(Yicai Global) March 13 -- Chinese mobile social networking platform Momo had operating revenues of USD2 billion last year, up over one-half from 2017, and net profit of USD503.5 million, a 31 percent rise from value-added services that lured more paid users and loosened their purse strings.

The firm, which is run by Beijing Momo Technology, disclosed these financial results for the fourth quarter and the full year it reported yesterday.

Momo's stock [NASDAQ:MOMO] price soared almost 12 percent to USD36.4 yesterday on the news, raising the Beijing-based firm's market value to over USD7.5 billion.

Momo's fourth-quarter operating revenues were USD559 million, a rise of 50 percent from a year earlier, of which USD430 million came from live-streaming, up 36 percent, mainly because of an increase in the number of paid users to 113.3 million in December, per the filing with the New York-based bourse.

The company's value-added services include member subscription and virtual gifts, which benefited the firm by introducing more paid scenarios to enhance users' social experience.

"I am pleased with the progress we made in 2018 in product innovation, monetization, financial performance and the strengthening of the company's position as a leading player in China's open social space," said Tang Yan, Momo's board chairman and chief executive, adding,"We look forward to delivering more results to our shareholders in 2019."

Momo is expected to gain operating revenues of between CNY3.6 billion (USD529 million) and CNY3.7 billion in the first quarter, an increase of 28 percent to 32 percent from the same time last year. Momo changed its reporting currency from US dollars to Chinese yuan to reduce the impact of exchange rate volatility on its financial results.

Editor: Ben Armour