Categories Earnings, Technology

Earnings: Meet Group posts mixed Q4 results, acquires Growlr

The Meet Group (MEET), which runs the popular dating app MeetMe, saw its shares plunge almost 13% on Wednesday, despite posting fourth-quarter revenue that surpassed analysts’ expectation, besides announcing the acquisition of Growlr.

The top line grew 31% year-over-year to $52.5 million in the fourth quarter, narrowly surpassing the street consensus of $52.3 million. While user pay revenue doubled during the quarter, advertising revenues were down 14%.

meetme app earnings

Adjusted net income was flat at 12 cents per share and in line with the Wall Street projection. Meanwhile, average monetization per daily active video user rose to 18 cents from 14 cents in the third quarter of 2018.

“We believe we are still in the early days of the video opportunity. In 2019, we expect to video-enable nearly every aspect of our apps while broadening our suite of video products and attracting new audiences,” said CEO Geoff Cook.

The New Hope, Pennsylvania-based firm also announced that it was acquiring Growlr, a leading same-sex social mobile application for $11.8 million. Growlr boasts of over 200,000 global daily active users.

READ: FIRST GLANCE AT FACEBOOK DATING

Outlook

The Meet Group also gave guidance that was stronger than what the market was expecting. For the first quarter of 2019, the social media firm expects revenue in the range of $47.5 million to $48.0 million. adjusted EBITDA for this period is projected between $7.0 million and $7.5 million

For the full year, revenue is expected to be 210 million to $215 million, while adjusted EBITDA is projected to be $39 million to $42 million.

MEET shares have gained over 85% in the trailing 52 weeks. The stock is up 10% since the beginning of this year.

 

Earnings Calendar: Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top