$陌陌(MOMO)$  Net revenues increased 222% year over year to $99.0 million.

Momo Announces Unaudited Financial Results for the Second Quarter 2016
BEIJING, Aug. 16, 2016 (GLOBE NEWSWIRE) -- Momo Inc. (NASDAQ:MOMO) ("Momo&# 34; or the "Company&# 34;), a leading mobile social networking platform in China, today announced its unaudited financial results for the second quarter 2016.

Second Quarter 2016 Highlights
2016Q2 重点

Net revenues increased 222% year over year to $99.0 million.
净营收同比增长222%至9900万美元。

Net income attributable to Momo Inc. increased 804% to $  15.4 million in the second quarter 2016 from $1.7 million in the same period last year.
2016Q2归于陌陌公司净利润同比增长804%至1540万美元,去年同期170万美元。

Non-GAAP net income attributable to Momo Inc. (note 1) increased 290% to $  23.2 million in the second quarter 2016 from $6.0 million in the same period last year.
2016Q2非GAAP归于陌陌公司净利润同比涨290%至2320万美元,去年同期600万美元。

Diluted net income per American Depositary Share (“ADS”) was $  0.08, compared to $0.01 in the same period last year.
每ADS净利润0.08美元,去年同期0.01。

Non-GAAP diluted net income per ADS (note 1) was $  0.12, compared to $0.03 in the same period last year.
非GAAP每ADS净利润0.12美元,去年同期0.03。

Monthly Active Users ("MAU")1 were 74.8 million in June 2016, compared to 78.4 million in June 2015.
2016年6月月活7480万,去年同期7840万。

First Half 2016 Highlights

Net revenues increased 163% year over year to $149.9 million for the first half of 2016.

Net income attributable to Momo Inc. was $ 22.5 million for the first half of 2016.

Non-GAAP net income attributable to Momo Inc. (note 1) was $35.9 million for the first half of 2016.

Diluted net income per ADS was $ 0.11 for the first half of 2016.

Non-GAAP diluted income per ADS (note 1) was $0.18 for the first half of 2016.

“I am pleased with the progresses we made in the second quarter 2016. Our performances reflected our strategic focus on driving user growth through product innovations as well as digging deeper into monetization opportunities.” Commented Yan Tang, Chairman and CEO of Momo.

"In the second quarter our live video business took off as a remarkable success with revenues tripped from the first quarter of 2016, reaching$ 57.9 million. Live video, together with mobile marketing, drove a 222% year over year growth in our total revenues, reaching $99 million for the second quarter.

What makes us more excited is that live video opens up many doors for us other than simply being a revenue engine. Enabled by technological advancement, live video service is fundamentally changing the way people interact, socialize and have fun via internet.  Although we are already seeing new use cases emerging on our platform, we believe we are only at the beginning of a golden age where live video converges with social activities. We are excited about the many opportunities ahead of us and are running a few pioneering projects to delve deeper into the space. Very soon, we will be launching a new version - Momo 7.0 to further integrate live video into the social experience on Momo. I’m looking forward to its debut and hope our users enjoy the wonderful journey we are about to take them through.”

Second Quarter 2016 Financial Results

Net revenues

Total net revenues were $ 99.0 million in the second quarter of 2016, an increase of 222% from $30.7 million in the second quarter of 2015.

Live video service, which was launched in the third quarter of 2015, continued its strong momentum and generated revenues of $ 57.9 million in the second quarter of 2016. The rapid growth in live video revenues is mainly because of the increase in paying users of live video service. Paying users of live video service for the second quarter of 2016 reached 1.3 million.

Mobile marketing revenues were $16.6 million in the second quarter of 2016, an increase of 146% from $ 6.7 million during the same period of 2015. The significant growth in mobile marketing business was driven by the improving efficiency of the Company’s proprietary in-feed marketing service launched in the second quarter of 2015, as well as more new customers and orders introduced by sales agents engaged since the third quarter of 2015, offset by weaker demand from brand marketers.

Membership subscription revenues were $15.6 million in the second quarter of 2016, an increase of 5% from $ 14.8 million during the same period of 2015. Members are Momo users who have paid the subscription fees for the membership services. The slight year over year increase in membership subscription revenues was primarily driven by the increase in average revenues per paying user, due to the premium VIP package introduced in June 2015. Momo members were 3.2 million and 3.5 million as of June 30, 2016 and 2015, respectively.

Mobile games revenues were $7.4 million in the second quarter of 2016, a decrease of 3% from $ 7.7 million during the second quarter of 2015. The decrease in game revenues was mainly due to a lesser number of popular games were available on Momo’s platform in the second quarter 2016 as compared with the second quarter of 2015.

Cost and expenses

Costs and expenses were $85.2 million in the second quarter of 2016, an increase of 171% from $ 31.4 million in the second quarter of 2015. The increase was primarily attributable to: (a) an increase in revenue sharing with the broadcasters related to our live video service and the production costs in connection with Momo Live shows; (b) increase in marketing and promotional expenses to expand service accessibility and attract live video service users; (c) an increase in personnel related costs including share-based compensation expenses as a result of the Company’s rapidly expanding talent pool; (d) an increase in fees to payment channels resulting from higher volume of cash collection through such channels; and (e) increased infrastructure related spending, such as bandwidth costs and server depreciation as well as SMS and network costs, driven by more functions introduced on Momo’s platform.

Non-GAAP costs and expenses (note 1) were $77.3 million in the second quarter of 2016, an increase of 185% from $ 27.2 million during the same period last year.

Income (loss) from operations

Income from operations was $14.0 million in the second quarter of 2016, compared to a loss of $ 0.4 million during the same period last year.

Non-GAAP income from operations (note 1) was $21.8 million in the second quarter of 2016, compared to $ 3.8 million during the same period last year.

Net income

Net income attributable to Momo Inc. was $15.4 million in the second quarter of 2016, compared to $ 1.7 million during the same period last year.

Non-GAAP net income (note 1) attributable to Momo Inc. was $23.2 million in the second quarter of 2016, compared to $ 6.0 million during the same period last year.

Net income per ADS

Diluted net income per ADS was $0.08 in the second quarter of 2016, compared to $ 0.01 in the first second quarter of 2015.

Non-GAAP diluted net income per ADS (note 1) was $0.12 in the second quarter of 2016, compared to $ 0.03 in the second quarter of 2015.

Cash and cash flow

As of June 30, 2016, Momo’s cash, cash equivalents and term deposits totaled $503.5 million compared to $ 469.5 million as of December 31, 2015. Net cash provided by operating activities in the second quarter of 2016 was $42.6 million compared to $ 9.3 million for the same quarter of 2015.

First Half 2016 Financial Results

Net revenues for the first half of 2016 were $149.9 million, an increase of 163% from $ 57.1 million in the same period of 2015, primarily driven by the significant increase in net revenues from live video service, mobile marketing business, and membership subscription.

Net income attributable to Momo Inc. was $22.5 million in the first half of 2016, compared to $ 8.4 million during the same period of 2015, primarily driven by the significant increase in net revenues, offset by the increase in cost and expenses.

Non-GAAP net income attributable to Momo Inc. (note 1) was $35.9 million in the first half of 2016, compared to $ 15.4 million during the same period of 2015.

Diluted net income per ADS was $0.11 during the first half of 2016, compared to $ 0.04 in the same period of 2015.

Non-GAAP diluted net income per ADS (note 1) was $0.18 during the first half of 2016, compared to $ 0.08 in the same period of 2015.

Net cash provided by operating activities was $48.2 million during the first half of 2016.


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