(Yicai Global) Aug. 23 -- One of China's most popular social networking giants, Momo Inc. [NASDAQ:MOMO], has announced its unaudited financial results for the second quarter of 2017. The results show that its net revenue surged 215 percent year-on-year to USD312.2 million in the second quarter of 2017.

Net profit attributable to the company amounted to USD60.8 million and non-GAAP net profit grew 218 percent year-on-year to USD73.8 million in Q2 of 2017. Momo posts profits for the 10th straight quarter.

Although the company delivered good financial results in the second quarter, it registered a four-fold growth in revenue and six-fold growth in net profit in the first quarter. Hit by a sharp decline in growth, its stock price in the US dived 20.14 percent yesterday.

As reflected by its financial results for the first quarter of 2017, its net revenue increased by 421 percent year-on-year to USD265.2 million and non-GAAP net profit grew by 615 percent to USD90.7 million.

As of June 2017, Momo had 91.3 million monthly active users, compared with 74.8 million in the same period of last year.

Specifically, its live streaming service maintained strong momentum, generating USD259.4 million in the second quarter of 2017. A hike in revenue from the live streaming service is mainly driven by the growth in the number of paying users. As of the second quarter, it had 4.1 million paying users for its live streaming service. The average revenue from paying users edged up on a quarterly basis.

An increase in number of paying users and average revenue helped the company generate revenues of USD24.6 million in value added services, up 58 percent from USD15.6 million from a year earlier. Its value-added services include member subscription service and virtual gift service. As of June 30, it has had 4.5 million members, compared with 3.2 million of the prior year.

It expects its net revenue to hit USD337 million to USD342 million in the third quarter of 2017, which is higher than the upper range of predictions by analysts ranging from USD300 million to USD318 million. However, stock traders also point to "implied volatility" in its shares, which means the market expects much movement in its stock price in the future.