58.com Posts Lower Q3 Profit

(RTTNews) - 58.com Inc. (WUBA) reported net income for the third quarter of US$5.9 million or US$0.07 per ADS, compared to US$8.5 million or US$0.10 per ADS for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was US$7.8 million or US$0.09 per ADS, compared to US$9.3 million or US$0.13 per ADS in the prior year quarter.

Total revenues for the third quarter rose 72.9% to US$72.0 million from US$41.6 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share on revenue of $67.94 million for the third quarter.

Looking forward, the company forecasts fourth quarter total revenues to be between US$74.5 million and US$77.0 million, representing a year-over-year increase of 65% to 70%. Analysts currently expect the company to post revenue of $71.47 million for the fourth quarter.