MOMO Inc. (NASDAQ: MOMO) Spikes Higher
MOMO, a social networking platform of Asia, reported positive First Quarter Financial Results in its early stages of a public company, only the second quarter after its public debut. Shares of MOMO are spiking higher in premarket trading by 22% at $15.60.
MOMO reported revenue increase to over 26 million or 383% increase over a year ago while expenses rose by only 222% to nearly $19 million.
Chief Executive Officer, Yan Tang noted: “The first quarter of 2015 has been a fruitful quarter and a solid start to the year ahead of us. We continued to deliver strong topline growth and achieved profitability for the first time in our operating history. On the operational front, we stayed focused on executing in our key strategic areas. The size of our platform continued to expand and we are seeing our users engaging with the platform in an increasingly diversified way. With the launch of Momo 6.0 in April, we are taking a significant step forward toward our long term mission of enabling every Momo user to discover and connect to interesting people around them.”
Momo is a leading mobile social networking platform in China. Momo connects people in a personal and lively way through a revolutionary mobile-based social networking platform. With powerful and precise location-based features, Momo enables users to connect with each other and expand relationships from online to offline. Momo’s platform includes the Momo mobile application and a variety of related features, functionalities, tools and services that it provides to users, customers and platform partners. Leveraging its social interest graph engine and analysis of user behavior data, Momo is able to provide users a customized experience based on their social preferences and needs. Momo users can maintain and strengthen their relationships through private and group communication tools, content creation and sharing functions, as well as the offline social activities promoted on Momo’s platform.- MOMO IR