China’s 58.com sees sharp drop in Q1 profit

27 May 2015

58.com Inc., China’s largest online marketplace serving local merchants and consumers, saw strong growth in revenue during the first quarter of 2015, but profits dropped sharply as sales and marketing costs ballooned. Total revenue was U.S.$87.1 million , an 80.5 percent increase from the same period last year; exceeding guidance of $82.0 to $84.0 million. Net loss attributable to the company was $52.4 million, compared…

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Don Gasper