WUBA - 58.com revenue down 17% due to the pandemic in Q1 shares trading flat

June, 26 2020 10:05 AM 58.com Inc. American Depositary Shares each representing 2 Class A

58.com (NYSE:WUBA) reports Q1 results that beat revenue estimates.
Q1 highlights: Revenue of $361.37M (-17% Y/Y), the decrease was mainly due to the impact from the outbreak of COVID-19.
Gross margin was 87.9% vs. a 90.2% year ago.
Total number of paying business users was ~2.7M (-20.7% Y/Y).
Membership revenue was down 16.9% Y/Y to RMB815.6M. Online marketing services revenue decreases 17.8% to RMB1.6B.
Non-GAAP income from operations decreased 69% Y/Yto RMB144.0M.
The Company had cash and cash equivalents, term deposits, restricted cash and short-term investments of ~$1.77B.
The company is not guiding on revenue for Q2.
Shares (WUBA -0.3%)
Previously: 58.com beats on revenue (June 26)
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Company Name:	58.com Inc. American Depositary Shares each representing 2 Class A
Stock Symbol:	WUBA
Market:	NYSE