American depositary receipts of Chinese social media company Momo (MOMO - Get Report) rose nearly 16% Tuesday after the company reported fourth-quarter results that came in ahead of analysts' expectations
The Beijing-based company reported a 50% jump in fourth-quarter revenue to $559.1 million and adjusted earnings of 59 cents per share. Analysts on Wall Street were expecting the company to report revenue of $541.3 million and earnings of 45 cents.
The company reported a 14.3% year-over-year increase in monthly active users in December to 113.3 million from 99.1 million a year ago.
"Q4 was a solid quarter, closing out a fruitful year of 2018," commented Yan Tang, chairman and CEO of Momo. "I am pleased with the progress we made in 2018 in product innovation, monetization, financial performance and the strengthening of the company's position as a leading player in China's open social space. We look forward to delivering more results to our shareholders in 2019."
For the current quarter, the company expects to generate revenue between $529.15 million and $544.06 million, 28% to 32% increase year over year. Wall Street expects the company to generate $517.3 million.
The company reported a 36% increase in revenue from its live video service during December. The company said the increase was driven by paying users.
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