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.