Categories Earnings, Technology

58.com (NYSE: WUBA): Q3 2019 Earnings Snapshot

— 58.com Inc. (NYSE: WUBA) reported its third-quarter 2019 adjusted earnings of $0.96 per American Depositary Shares (ADS) versus $0.82 per ADS expected.

— Total revenues jumped by 17.4% to RMB4.26 billion ($602 million), exceeding the high end of the company’s guidance of RMB4.2 billion.

Earnings Update by AlphaStreet

— The results were primarily driven by the increasing adoption and effectiveness of the company’s various online marketing services such as real-time bidding, priority listings and various other online marketing services.

— The total number of paying business users was about 3.6 million in the third quarter of 2019, a 3% increase from the same quarter of 2018.

— Looking ahead into the fourth quarter, total revenues are expected to be between RMB4.05 billion and RMB4.15 billion. This represents a year-over-year increase of 12% to 15% in the Renminbi.

— As of September 30, 2019, the company had cash and cash equivalents, term deposits, restricted cash and short-term investments of RMB9.49 billion ($1.34 billion).

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Also Read:  KR Earnings: All you need to know about Kroger Q2 2020 earnings results

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