Chinese social and dating app Momo has released its financial results for the first quarter of 2015.
The app saw a massive 383% increase in revenue compared to the year before, exceeding their expectations by hitting $26.3m in revenue.
This increase saw Momo achieve profitability for the first time in the company’s history.
In Q1 2015, Momo’s net income was up from a loss of $1.2m last year, to a positive income of $6.7m.
Yan Tang, the Chairman and CEO of Momo said: “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.”
This is an 83% increase compared to the year before.
In April 2015, Momo launched their latest version, 6.0, which put Message Board as their default landing page, rather than the Nearby People List.
Message Board is a stream of pictures and posts by users who share similar interests, backgrounds, hometowns, colleges, professions and residential and work place information.
The Chinese app also introduced location and interest-based virtual chat rooms, where users can easily participate in group conversations that require no pre-approval to join.
See the full report here.