Mobile discovery and dating app MeetMe has just reported its financial results for the first quarter of 2015.
Despite some recent questions about its stock value, the mobile company hit total revenues of $11.6m in the first quarter of 2015, up 22% from last year.
In addition to this, mobile revenue – which now represents 71% of total revenue – was $8.2m, up 76% from the first quarter of 2014.
Geoff Cook, the CEO of MeetMe, said the quarter was the highest sequential mobile traffic growth in over two years, as they exceeded an average of 1m daily users for the first time in their history.
Cook said: “On a sequential basis, mobile daily users increased 12% and mobile monthly users increased 15% in the first quarter, and year over year, mobile daily users increased 33% and mobile monthly users grew 44%. We believe this significant growth in traffic reflects our success in growing Chat engagement. Last October, we first achieved the milestone of 20 million chats in a single day.
“Since then, we have reached that milestone three times in November, seven times in December, and 83 out of the 90 days in the first quarter, illustrating our momentum in the quarter. We have a deep product pipeline planned focused on improving the quality and relevance of the connections we facilitate, as well as on enhancing our freemium and subscription offerings.”
MeetMe also saw EBITDA hit $3.1m or a 27% margin, compared to a loss of $500,000 in the first quarter of 2014.
Net income was also at $722,000, compared to a loss of $3.4m in the first quarter of 2014.
David Clark, the CFO at MeetMe, said:
“With continued growth in engagement, we are seeing solid financial results. We grew total revenue during the quarter 22% on a year over year basis to $11.6 million. Mobile revenue comprised 71% of our total revenue for the quarter, the highest contribution in our history, and up from 49% a year ago. We also increased adjusted EBITDA significantly on a year-on-year basis to $3.1 million, resulting in a record 27% adjusted EBITDA margin.”
Check out the full report here.