Momo Inc. (NASDAQ: MOMO) shares rose Tuesday, after the company reported better-than-expected results for its first quarter and issued strong sales forecast for the second quarter.
The Beijing-based MOMO, a leading mobile social networking platform in China, reported first-quarter highlights of 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. increased 57% to $142.3 million in the first quarter of 2018 from $90.7 million in the same period last year.
CEO Yan Tang commented, "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.
Monthly Active Users totaled 103.3 million in March 2018, compared to 85.2 million in March 2017. Total paying users of our live video service and value-added service, without double counting the overlap, were 8.1 million for the first quarter of 2018, compared to seven million for the first quarter of 2017.
Momo, according to its website, "connects people in a personal and lively way through a revolutionary mobile-based social networking platform."
Its shares galloped $5.20, or 13.4%, to $44.15
