Momo Inc. (NASDAQ: MOMO) on Tuesday reported third-quarter financial results that were better than what the Wall Street had anticipated. The Chinese dating company posted a 22% jump in net revenues to $622.8 million, which was above the street target of approximately $605 million.
Net income for the quarter, excluding one-off items, came in at 69 cents per share, beating analysts’ consensus by 8 cents.
Momo application’s MAU was 114.1 million at the end of the third quarter, compared to 110.5 million in September 2018.
Total paying users of its live video service and value-added service, including 4.5 million paying users of Tantan, were 13.4 million, a growth of 7% year-over-year.
During the third quarter, revenues from live video services grew 28%, while that from value-added services improved 86%. Mobile game revenues were $2.2 million, a decrease of 43% mainly due to the continued decrease in quarterly paying users of mobile games.
READ: Q4 revenue miss weighs on Hewlett Packard Enterprise stock
Outlook
For the fourth quarter, Momo said it sees an 18-20% jump in total net revenues.
Momo’s shares have gained 54% year-to-date and 9% in the past three months. The stock was up 0.7% during pre-market trading hours on Tuesday.
Most Popular
Earnings calendar for the week of Oct. 26
Bringing fresh optimism to the virus-hit market, U.S jobless claims for the week ended October 17 slipped to the lowest level since the onset of the pandemic, in a sign
Southwest Airlines (LUV) expects business travel to remain down well into next year
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 2% in afternoon hours on Friday. The stock has gained 35% over the past three months. The company reported better-than-expected
Big banks have their eyes on second half of 2021
The biggest stimulus package of all time, which was meant to boost consumption has actually led to more deposits, inflating the size of banks’ balance sheets. A working paper shows