Chinese dating and live streaming conglomerate Momo has published its financial results for the 2019 fourth quarter and fiscal year.
Quarterly revenues increased year-on-year by 22% to RMB4.6 billion ($673.4 million). Comparatively, annual revenues grew slightly more, by 27%, and finished the financial year at just over RMB17 billion ($2.4 billion)
The number of monthly active users on Momo’s flagship dating service in December 2019 was 114.5 million, just over one million more than 12 months prior.
Paying users of the live video service was also up by approximately one million to 13.8 million, which included 3.9 million premium Tantan members.
Momo’s Chairman and CEO Tang Yan said in a statement: “2019 was a fruitful year, with total net revenue up by 27%, net income up by 6% and Non-GAAP net income up by 30%. The strong financial performance is a testament of the competence of our team.
“Looking into the year 2020, we are going to continue to focus on enhancing user experience and drive product innovations in order to capture the many growth opportunities ahead of us.”
Seeking Alpha is reporting that the results are well ahead of early estimations and the stock price has reacted positively with an uptick of 8.7%. However, this is just the start of a long road to recovery for Momo, as it has lost more than 50% of its market value in the last three months.
The management team will be holding a conference call to give investors more information about the earnings at 8am US Eastern Time.
Read the full results here.