On Tuesday, Momo Inc. (NASDAQ: MOMO), which is a leading mobile social networking platform in China, announced its financial results for the first quarter of fiscal 2018.
The company reported total net revenues of $435.1 million for the first quarter, which increased 64% from $265.2 million for the same period last year. The results beat analysts’ estimates of $396.17 million.
In addition, revenues of live video service rose 74.8% from $212.6 million to $371.5 million. Revenues of value-added service increased 62% from $22.9 million to $37.0 million for the quarter.
Net income for the first quarter was $129.9 million, which increased from $81.2 million for the same period last year. Earnings per share for the quarter for the quarter was 69 cents per share, beating analysts’ estimates of 50 cents per share.
“We had another strong quarter and a great start to the year 2018. I am glad to see that we have achieved outstanding results on all strategical priorities we outlined at the beginning of the year. Our community continued to grow in size and engagements despite the negative seasonality, thanks to the product and marketing initiatives we have been taking in recent quarters,” Yan Tang, the Chairman and CEO of Momo, said in the statement on Tuesday.
“We closed the acquisition of Tantan in May and together will be moving forward as a dominant player in China's open social territory. Tantan has made remarkable progresses in user growth and monetization since the beginning of 2018,” Mr. Tang continued.