Mobile marketing firm Meet Group (NASDAQ: MEET), which has got mobile apps like MeetMe, LOVOO, Tagged, Skout and Growlr, reported its first quarter 2019 results before the market opened today. Meet Group’s earnings of $0.09 per share and revenue of $49.5 million for Q1 surpassed consensus earnings estimate of $0.08 per share and revenue target of $47.8 million.
The Meet Group stock, which closed down 2.6% at $5.65 yesterday, was further down about 4% in the pre-market hours today.
On a GAAP basis, Meet Group reported net income of $1.3 million or $0.02 per share compared to a net loss of $4.2 million or $0.06 per share, in the prior year quarter. Revenue grew 32% year-over-year, aided by the growth in video revenue.
Average total daily active users count grew to 4.93 million in the recently ended quarter from 4.85 million in the first quarter of 2018. Average mobile daily active users grew to 4.35 million from 4.21 million in the year-ago quarter.
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“We grew video revenue to more than $20 million, a more than four-fold increase from the year ago quarter, and we set new records growing video revenue on each of our apps. Average video revenue per daily active video user increased to 26 cents, up from 18 cents in the fourth quarter of 2018, while approximately 20% of users engaged in video every day,” said CEO Geoff Cook.
The New Hope, Pennsylvania-based company expects revenue to be in the range of $50.3 million to $51.3 million and adjusted EBITDA to be $8.6 million to $9.1 million for the second quarter of 2019. Meet Group reiterated the previously issued guidance for full-year 2019. Revenue is expected to be $210 million to $215 million and adjusted EBITDA is targeted to be in the range of $39 million to $42 million for 2019.
Shares of Meet Group had advanced 22% since the beginning of 2019 and jumped 95% in the past 52 weeks.