The Meet Group has just seen its stock price reach the highest point in the past 18 months. The spike comes after the release of better-than-expected preliminary financial results for Q4 and 2018.
Early estimations anticipate the company to have brought in revenues of approximately $52.3 million, considerably higher than the $47.7 million to $47.8 million that was initially predicted.
Full Q4 results are set to be released at some point in March.
The price per share peaked at $5.52 late on 8th January, equating to a market cap of just over $400 million. Not since May 2017 have these numbers been higher.
The Motley Fool called The Meet Group “one of last year’s big winners” due to the impressive 64% increase in stock valuation from the start of 2018. It had previously predicted the livestreaming umbrella could be the next big thing for tech investors.
One of the main drivers behind The Meet Group’s recent growth is the introduction of Battles, a new feature that pits two streamers against each other in a live talent contest.
CEO Geoff Cook revealed over 30,000 battles are taking place daily on Skout and MeetMe, leading to an expected annualised video revenue run-rate of $71 million.
He told Bloomberg News that the company’s success using video to generate advertising revenue has led to an increased interest in his work and products.
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