Chinese Internet marketplace 58.com (WUBA) beat Wall Street’s Q3 estimates and guided Q4 revenue above expectations, sending its stock up more than 4% in midday trading on the stock market today. The company’s earnings, released early Wednesday in China but late Tuesday in the Western hemisphere, totaled 7 cents a share, down 30% from the year-earlier quarter but beating analyst estimates of a 1-cent loss. Excluding one-time items, earnings
Goldman Sachs initiated coverage of 58.com (WUBA) on Thursday with a neutral rating and price target of 33. The Beijing-based online marketplace, nicknamed the “Craigslist of China,” saw its stock fall on the news. Shares of 58.com were down a fraction near 38 in afternoon trading on the stock market today. 58.com went public in an IPO last October, pricing shares at 17 and peaking near 59 in early March. While its Q2 results beat expectations,
58.com (WUBA) late Wednesday gave a revenue outlook that missed Wall Street expectations, and shares of the company often called the “Craigslist of China” fell Thursday, though its Q2 beat. The company’s Q2 membership and mobile traffic zipped up as Internet usage continues to rise in the world’s most populous nation. Revenue rose 84% from the year-earlier quarter to $64.6 million, topping analyst views for $62.7 million. It earned 13 cents per