Momo Stock Spiking on Heavy Volume Following Earnings Release

NEW YORK (TheStreet) -- Shares of Momo (MOMO) are spiking, sharply up 21.37% to $15.56 on heavy volume in late morning trading Tuesday, after the company reported its first quarter earnings results after the closing bell on Monday.

For the first quarter, Momo earned 5 cents per share, surpassing the consensus estimate of a loss of 1 cent per share. The company posted a loss of 6 cents per share in the same period a year prior.

Revenue for the quarter came in at $26.3 million, compared to the $5.4 million Momo reported last year.

The company reported 78.1 million monthly active users for the month of March, which represents an increase of 83% year over year.

About 3.5 million shares have changed hands as of 10:58 a.m. ET today, compared to its average trading volume of about 426,842 shares a day.

China-based Momo offers a mobile-based social networking platform with location-based features, enabling its users to connect with each other.

The company uses its social interest graph engine and analyses user behavior data to provide users a customized experience based on their social preferences and needs.

The platform offers private and group communication tools, content creation and sharing functions, as well as the offline social activities promotion. 

MOMO Chart MOMO data by YCharts

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