On Friday August 16, 2016, Momo Inc (NASDAQ:MOMO) reported strong Second Quarter 2016 results.
Second Quarter 2016 Highlights
- Net revenues increased 222% year over year to $99.0 million.
- Net income attributable to Momo Inc. increased 804% to $15.4 million in the second quarter 2016 from $1.7 million in the same period last year.
- Diluted net income per American Depositary Share (“ADS”) was $0.08, compared to $0.01 in the same period last year.
Momo is a leading mobile social networking app in China with more than 70 million monthly active users as of June 2016. It is often referred to as “China’s Tinder”, due to the similar functionality of the app. However the app is also much more than just a dating app with full blown social networking features.
They generate revenue mainly through membership subscription fees from users who purchase membership packages for additional functionalities and privileges in their mobile app and through mobile games – where they take revenue share from third party developers whose games use Momo’s platform. Alibaba is a major shareholder of Momo.
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