China-based social and dating platform Momo has announced its earnings for the second quarter of 2019.
Net revenues were up 32% year-on-year to RMB4,152.6 million ($604.9 million), while net income attributable to Momo Inc. decreased slightly year-on-year to RMB731.8 million (US$106.6 million) owing to share-based compensation being awarded to the founders of Tantan.
Non-GAAP net income attributable to Momo Inc. increased to RMB1,242.5 million (US$181.0 million) from RMB893.2 million in Q2 2018.
The total number of paying users across Momo and Tantan, without double counting the overlap, was 11.8 million. This figure increased from 11.6 million in Q2 2018. 3.2 million of these were paid Tantan users, up 0.1 million on the prior year quarter.
Yan Tang, Chairman and CEO of Momo, said: “The second quarter of 2019 was a good quarter. We continued to deliver strong financial results and make progress across all of our strategic priorities.”
“Since the full restoration of its download and payment service in mid-July, Tantan has been recovering with robust momentum across different user and revenue metrics. It demonstrated the strong demand for online dating service in China and Tantan’s unique position in this sector.
“We expect Tantan to become an important driver of the company’s growth in the coming few years.”
Momo stock moved slightly higher in after hours trading, peaking at $33..68.
Looking forward to Q3, the company predicts revenues of RMB4,250 million to RMB4,350 million.
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