58.com (WUBA) Tops Q3 EPS by 10c
58.com (NYSE: WUBA) reported Q3 EPS of $0.09, $0.10 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $72 million versus the consensus estimate of $67.9 million.
"I am pleased to report a stronger than expected performance across the board as our business continues to gain momentum," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Growth in overall traffic continued, reaching record high levels for the second consecutive quarter. Mobile traffic continued to grow at a much faster pace than PC traffic, with 60% of traffic coming from our mobile platforms. '58 to home' - our innovative mobile-based, closed-loop services app has received very positive feedback following its launch earlier this year. We are confident that this app and its enhanced services will strengthen our position as China's leading player in the local services market. Looking forward, we will continue to invest as we develop new innovative services and build them to scale to extend our lead."
Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Revenues exceeded the high end of our guidance for the fourth consecutive quarter since our IPO. The number of subscription-based paying merchant members during the second quarter of 2014 exceeded 560,000 for the first time. With this representing only a small fraction of the SME merchant population in China, we will continue to expand rapidly. We will continue to invest in innovating, sales and marketing. Eventually, a bigger platform and a better eco-system will help to secure our long term sustainable growth."
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