Momo Inc. (NASDAQ: MOMO) has announced its Q1 earnings for 2018.
Net revenue increased 64% year-on-year to a total of $435.1 million. Non-GAAP net income was up 57% to $142.3 million this Q1 versus $90.7 million last year.
The number of monthly active users rose from 85.2 million in March 2017 to 103.3 million in March 2018.
The number of paid users increased 1.1 million year-on year, coming in at 8.1 million compared to 7.0 million for Q1 2017. For accuracy, this figure was generated taking into account any double counting of users paying for both value-added and video streaming services.
“(…) I am glad to see that we have achieved outstanding results on all strategical priorities we outlined at the beginning of the year,” said Chairman and CEO Yan Tang.
“Our community continued to grow in size and engagements despite the negative seasonality, thanks to the product and marketing initiatives we have been taking in recent quarters.
“The content ecosystem continues to improve, driving robust organic growth momentum for live streaming business.
“(…) We closed the acquisition of Tantan in May and together will be moving forward as a dominant player in China’s open social territory.
“(…) We believe Tantan has a great deal of potential to be unlocked and will be adding tremendous value to our ecosystem in the future.”
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