Chinese social and dating platform Momo has announced its Q4 and full year earnings for 2018.
During the quarter, executives took the decision to report earnings in Renminbi rather than US Dollars. The reason given was that USD-RMB volatility would impact perceptions of the company’s performance.
Quarterly net revenues increased 50% year-on-year to RMB 3,843.9 million ($559.1 million), while net income attributable to Momo Inc. increased to RMB 660.8 million (US$96.1 million) from RMB 644.8 million.
The number of monthly active users (MAU) on Momo rose to 113.3 million in December 2018, up from 99.1 million in December 2017.
The total number of paid users was 13 million in December 2018, up significantly from 7.8 million in December 2017. This statistic does not double count users who pay for both Momo and Tantan, so the actual number of individual service subscriptions is higher still.
For the full year, net revenues increased 51% from 2017 to RMB 13,408.4 million (US$1,950.2 million). Net income attributable to Momo Inc. came in at RMB 2,815.8 million (US$409.5 million) for 2018, compared with RMB 2,148.1 million the previous year.
“Q4 was a solid quarter, closing out a fruitful year of 2018,” said Yan Tang, Chairman and CEO of Momo. “I am pleased with the progress we made in 2018 in product innovation, monetization, financial performance and the strengthening of the Company’s position as a leading player in China’s open social space.
“We look forward to delivering more results to our shareholders in 2019.”
Momo’s stock is up around 20% from a low point of $31.08 on Friday. The company’s market cap now sits at $7.61 billion, with shares valued at $37.42.
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