Categories Earnings, Technology

Meet Group beats Q4 earnings estimates; revenues match expectations

The Meet Group Inc. (NASDAQ: MEET) beat earnings expectations for the fourth quarter of 2019 while revenues came in line with forecasts. The stock was up 1% in premarket hours on Wednesday.

Total revenue of $57.6 million was up 10% from the same period last year and in line with analysts’ estimates of $57.6 million. The topline benefited from a double-digit increase in total user pay revenue.

On a GAAP basis, net income was $4.9 million, or $0.07 per share, compared to $4.3 million, or $0.06 per share in the prior-year quarter. Adjusted net income amounted to $12.4 million, or $0.17 per share, surpassing estimates of $0.16 per share.   

Meet Group Q4 2019 user metrics

Adjusted EBITDA was $13.3 million, compared to $10.6 million in the prior year quarter. At the end of the year, the company had $27.2 million in cash and cash equivalents.

During the quarter, the company saw a 47% year-over-year increase in user pay revenue from video amounting to $22.2 million. User pay revenue from subscription and other in-app products fell 7% to $14.9 million. Total user pay revenues grew 18% to $37.1 million, and comprised 64.6% of total revenues. Advertising revenue fell 3% to $20.3 million.

Also read: Cloudera Q4 2020 Earnings Report

Last week, Meet Group announced an agreement that will allow it to be acquired by NuCom Group for approx. $500 million. NuCom Group is jointly owned by ProSiebenSat.1 and General Atlantic. The all-cash transaction, which amounts to $6.30 per share, is expected to close in the second half of 2020.

Meet Group, which provides interactive livestreaming solutions, believes this combination will help in building a strong and dynamic product portfolio. The deal will also allow the company to pursue new opportunities and drive growth by combining its video platform with ProSieben’s valued content.

Shares of Meet Group have gained 20% since the beginning of this year.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Netflix (NFLX): Four reasons why this leader will not be easy to overthrow

Netflix (NASDAQ: NFLX) has for long been the undisputed king of the streaming space. The streaming industry is seeing massive growth with several new players entering the field. It also

Fastenal (FAST) sees strong post-COVID prospects: Is the stock a buy?

The demand for services that involve minimal human interaction is on the rise as people continue to practice social distancing. Fastenal Co. (NASDAQ: FAST), a market-leading supplier of vending machines,

HEXO Corp. (HEXO) Earnings: 3Q21 Key Numbers

HEXO Corp. (NYSE: HEXO) reported its third-quarter 2021 earnings results today. Net revenue rose 2% year-over-year to CAD22.6 million. Net loss narrowed to CAD20.7 million from a loss of CAD19.5

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top