58.com (WUBA) early Tuesday reported a worse-than-expected first-quarter loss on rising costs. But revenue soared more than 80% amid rapid expansion, including its planned merger with its former top rival Ganji.com The Chinese classified ad site 58.com enjoyed a strong run-up after announcing last month that it had agreed to buy Ganji.com, and saying separately that it received an additional $400 million investment from China Internet giant
Chinese classified ad site 58.com (WUBA) hit its third all-time high in the past six trading days after it got an upgrade Tuesday in reaction to Friday’s announcement that it would buy a 43.2% stake in top rival Ganji.com and had received an additional investment from China Internet giant Tencent Holdings. Credit Suisse upgraded 58.com stock to outperform from neutral and more than doubled its price target to 90 from 41. Since 58.com and Ganji.com
Chinese classified advertising site 58.com (WUBA) jumped 8% to a new high in early trading Friday after the company announced that it had agreed to buy a 43.2% stake in rival Ganji.com. Separately, 58.com said it had received an additional $400 million investment from China Internet giant Tencent Holdings (TCEHY). Tencent had acquired a 19.9% stake in 58.com in June 2014, for $736 million, as it boosted its competition with China e-commerce leader