58.com Posts Higher Q2 Profit

(RTTNews) - 58.com Inc. (WUBA) reported net income for the second quarter of US$11.2 million or US$0.13 per ADS, compared to US$5.0 million or US$0.03 per AADS for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was US$12.4 million or US$0.15 per ADS, compared to US$5.5 million or US$0.06 per ADS in the prior year quarter.

Total revenues for the second quarter rose 83.9% to US$64.6 million from US$35.1 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn US$0.08 per ADS on revenue of US$62.65 million for the second quarter.

Looking forward, the company forecasts third quarter total revenue of US$66 million to US$68 million, representing a year-over-year increase of 59% to 63%. Analysts currently expect the company to post revenue of US$72.60 million for the third quarter.