NEW YORK (TheStreet) -- Shares of Momo (MOMO - Get Report) were gaining 11.5% to $18.14 on heavy trading volume Wednesday, continuing the Chinese mobile social networking company's gains from Tuesday following its first quarter earnings report.

About 2.2 million shares of Momo were traded by 10:47 a.m. Wednesday, above the company's average trading volume of about 634,000 shares a day.

On Monday afternoon Momo reported earnings of 3 cents a share for the first quarter, up from a loss of 8 cents a share in the year-ago quarter. The company reported revenue of $26.32 million for the first quarter, a 383% increase from the year-ago quarter.

Analyst estimates were not available for the company.

Momo said it had 78.1 million monthly active users in March 2015, an 83% increase from March 2014.

The company expects to report revenue of $31 million to $33 million for the second quarter, representing a year over year increase of 267% to 291%.

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