Momo released first-quarterly 2015 results showing 383% greater revenue year on year, and net attributable income of $6.7 million compared to the net loss of $1.2 million for the same quarter in 2014. Social Brand Watch cautions that these numbers are unaudited, and thus represent the company’s own considered opinion.
Chairman Said Yan Tang Upbeat
Chairman and CEO of Momo Said Yan Tang reflected that, “The first quarter of 2015 has been a fruitful quarter and a solid start to the year ahead of us. We continued to deliver strong topline growth, and achieved profitability for the first time in our operating history.” Certainly, the 78.1 million monthly active users reported are an impressive number.
This growth parallels a steady expansion of Momo’s platform, and is the result of continued focus on key strategic areas. Momo 6.0 launched two months ago should help the Chinese networking service achieve its goal of connecting clients to like minded thinkers based on geo-spatial location.
The Difference Momo Hopes to Make
Momo’s free location-based instant messaging service empowers users on the move to link with friends and strangers nearby via phones and tablets. While some may describe its early history as ‘seedy’, commentators are now beginning to treat it more seriously as a potential ground floor investment.
Perhaps with this in mind Momo has moved its ‘hook-up’ Nearby function under the Discover page, where its members may reach out and find each other. Typically they do this by gender, age, and time since last logged on – and perhaps say something along the lines of ‘do you have a momo for a coffee and a chat’.
But, Will Momo Survive the Ride?
Momo Inc. received a bleak response to its initial public offering on the U.S. Stock Exchange when it launched in 2011, although early investors may be laughing soon. Current investment partners include a number of savvy stockholders including Alibaba. The latter holds 21% of Momo shares suggesting it thinks it may yet beat off the competition, and prove to be China’s Tinder after all.