leadf
logo-loader
viewProactive Group

Momo shares plunge after third quarter disappoints

Monthly active users jumped to 94.4 million in September 2017 from 77.4 million a year ago

1511878539_rsz_shutterstock_145390003-(1).jpg
Momo 8.0 allows us to further diversify the social and entertainment offerings on the platform

Momo Inc (NASDAQ:MOMO) shares took a dive in premarket after its third quarter results failed to impress.

In a statement, the mobile social networking platform in China, announced a 126% hike in net revenues to US$354.5mln while net income rose to US$79.1mln from US$30.0mln the same period a year ago.

Diluted net income per American Depository Share or ADS was US$0.38 versus US$0.19 a year ago, while non-GAAP diluted net income per ADS was US$0.45, compared to US$0.24 previously.

Confident user growth will continue

Monthly active users jumped to 94.4 million in September 2017 from 77.4 million a year ago.

Yan Tang, the chairman and CEO of Momo said: "We've had a good quarter with strong financial performance and progresses in other operational areas"

“Momo 8.0 allows us to further diversify the social and entertainment offerings on the platform. We are confident that Momo will continue to drive user growth through product innovations, use case expansions as well as a more result driven marketing plan."

In premarket, its shares dipped 9.51% at US$27.96. In the regular session they lost more - dropping over 18% to US$25.22.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Loop Insights getting ready to rumble as platform wallet being used by the...

Loop Insights (CVE: MTRX- OTCQB: RACMF) CEO Rob Anson joined Steve Darling from Proactive with big news that Loop's Wallet pass platform will engage global boxing fans during the WBC super-middleweight championship fight, featuring champion Saul "Canelo" Alvarez and challenger Avni...

11 hours, 8 minutes ago

2 min read