.7% increase from RMB435.9 million in the same quarter of 2019. This includes a net gain picked up from 58 Home of RMB2,683.2 million.
• Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB10.95 (US$1.54) and RMB10.82 (US$1.53), respectively, representing 132.6% and 132.6% increases from RMB4.71 and RMB4.65, respectively, in the same quarter of 2019. One ADS represents two Class A ordinary shares.
• Non-GAAP basic and diluted earnings per ADS[5] attributable to ordinary shareholders were RMB14.99 (US$2.12) and RMB14.81 (US$2.09), respectively, representing 410.0% and 410.1% increases from RMB2.94 and RMB2.90, respectively, in the same quarter of 2019.

For earnings history and earnings-related data on 58.com (WUBA) click here.

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