Though Q1 revenue was roughly in-line, SouFun (SFUN) is guiding for 2014 revenue of $780M-$796M, below an $817.2M consensus.
Q1 revenue breakdown: Marketing services (ads) +31.2% Y/Y to $47M, listing services +57.1% to $42.1M, e-commerce services +11.6% to $29.4M, everything else +32.3% to $2.7M.
Opex rose 38.6% Y/Y, outpacing rev. growth of 33.2%. Sales spend +47% to $27.5M, G&A +28.3% to $19.3M. Adjusted EBITDA rose 34% to $54.8M.
Q1 results, PR