Momo Inc. (NASDAQ:MOMO) experienced big hops in its stock price Tuesday, on the release of fourth-quarter and year-end results.
The Beijing-based company, one of the world leaders in social networking, declared net revenues increased 50% year over year to RMB3,843.9 million ($559.1 million U.S.) in the fourth quarter of 2018.
Net income attributable to Momo Inc. increased to RMB660.8 million ($96.1 million U.S.) in the fourth quarter of 2018 from RMB644.8 million in the same period of 2017.
Mobile games revenues were RMB25.5 million ($3.7 million U.S.) in the fourth quarter of 2018, a decrease of 44% from RMB45.6 million in the fourth quarter of 2017. The decrease in game revenues was mainly due to the continued decrease in quarterly paying users.
For the full-year, net revenues increased 51% year over year to RMB13,408.4 million ($1,950.2 million U.S.) for the full year of 2018.
Net income attributable to Momo Inc. was RMB2,815.8 million ($409.5 million U.S.) for the full year of 2018, compared with RMB2,148.1 million for 2017.
Momo's cash, cash equivalents, term deposits and short-term investment for the full year totaled RMB11,292.6 million($1,642.4 million U.S.), compared to RMB6,904.7 million as of December 31, 2017.
Net cash provided by operating activities in the fourth quarter of 2018 was RMB1,163.4 million ($169.2 million U.S.), compared to RMB790.8 million in the fourth quarter of 2017.
Net cash provided by operating activities was RMB3,327.7 million ($484.0 million U.S.) during the full year of 2018, compared to RMB2,886.1 million in the same period of 2017.
Shares catapulted $4.86, or 14.9%, to $37.41
