Momo has been named as the fastest growing company in the world by Fortune magazine.
It is the Chinese social discovery app’s first appearance on the annual top 100 list, which measures a company’s revenue growth rate, annualised return and earnings per share (EPS) growth rate.
To be included in the ranking, companies must be publicly traded on a stock exchange in the US and have a market cap of at least $250 million. At the time of writing, Momo’s valuation lies at just over $7 billion.
In the past three years Momo’s revenues grew by 141% on average, more than any other business on the list.
Furthermore, its average EPS increase was 193%, a figure that was beaten only by pharmaceutical brand Corcept Therapeutics.
Momo’s price on the NASDAQ has grown by 27% since the end of May. The purple patch comes following the release of its Q1 financial results, which saw net revenues increase 35% year-on-year to $554.7 million.
It launched a new incubated app at the end of July called Qiao Qiao. The platform is designed to combat some of the superficial elements of online dating, keeping profile pictures blurred until two users have engaged in a substantial conversation.
Momo is still navigating its way out of a difficult few months. It currently faces a class action lawsuit on behalf of all investors alleging it made false and misleading statements regarding its company policies.
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