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.
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