China’s 58.com recently published its financial report for the first quarter ended March 31, 2020, stating that the company realized operating revenue of about CNY2.56 billion during the reporting period, a year-on-year decrease of about 15%; and its gross margin was 87.9%.
According to the report, 58.com’s operating losses were CNY55.8 million and its net profit attributable to shareholders of ordinary shares was CNY1.639 billion. If excluding the one-time non-cash income brought by the fund raising of 58 Daojia’s housekeeping business, the company saw net losses of about CNY1.04 billion,
During the first quarter of 2020, 58.com’s average paid vendors were about 2.7 million. The company gained about CNY816 million from member service and its online promotion service realized operating revenue of about CNY1.595 billion.
58.com pointed out in the financial report that during the epidemic outbreak period, the company continued to enhance its customer and user services in recruitment, real estate, automobile, and local lifestyle sectors and launched several measures to support vendors. During the reporting period, 58.com implemented a series of online market operation activities, continued to enhance technology innovation, improved online service ability, and connected vendors with users effectively.
Source: ChinaTechNews.com
