Momo Inc (ADR) (NASDAQ:MOMO) stock was flying high on Tuesday following the release of its earnings report for the first quarter of 2018.
During the first quarter of the year, Momo Inc reported earnings per share of 69 cents. This is an increase over its earnings per share of 44 cents from the same time last year. It also was good news for MOMO stock by coming in above Wall Street’s earnings per share estimate of 50 cents for the period.
Net income reported by Momo Inc for the first quarter of 2018 came in at $129.42 million. This is up from the social media company’s net income of $81.20 million that was reported in the first quarter of 2017.
Momo Inc’s operating income for the first quarter of the year was sitting at $147.50 million. The company’s operating income from the same period of the year prior was $91.04 million.
Momo Inc also reported revenue of $435.13 million for the first quarter of 2018. This is an improvement over its revenue of $265.24 million that was reported in the first quarter of the previous year. It was also a blessing for MOMO stock by beating out analysts’ revenue estimate of $396.28 million for the quarter.
The most recent earnings report from Momo Inc also includes the company’s outlook for the second quarter of the year. MOMO says that it is expecting revenue for the period to range from $470.00 million and $485.00 million. If this holds true, then it will be great news for MOMO stock by coming in above Wall Street’s revenue estimate of $429.34 million for the second quarter of 2018.
MOMO stock was up 14% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.