Why Shares of 58.com Soared Today
Shares of 58.com (NYSE: WUBA) traded up more than 13% on Tuesday afternoon after the Chinese online classifieds and listings company reported better than expected quarterly results and provided a rosy forecast. It's a nice turnaround from earlier in the year, when the Chinese tech stock was battered after an earnings disappointment.
After markets closed Monday, 58.com reported third-quarter adjusted earnings of $0.96 per share on revenue of $602 million, surpassing analyst expectations for $0.82 per share in earnings on revenue of $596 million. The company also said it expects to generate fourth-quarter revenue between 4.05 billion yuan and 4.15 billion yuan ($577 million to $591 million), which would represent a 12% to 15% increase from a year prior.
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Source Fool.com
