58.com Posts Loss

(RTTNews) - 58.com Inc (WUBA), which operates China's largest online marketplace serving local merchants and consumers, on Wednesday reported second-quarter net loss of $26.9 million or $0.24 per share compared with a profit of $11.2 million or $0.13 per share last year.

Excluding items, adjusted loss for the quarter was $0.19 per share compared with a profit of $0.15 per share a year ago.

Revenues for the quarter were $159.5 million compared with $64.6 million in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $0.46 per share on revenues of $149.5 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin was 93.7% compared with 94.7% a year ago.

Operating expenses were $185.3 million, up from $53.9 million in the prior year.

For the third quarter, the company expects revenues of $195 million to $200 million, while analysts expect $164.3 million.