Social discovery app MeetMe is celebrating continued success in 2016, having achieved record revenue results in the first quarter of the year.
Back in March, the company released its financial results for the full year of 2015, seeing a total revenue rise of 27% year over year to a record $56.9m.
And after releasing its financial report for Q1 of 2016, the app shows no signs of slowing, recording a 15% year-on-year increase in total revenue to $13.3m for the three months ending 31st March.
It also noted mobile revenue of $11.7m, which represents 88% of its overall profit – the highest in MeetMe’s history.
Not only did it see an increase in revenue, the company also saw a rise in Adjusted EBITDA to $3.7m for Q1 of 2016, an increase of 19% from the first quarter of 2015.
Additionally, the company reported net income of $2.4m for the quarter, up 226% from the comparable period of 2015.
Commenting on the results, MeetMe CEO Geoff Cook said:“We consider the first quarter a very strong start to what we believe will be a great year.
“We achieved record first-quarter results in revenue, adjusted EBITDA, and net income. Our mobile traffic is at an all-time high.”
Cook added: “We have a deep pipeline of product initiatives that we believe will continue to grow engagement and retention.
“In this quarter, we plan to launch Discuss (an interest-based group conversation platform) and a major revamp to our photos feature, as well as to expand into new languages and continue to optimise our discovery algorithms.”
Other notable figures include its cash and cash equivalents totalling $26.4m in Q1, an increase of 37% ($7.1m) from $19.3m in the last quarter of 2015.
According to the company’s CFO David Clark, MeetMe’s impressive increase in mobile revenue for Q1 was driven by “continued strength in the mobile advertising industry, which resulted in higher advertising rates on mobile devices.
“Much of the increased revenue flowed through to adjusted EBITDA, which increased 19% to $3.7 million for the quarter, resulting in a 28% adjusted EBITDA margin.”
Check out the full report here.