Momo Trades Higher On Q2 Earnings Beat

Momo MOMO reported second-quarter earnings of 82 cents per share, which beat the analyst consensus estimate of 72 cents by 13.89%. This is a 24.24% increase over earnings of 66 cents per share from the same period last year.

The company reported quarterly sales of $604.899 million, which beat the analyst consensus estimate of $574.29 million by 5.33%. This is a 22.38% increase over sales of $494.27 million the same period last year.

"Since the full restoration of its download and payment service in mid-July, Tantan has been recovering with robust momentum across different user and revenue metrics," said CEO Yan Tang. "It demonstrated the strong demand for online dating service in China and Tantan's unique position in this sector. We expect Tantan to become an important driver of the company's growth in the coming few years."

Momo shares were trading up 3.2% at $33.78 in Tuesday’s pre-market session. The stock has a 52-week high of $49.38 and a 52-week low of $22.85.

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