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Momo Inc             . (NASDAQ: MOMO) reported its first-quarter financial results Tuesday before the markets opened. The company had $0.05 in earnings per American depository share (ADS) on $26.3 million in revenue. Revenues increased 383% year over year, exceeding Momo’s guidance in the range of $24 million to $26 million.

For the second quarter of 2015, the Chinese social networking company expects revenues to be between $31 million and $33 million, representing a year-over-year increase of 267% to 291%. The consensus estimates call for a net loss of $0.01 per ADS.

Monthly active users (MAU) reached 78.1 million in March 2015, an increase of 83% year over year.

Total Momo members reached 3.1 million at the end of March 2015, up from 1.3 million at the same time last year.

Yan Tang, chairman and CEO             of Momo, commented on earnings:

The first quarter of 2015 has been a fruitful quarter and a solid start to the year ahead of us. We continued to deliver strong topline growth and achieved profitability for the first time in our operating history. On the operational front, we stayed focused on executing in our key strategic areas. The size of our platform continued to expand and we are seeing our users engaging with the platform in an increasingly diversified way. With the launch of Momo 6.0 in April, we are taking a significant step forward toward our long term mission of enabling every Momo user to discover and connect to interesting people around them.

At the end of the first quarter, Momo’s cash, cash equivalents and term deposits totaled $452.0 million, compared to $451.0 million as of December 31, 2014.

Momo took a massive hit when it entered the market falling from its IPO-high of $17.50 to near $12 within a month, a drop of about 31.4%. The stock has fluctuated since that time within a range of about $10 to $13, and this will be the first significant break above it.

Shares of Momo closed Monday up 3.5% at $12.82. After earnings were released, shares were up 25.7% at $16.11 in premarket trading. The stock has a consensus analyst price target of $15.27 and a post-IPO trading range of $9.50 to $17.50.
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