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Momo Inc (ADR) (MOMO) Delivers Q1 Earnings Beat With 11x Sales Growth

Momo Inc (ADR) (NASDAQ:MOMO), the China-based video streaming platform, today announced Q1 results that topped Wall Street estimates. Investors this morning pushed MOMO stock more than 4% higher in pre-market trading.

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The Chaoyang,-based company, originally China’s version of the Tinder dating app, earned 44 cents a share in the quarter, compared to 3 cents last year, according to a company announcement. Analysts had forecast a consensus 32 cents a share. Net income increased to $81.2 million in Q2 2017 from $7.1 million in the same period last year.

Monthly Active Users (“MAU”) were 85.2 million in March 2017, compared to 72.3 million in March 2016, MOMO said. Active users on Hani, the company’s stand-alone live video application, were not included in the MAU figures. The company, which was started six years ago, lets users connect via video and chat. Momo management has forecast Q2 revenue of $266.2 million.

“The first quarter was a good start for the year 2017 with remarkable achievements across all of our strategic priorities,” commented Yan Tang, Chairman and CEO of Momo, in the announcement. “We will continue to push forward with our strategy to drive the video transition and introduce more entertaining content to build recreational activities. We believe that will help us to further lower the barrier and increase the efficiency of open social activities, and thus allow us to appeal to a much broader base of users.”

Hilary Kramer, an InvestorPlace contributor  and editor of GameChangers, on May 19 noted that “Chinese Internet stocks have been on a tear this year, and Momo is no exception.”

MOMO stock is up more than 133% this year, over 238% in the past 12 months.

Article printed from InvestorPlace Media, https://investorplace.com/2017/05/momo-inc-adr-momo-delivers-more-more-with-q1-earnings-beat/.

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