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Momo Inc. (MOMO), a leading mobile social networking platform in China, today announced its unaudited financial results for the first quarter 2018.
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Momo Inc. (MOMO), a leading mobile social networking platform in China, today announced its unaudited financial results for the first quarter 2018.
First Quarter 2018 Highlights
- Net revenues increased 64% year over year to $435.1 million.
- Net income attributable to Momo Inc. increased to $129.9 million in the first quarter of 2018 from $81.2 million in the same period last year.
- Non-GAAP net income attributable to Momo Inc. (note 1) increased 57% to $142.3 million in the first quarter of 2018 from $90.7 million in the same period last year. Diluted net income per American Depositary Share ("ADS") was $0.63, compared to $0.40 in the same period last year.
- Non-GAAP diluted net income per ADS (note 1) was $0.69, compared to $0.44 in the same period last year.
- Monthly Active Users ("MAU")were 103.3 million in March 2018, compared to 85.2 million in March 2017.
- Total paying users of its live video service and value-added service, without double counting the overlap, were 8.1 million for the first quarter of 2018, compared to 7.0 million for the first quarter of 2017.
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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. The content ecosystem continues to improve, driving robust organic growth momentum for live streaming business. Strong topline performance, coupled with the operating leverage of our business model creates ample room for us to make significant investment for our future while maintaining a healthy profit margin. " Commented Yan Tang, Chairman and CEO of Momo. "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. We believe Tantan has a great deal of potential to be unlocked and will be adding tremendous value to our ecosystem in the future.
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