Brean Capital Cuts Price Target on 58.com (WUBA) to $57 Following Mixed 2Q
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58.com Reports Second Quarter 2016 Unaudited Financial Results
August 17, 2016 8:00 PM EDTBEIJING, Aug. 17, 2016 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online market place serving local merchants and consumers, today reported its unaudited financial results for the second quarter ended June 30, 2016.
Second Quarter 2016 Financial Highlights
Total revenues were US$297.8 million, an 86.7% increase from the same quarter last year, in line with the Company's guidance of US$296.0 million to US$303.0 million. Gross margin was 91.8%, compared with 93.7% in the same quarter of 2015. Income from operations was US$35.5 million, compared with loss from... More