Momo stock was falling hard on Thursday despite reporting an earnings beat for the third quarter of 2018.
Momo (NASDAQ:MOMO) reported earnings per share of 53 cents for the third quarter of the year. This is an increase over the company’s earnings per share of 45 cents for the same period of the year prior. It was also able to match Wall Street’s earnings per share estimate for the quarter, but couldn’t keep Momo stock from falling today.
Net income reported by Momo for the third quarter of 2018 came in at $84.03 million. This is better than the company’s net income of $78.98 million reported in the third quarter of the previous year.
Momo’s income from operations for the third quarter of the year was $94.60 million. The Chinese software company reported income from operations of $89.00 million during the same time last year.
During the third quarter of 2018, Momo reported revenue of $535.97 million in revenue. This is up from the company’s revenue of $354.45 million reported in the third quarter of 2017. It also beat out analysts’ revenue estimate of $533.60 million, but wasn’t able to keep Momo stock from dropping today.
Momo also provides its outlook for the fourth quarter of the year in its most recent earnings report. The company says that it is expecting revenue for the quarter to range from RMB3,655.0 million to RMB3,755.0 million. Momo isn’t offering a conversion to U.S. dollars for this outlook due to the volatility of foreign exchange.
MOMO stock was down 16% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.