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58.Com Q1 loss widens YOY

58.com Inc. said its first-quarter normalized net income amounted to a loss of $1.45 per share, compared with the S&P Capital IQ consensus estimate of a loss of $3.28 per share.

The per-share loss narrowed 35.5% year over year from $2.25.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $205.4 million, compared with a loss of $200.6 million in the year-earlier period.

The normalized profit margin increased to negative 22.9% from negative 37.2% in the year-earlier period.

Total revenue rose on an annual basis to $1.49 billion from $539.9 million, and total operating expenses grew on an annual basis to $1.82 billion from $898.4 million.

Reported net income totaled a loss of $529.1 million, or a loss of $3.75 per share, compared to a loss of $320.2 million, or a loss of $3.65 per share, in the year-earlier period.