Categories Earnings, Technology

Momo Inc posts upbeat earnings in Q3

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 inc MAU

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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