MeetMe has just announced its Q3 results, showing another period of very impressive growth for the social network operator.
The record Q3 figures show dramatic revenue increases, the company announcing its total revenue has increased 20% year-over-year to $17.2m.
This was driven by a 39% year-over-year increase in its mobile revenue to $16m.
These total revenue figures were within the predicted bracket of $17m – $17.5m.
MeetMe has also seen its adjusted EBITDA rise by 31% to $6.9m.
Speaking about the results, MeetMe CEO Geoff Cook said: “Our strong quarterly results reflect continued solid growth in our mobile user engagement.
“MeetMe’s mobile daily active users for the quarter increased 18% year over year while our mobile monthly active users increased 32% year over year. Mobile ARPU also grew both sequentially and year over year.
“We made tremendous progress during the quarter on multiple fronts. We completed our acquisition of Skout on October 3rd and have begun executing against our integration plan.
“With our new Discuss platform, we increased comments and likes on topical posts by 70%. Our innovative team also made strides toward the launch of an exciting new mobile video product that is currently planned for the first quarter of 2017.
“Combined with Skout, MeetMe now has more than eight million monthly active users and one of the largest mobile user bases of millennials, and we remain focused on continuing to capitalize on this significant mobile opportunity.”
The social network operator recently secured a deal with dating app provider Skout for the sum of $54.6m, which saw MeetMe depart with $28.5m in cash and the remaining cost coming in the form of stock.
David Clark, Chief Financial Officer of MeetMe, added: “Mobile revenue for the quarter increased 39% year over year, driven by growth in mobile user engagement and continued strength in the mobile advertising industry, which resulted in higher advertising rates on mobile devices.
“Adjusted EBITDA increased 31% to $6.9 million for the quarter with a 40% adjusted EBITDA margin. We internally funded $5 million of stock buybacks which occurred in September and October, as well as the cash portion of our acquisition of Skout, which closed on October 3rd. Currently we have more than $14 million in cash on our balance sheet.”
MeetMe also hosted a conference call to discuss the results and a webcast can be found on the Investor Relations section of the company’s website for the next 88 days.