Why Shares of 58.com Are Soaring Today
Shares of 58.com (NYSE: WUBA), a leading online marketplace operator in China, jumped on Monday following a strong second-quarter report. Surging revenue and soaring profits easily beat analyst expectations, and the company's guidance called for continued double-digit growth during the third quarter. At 11:15 a.m. EDT, the stock was up about 11.5%.
58.com reported second-quarter revenue of 2,593 million renminbi, or $382.8 million, up 33.3% year over year and $45.6 million higher than the average analyst estimate. Membership revenue totaled RMB963.7 million, or $142.3 million, up 28.2% year over year. The company now has 2.46 million members across its platforms, up 24.8% year over year.
Image source: 58.com.
Source: Fool.com
58.com Inc. ADR Stock
€47.20
-0.430%
Based on 2 Buy predictions and 1 Sell predictions the sentiment towards 58.com Inc. ADR is rather balanced.
As a result the target price of 63 € shows a positive potential of 33.47% compared to the current price of 47.2 € for 58.com Inc. ADR.
