After Skout Acquisition, MeetMe Post Another Record Set Of Financials

meetme skout

After its massive acquisition of Skout earlier this year, MeetMe has posted another fantastic set of financial results.

In its Q2 results, MeetMe reported a 48% increase in total revenue year over year, which hit $16.4m.

Last quarter, total revenue was at $13.3m.

This big hike was driven by an 82% increase in mobile revenue year over year, which rose to $15.1m, up from $11.7m in Q1.

In terms of Adjusted EBITDA, this increased by 109% year over year to $6m.

And after the financials were announced, MeetMe shares jumped as much as 16.5%.

With regards to user growth, MeetMe CEO Geoff Cook said the company’s number of DAUs has grown by 15% to 1.22m compared to last year, with MAUs increasing 32% to 4.48m.

And the CEO said the company’s financial success was thanks to its “continued growth” in mobile user engagement.

skout meetme

In June, the Pennsylvania-based company announced it was acquiring Skout for $55m.

MeetMe said it expects the move to increase both its user base and revenue — estimating its 2016 revenue could hit between $70.5m and $73.5m, compared to $56.9m in 2015.

In terms of user figures, MeetMe estimates its MAUs will hit 8.5m, DAUs will increase to 2.1m, and it will see a 96% increase in the number of chats sent per day, figures reaching 57.2m.

The deal is expected to close this October.

Giving more insight into MeetMe’s Q2 results, Cook said: “During the quarter, we launched Discuss, our interest-based group conversation platform, which we believe is helping drive increased user engagement.

“In fact, last week we achieved a new mobile DAU record surpassing 1.37 million daily active users for the first time and reached a new record of 32.2 million chats in a single day.”

Read more about the Skout acquisition here.