58.com Inc. Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Revenue Guidance for the Fourth Quarter of 2016 and Year 2017
For the nine months period, the company reported total revenues of $835,546,000 compared to $459,556,000 a year ago. Income from operations was $5,861,000 compared to loss from operations of $178,946,000 a year ago. Loss before tax was $99,115,000 compared to $302,782,000 a year ago. Net loss attributable to the company was $98,143,000 or $0.343 per basic and diluted share compared to $285,285,000 or $1.417 per basic and diluted share a year ago. Non-GAAP income from operations was $62,449,000 compared to non-GAAP loss from operations of $153,287,000 a year ago. Non-GAAP net loss attributable to the company was $29,721,000 or $0.104 per diluted share compared to $133,466,000 or $0.663 per basic and diluted share a year ago.
Based on the company's current operations, total revenues for the fourth quarter of 2016 are expected to be between RMB 2,030 million and RMB 2,080 million and $309 million assuming an exchange rate of RMB 6.74 to $1.00, the average exchange rate in October 2016. This represents a year-over-year increase of 24% to 28% in RMB.
For the year 2017, the company expects profit margins will most likely expand in 2017, as the company aim to continue to grow revenue faster than costs and expenses in 2017. The company also aiming to narrow their losses in 2017 versus 2016.