SouFun Holdings Limited (SFUN), an operator of real estate Internet portal, and a home furnishing and improvement Website, Wednesday reported an increase in its net income for the first quarter, due to higher revenues from its e-commerce and listing services. The firm also raised its full-year revenue guidance.
For the three-month period, the firm reported net income of $28.4 million or $0.34 per share, compared with $14.5 million or $0.18 per share during the corresponding quarter last year.
Non-GAAP net income attributable to SouFun Holdings Limited's shareholders was $33.2 million or $0.40 per share. On average, one analyst polled by Thomson Reuters expected earnings per share of $0.26 for the first quarter. Analysts' estimates typically exclude one-time items.
Operating income was $37.2 million, a 161.9 percent increase from the corresponding period in 2012. Non-GAAP operating income in the first quarter was $39.0 million, a 151.9 percent increase from the same period last year.
Revenues generated for the quarter were $91 million, a 55.6 percent increase from the prior year's figure of $58.4 million. E-commerce revenues were $26.3 million compared to $12 million last year, and listing services revenues inclined to $26.8 million from $10.9 million during the same quarter last year.
SouFun raised its total revenue guidance for the full year from between $516.0 million and $527.0 million to between $527.0 million and $538.0 million.
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