MeetMe (MEET) Stock Soars on Q2 Results, Q3 Outlook

NEW YORK (TheStreet) -- Shares of MeetMe (MEET) are jumping 15.71% to $7.43 on heavy trading volume late Monday morning after the company posted better-than-expected results for the 2016 second quarter.

Before today's opening bell, the New Hope, PA-based online dating company reported adjusted earnings of 9 cents per share, surpassing analysts' estimates of 5 cents per share.

Revenue climbed 48% to $16.4 million from last year and was above Wall Street's projections of $15.27 million.

Mobile revenue rose 82% to $15.1 million year-over-year.

"Our record quarterly results reflect continued growth in our mobile user engagement. Our mobile traffic is at an all-time high," CEO Geoff Cook said in a statement.

During the period, mobile daily active users increased 15% to 1.22 million from last year and mobile monthly active users jumped 32% to 4.84 million year-over-year.

For the third quarter, MeetMe forecasts revenue between $17 million and $17.5 million, while analysts are looking for $15.7 million, the Fly noted.

In 2016, the company now sees revenue between $66 million and $68 million vs. its previous view of $63 million to $66 million, the Fly added. Analysts are modeling revenue of $68.9 million.

MeetMe continues to expect its recently announced acquisition of social networking and dating company Skout to close in October.

About 2.95 million of the company's shares were traded so far today vs. its average 30-day volume of 2.31 million shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.

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