58.com (WUBA) Reports Q1 Revenues Beat

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58.com Reports First Quarter 2020 Unaudited Financial Results

June 26, 2020 6:00 AM EDT

BEIJING, June 26, 2020 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online classifieds marketplace, today reported its unaudited financial results for the first quarter ended March 31, 2020.

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... More