Momo Releases Financial Results For Q3 2019

Chinese social and dating company Momo has published its financial results for the recent third quarter of 2019.

Overall, it was a positive period; total revenue increased by 22% year-on-year to RMB4,451.6 million ($622.8 million). Net income attributable to Momo Inc. also grew by 54% to RMB893.9 million ($125.1 million).

Non-GAAP net income attributable to Momo Inc. was RMB1,088.1 million ($152.2 million), up from RMB777.6 million ($110.3 million) in the same period of 2018.

The total number of premium users across all subsidiaries, without double counting the overlap, was 13.4 million. 4.5 million of them came from dating app property Tantan.

Momo CEO Tan Yang said in a statement: “The third quarter of 2019 was another robust quarter. We continued to deliver strong financial results both in terms of revenues and profitability.

“Moreover, we are also making solid progress with our product initiatives and sowing the seeds for future growth.”

Following the announcement, Momo’s stock price saw a brief uptick in after hours trading before falling to its original position again. It currently sits at $38.48, with a market value of $8 billion.

Momo launched a slow dating app called Qianshou Love earlier this month. It is aimed at singles in smaller cities as the product is only available on app stores carried by cheaper telecoms providers.

Find the full financial report here.