(Yicai Global) Nov. 09 -- Social media company, Momo Inc. [NASDAQ:MOMO] logged a net profit of USD49.5 million, up an enormous 1,182 percent from USD3.9 million in the third quarter last year.
The explosive growth in net profit was driven by rapid development in the company's webcasting business.
In the third quarter, Momo posted an operating income of USD157 million, up 319 percent from the previous year. A breakdown by business line, reveals that webcasting services earned USD108.6 million, with the total number of paid users of Momo webcasts hitting 2.6 million at the end of the quarter.
The company forecasts net profit to be USD185-190 million to the end of the year, up between 369 to 381 percent from 2015. "Webcasting still remains our most important driver of sustained revenue and profit growth, and we've made tremendous headway in strategically integrating video and social media operations," Tang Yan, Momo Chairman and CEO said.