Boston, MA 03/03/2014 (wallstreetpr) – 58.com Inc (ADR) (NYSE:WUBA) announced unaudited financial outcome for the fourth quarter and fiscal year ended Dec 31, 2013 results on Thursday.
Fourth Quarter 2013 Results
In the fourth quarter of 2013, total revenues were US$45.3 million which accounts for an increase of 83.2% as compared to the results of the same quarter of the previous year. it surpasses guidance of US$41 million to US$43 million.
Gross margin for the reported quarter increased to 95.4% from 89.1% in the fourth quarter of 2012. Net income for the company was US$10.8 million which compares to the net loss of US$4.8 million in the fourth quarter of 2012.
58.com Inc (ADR) (NYSE:WUBA) reported basic and diluted earnings per ADS characteristic to ordinary shareholders to be US$0.14 and US$0.13. One ADS is equivalent to two Class A ordinary shares. Apart from this, Non-GAAP net income was US$11.7 million which is comparable to the net loss of US$4.5 million in the same quarter of the prior year.
Fiscal Year 2013 Results
The total revenues for the fiscal year 2013 were US$145.7 million which accounts for an increase of 67.3% increase from the fiscal year 2012. Gross margin increased to 94.2% as compared to the previous year’s 88.1%. Net income was US$19.6 million which is comparable to the net loss of US$30.4 million in the previous year.
Basic and diluted earnings per ADS characteristic to ordinary shareholders were US$0.29 and US$0.27. Non-GAAP net income was US$22.4 million whereas in the fiscal year, the company had reported a Non-GAAP net loss of US$28.7 million. As of Dec 31, 2013, the company totaled cash, cash equivalents and term deposits and short term, investment of US$311.1 million.
In accordance with its current operations, 58.com Inc (ADR) (NYSE:WUBA)’s total revenues for the first quarter of 2014 are estimated to be in the range of US$43 million and US$45 million which represents a year over year rise of 81% to 90%.
