The Meet Group (NASDAQ: MEET) has released its financial results from Q3 2018.
Total revenue was reported as being $45.7 million, a 42% rise from 12 months ago. Adjusted EBITDA was also up by 2.3% year-on-year to $89 million.
The company is estimating that total revenue for year will be somewhere between $47.8 million and $48.8 million.
In the hour of pre-market trading after the results were published, The Meet Group saw its stock price rise by 3.5% and, at the time of writing, the price sits at $4.52 per share.
CEO Geoff Cook said in the report: “We continue to grow video revenue across all of our apps. In one year, we have increased the annualized video revenue run rate from virtually zero to $55 million for the month of October.
“Our successful Lovoo acquisition and integration, together with the dramatic growth of video revenue, have contributed to transforming our revenue mix. We tripled user pay revenue from a year ago, with that portion of our business now contributing 61% of our total revenue, up from 27% in the third quarter of 2017.
“We believe we are in the early days of the video opportunity and that livestreaming aligns perfectly with our mission: to facilitate human connection.”
The Meet Group had an average of 870,000 daily active users on its live video platforms in the third quarter, an increase of more than 36% sequentially.
Cook concluded: “Advertising results were also solid increasing sequentially for the second consecutive quarter. We continue to see evidence of a return to seasonal trends in advertising and remain cautiously optimistic about the opportunity to grow ad revenue in the fourth quarter.”
Find the full results here.