(Yicai Global) March 8 -- Live-streaming and short video business drove mobile-based social networking platform operator Momo Inc.'s [NASDAQ:MOMO] revenue up 313 percent to USD553.1 million last year, a record high for the company.
Last year live-streaming business contributed USD376.9 million to revenue, accounting for more than 68 percent of the total, according to Momo's latest financial data. The main reason for the big increase in live-streaming revenue is the growth of paid live-streaming service users, the Chaoyang-based company said.
Momo had 3.5 million paid live-streaming service users in the fourth quarter, compared with 2.6 million and 1.3 million in the two preceding quarters. The company's net profit for the year was USD145.3 million, compared with USD13.7 million in 2015.
Momo is a location-based social networking app. Users can use it to find nearby people and communicate by sending text and voice messages, photos and location information. Users were reportedly "spreading obscene information" on app after its launch. The company subsequently made changes to regulate uploaded content.
Market investors often compare Momo and Weibo, the Chinese equivalent of Twitter. Weibo expects its net profit will be lower than Momo's, but Momo's business revenue for the year is less than Weibo's anticipated figure. Weibo projects full-year net revenue of USD655.8 million for 2016, and a profit of USD108 million.
Momo had about 81.1 million active monthly users in the fourth quarter. Weibo had around 313 million in the same period.