(Yicai Global) Nov. 29 -- Mobile social networking platform Momo Inc. [NASDAQ:MOMO] saw its net profit increase 89 percent annually to USD79.1 million in the third quarter on rapid businesses growth.
Momo said in its latest financial report that its revenue from livestreaming services and mobile games rose sharply. The group's unaudited revenue went up 126 percent annually to USD302.6 million in the third quarter. Its revenue surged 204 percent to USD931.9 million in the first nine months of this year, while its net profit climbed 260 percent to USD221 million.
The Beijing-based firm began as a social networking business and authorities punished it for spreading pornographic information. It started to focus on the livestreaming business last year. It had 94.4 million monthly active users (MAU) at the end of September, up 21 percent from 77.4 million a year earlier.
The company's revenue is expected to reach USD370 million to USD385 million in the fourth quarter. Momo stock closed at USD25.08 per share yesterday, down 18.83 percent, after the company reported its financials.