Momo Inc (ADR) (NASDAQ:MOMO) stock was falling on Tuesday after it released its earnings report for the third quarter of 2016.
Momo Inc (ADR) stock was down despite the company posting positive results for its third quarter of 2016. Earnings per share for the quarter were 24 cents. This is up from its earnings per share of 2 cents during the same time last year. It also beat out Wall Street’s earnings per share estimate of 14 cents for the quarter.
Momo Inc (ADR) also reported revenue of $157.05 million for the third quarter of 2016. Revenue reported by the social networking company in the third quarter of 2015 was $37.48 million. Analysts were expecting the company to report revenue of $130.50 million in the third quarter of 2015.
Net income reported by Momo Inc (ADR) in the third quarter of 2016 was $49.5 million. Net income reported by the company during the same time of the year prior was $3.9 million. Income from operations during the quarter was $37.2 million, which is up from its loss of $2.5 million in the same quarter of last year.
Momo Inc (ADR)’s net cash from operating activities in the third quarter of the year was $62.9 million. This is up from its net cash from operating activities of $7.5 million during the same time of 2015.
Momo Inc (ADR) also released its outlook for the fourth quarter of 2016 in its recent earnings report. The company is looking for revenue during that quarter to fall between $185 million and $190 million. Wall Street estimates have revenue for the period coming in at $140.57 million.
MOMO stock was down 11% as of Tuesday afternoon, but is up 45% year-to-date.
