Contributed by: ElyseRomano Monday, January 06 2020 @ 09:41 am
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:
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.