Abstract: we are looking for the vertical field we have the advantage of the opportunity, such as real estate, recruitment, we will buy a certain brand influence, has certain advantages in the high-end market, the future we will follow this strategy.
58 city (NYSE:WUBA) today released the first quarter ended March 31, 2015 unaudited financial results. Earnings show, 58 city first quarter total revenue of $87 million 100 thousand, representing an increase of 80.5% over the same period last year; net loss of $52 million 400 thousand, compared to the same period last year to achieve a profit of $2 million 300 thousand.
earnings release, 58 city board chairman and CEO Yao Jinbo and CFO Zhou Hao and other executives attended the subsequent conference call, read the earnings points and answer questions from analysts.
below is the analyst Q & a session, the main content:
Credit Suisse analyst: my first question is about the company’s long-term strategy, in view of the company currently has many different brands in different vertical field, how do you intend to integrate the various business? How will you use some cross selling opportunities
Yao Jinbo: we really like this quarter acquisition of anjuke chinahr.com, these brands, but our main brand promotion will be the 58 city, we will use more of the 58 city to promote the brand and other brands, including anjuke and chinahr.com, at the same time, anjuke and chinahr.com in a slightly high the market of new homes, such as white-collar recruitment market supplement.
Credit Suisse analyst: the next 58 city will continue to look for what kind of investment opportunities?
Yao Jinbo: look out from the current number of mergers and acquisitions we can, we are looking for the vertical field we have the advantage of the opportunity, such as real estate, recruitment, we will buy a certain brand influence, has certain advantages in the high-end market, the future we will follow this strategy, we will focus on have an advantage in the 58 city areas, make it more in-depth, more influential for the customers.
Barclays Capital analyst: after you buy chinahr.com, what new plan for the company and development strategy for the future? Between chinahr.com and 58 city what synergies can develop? There is no cross selling opportunities
Yao Jinbo: chinahr.com is a very old brand in China, from 97 years up to now has nearly ten years, has great influence on its China HR staff, we are mainly to watch the basis of it. 58 city itself in blue collar recruitment market has a very big influence, and if coupled with the market network, in blue collar recruitment market, it can be said that very few people can compete with us. But our customers are likely to need a whole service, and sometimes they need to hire low-end staff