Momo Inc. (NASDAQ: MOMO) reported its second quarter earnings and beat estimates, but despite strong results, shares plummeted down over 19 percent during Tuesday’s trading hours.

The Chinese social media company posted revenues for the second quarter of $312.2 million, beating analysts predictions by $25.89 million, now a 215 percent increase from $99.0 million year over year. Net income for the company increased to $60.8 million from $15.4 million in the previous year’s same quarter. The company posted an EPS of $0.35 compared to $0.12 from the previous year’s same quarter, and beating analysts predictions by $0.04.

Monthly active users increased to 91.3 million for the quarter, compared to 74.8 million in last year’s same quarter.

Live video service grew stronger and generated revenues of $259.4 million in the quarter. The strong growth in live video revenues was largely contributed by the increase in the quarterly paying users, which was 4.1 million. Mobile marketing revenues were $19.0 million this quarter, an increase of 15% from $16.6 million during the same period last year. Mobile games revenues were $9.1 million, an increase of 23% from $7.4 million from last year’s same quarter.

Value-added service revenues mainly include membership subscription revenues and virtual gift revenues, which the company launched back in the fourth quarter of 2016 to boost communication among users. The total value-added service revenues were $24.6 million in the second quarter, an increase of 58 percent from $15.6 million during the same period of 2016. The increase was mainly due to an increasing number of paying users, revenue increase per user, and the company introducing more added services for users.

"I’m pleased that we delivered another strong quarter to our shareholders. User base growth continued to accelerate, driven by the expansion of our video content ecosystem. The usage of short video service has reached new milestones and revenues from live video service has hit new record highs," commented Yan Tang, Chairman and CEO of Momo. "More importantly, with the newly launched 8 series, we have moved on to make new explorations and innovations in the social and entertainment territories. We believe these pioneering efforts will allow us to capture the many emerging opportunities that we are seeing on the horizon and thus will help us build longer term growth drivers for the Company."

Momo posted strong results during both the first and second quarter of the fiscal year, yet shares were still plummeting on Tuesday. Net revenues for the fiscal year so far are up 285 percent to $577.5 million year over year. Also an EPS increase $0.80 for the first half of 2017, compared with $0.18 million during the same period of 2016.

For the third quarter,  Momo expects total net revenues to be between $337.0 million and $342.0 million, representing a year-over-year increase of 115 percent to 118 percent.

Shares opened on Tuesday at $40.37, but during trading hours shares dropped over 19 percent to $36.35.