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58.com Shares Jump As Third-Quarter Results Top Estimates

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Shares soared Monday for China internet company 58.com ( WUBA ), the so-called Craigslist of China, after it reported third-quarter results that topped estimates.

[ibd-display-video id=2634200 width=50 float=left autostart=true]58.com reported revenue of $410.2 million, beating the consensus estimate of $385.6 million and up 33% from the year-ago period. It reported adjusted earnings of 49 cents per share, beating the consensus estimate of 28 cents and up from a 2-cent loss in the year-ago period.

58.com is China's largest online market place for classifieds. Revenue from membership rose 27% to $149.8 million.

58.com shares jumped 6% to close at 73 on the stock market today .

IBD'S TAKE:The IBD SmartSelect Composite Rating for 58.com is 97, up from 94 last week. The new rating shows the stock is outpacing 97% of all stocks when it comes to the most important stock-picking criteria.

"We continued to drive traffic growth and expand user engagement by deploying new and innovative technologies, particularly on our mobile applications," said 58.com Chief Executive Michael Yao, in prepared remarks with the earnings release. "We continue to see enormous market opportunities."

Another China-based company reporting third-quarter results Monday was e-commerce company JD.com ( JD ), which beat estimates. JD.com, the largest internet company in China by revenue, reported quarterly revenue of $12.58 billion, up 39% from the year-ago period. JD.com was up 3.5% to finish at 41.34.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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