$MOMO Spiking on Heavy Volume Following Earnings Release

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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.
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