The Meet Group has published its financial results for the first quarter of 2020, which ended on 31st March.
Total revenue was reported as $55.1 million, an increase of 11% over the previous year quarter. Meanwhile, adjusted EBITDA came in at $7.9 million, which is a decrease of $200,000 compared to the same period in 2019.
There was a brief update about the pending acquisition by NuCom Group, the joint company of ProSiebenSat.1 and General Atlantic, which is expected to be completed in the second half of this year. This comes in spite of the opposition from some shareholders who moved to file a lawsuit earlier this week.
Because of the ongoing acquisition plans, The Meet Group opted against hosting an earnings conference call or providing any forward looking statements.
CEO Geoff Cook explained in a statement: “We are seeing the impacts of COVID-19 across our business as video revenue and minutes increased to new highs, while advertising revenue declined from the year ago period due to the growing effect of the coronavirus on ad spend. Total daily active users were largely unchanged sequentially.
“Adjusted EBITDA for the quarter reflects the impact of higher flow-through advertising dollars being replaced by video revenue growth.”
He added that he was “pleased” with the company’s performance during the quarter.
At the time of writing, The Meet Group’s stock price has seen a negligible increase since the results were released.
Find the full results here.