Momo Announces Financial Results For Q3 2019
Contributed by: ElyseRomano on Monday, January 06 2020 @ 09:41 am
Last modified on
Momo reported financial results for the third quarter of 2019. The company’s major moments this year included topping Fortune’s ranking of the 100 fastest-growing companies in 2019 and working to get Tantan reinstated after it was removed from Android app stores by order of governmental authorities in China. Overall, Q3 was a positive period for the Chinese social networking and dating company.
Momo highlighted the following achievements for Q3 2019:
- Net revenues increased by 22 percent year over year to RMB4,451.6 million (approximately US$622.8 million)
- Net income attributable to Momo Inc increased to RMB893.9 million (US$125.1 million) — up from RMB579.5 million in the same period of 2018
- Non-GAAP net income attributable to Momo Inc increased to RMB1,088.1 million (US$152.2 million) — up from RMB777.6 million in the same period of last year
- Monthly Active Users ("MAU") on Momo application were 114.1 million in September 2019, compared to 110.5 million in September 2018
- Total paying users for Momo Inc’s live video service and value-added service (including 4.5 million paying users of Tantan) climbed to 13.4 million, compared to 12.5 million for the third quarter of 2018
For fourth-quarter 2019, revenues are anticipated between RMB4.52 billion and RMB4.62 billion.
"The third quarter of 2019 was another robust quarter," commented Yan Tang, Chairman and CEO of Momo. "We continued to deliver strong financial results both in terms of revenues and profitability. Moreover, we are also making solid progress with our product initiatives and sowing the seeds for future growth."
Momo (immomo.com) has recently focused on efforts to build out richer premium features and improve value for long-tail users. In Q3 2019, the company introduced a new greeting interface on the core Momo platform, which resulted in an increase in the number of paying users sending virtual gifts. The company also started to roll out paying features within The Parking Lot experience, a virtual community service that has been growing rapidly in terms of usage since the previous quarter. Another new community service, The Farm, also helped boost daily active users.
Looking ahead to 2020, Momo’s top priority is to expand the size of the Tantan community through product innovations and marketing efforts. Its secondary focus will be driving monetization by optimizing existing premium features and introducing new paying experiences. The company will also explore opportunities for overseas expansion, focusing primarily on the social and the interactive entertainment space.