Momo (NASDAQ:MOMO) stock was on the rise Wednesday following the release of its earnings report for the second quarter of 2018.
During the second quarter of the year, Momo reported earnings per share of 66 cents. This is an increase over the company’s earnings per share of 35 cents reported in the same period of the year prior. It was also good news for the company’s stock by coming in above Wall Street’s earnings per share estimate of 61 cents for the quarter.
Momo’s earnings report for the second quarter of 2018 also includes net income of $117.77 million. This is better than the company’s net income of $60.76 million from the second quarter of 2017.
During the second quarter of the year, Momo reported operating income of $140.60 million. The Chinese social media company’s operating income reported during the same time last year was $73.75 million.
Momo also reported revenue of $494.27 million during the second quarter of 2018. This is up from the company’s revenue of $312.22 million that was reported in its second quarter of the previous year. It also beats out analysts’ revenue estimate of $479.77 million for the period.
Momo’s earnings report for the second quarter of the year also includes its outlook for the third quarter of 2018. The company is expecting revenue for the quarter to range from $525.00 million and $540.00 million. Wall Street is looking for the company to report revenue of $517.26 million for the third quarter of the year.
MOMO stock was up 8% as of Wednesday morning and is up 56% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
