Personal Finance

MeetMe, Inc. Stock Jumps After Reporting Second-Quarter Results

Meetme Stock

What : Shares of MeetMe (NASDAQ: MEET) , a social network for meeting new people on the internet, soared as much as 16.5% Monday morning after the company reported better-than-expected second-quarter financial results. Shares are up about 14.5% at the time of this writing.

Meetme Stock

Image source: MeetMe.

So what : MeetMe reported second-quarter revenue and adjusted EPS of $16.4 million and $0.09, respectively. Revenue was up 48% compared to the year-ago quarter, and adjusted EPS was up from $0.05 in the year-ago quarter. These results compares to a consensus analyst estimate for second-quarter revenue and EPS of $15.27 million and $0.05, respectively.

"Our record quarterly results reflect continued growth in our mobile user engagement," said MeetMe CEO Geoff Cook. "Our mobile traffic is at an all-time high, with mobile daily active users for the quarter increasing 15% year over year to 1.22 million and mobile monthly active users increasing 32% year over year to 4.84 million."

Also worth noting, the company's mobile revenue during the quarter increased 82%, and it now represents 92% of total revenue.

Now what : The current quarter is already off to a good start. Cook said the company achieved a new mobile daily active user record, surpassing 1.37 million users, last week. In addition, Cook believes its first-quarter launch of Discuss -- an interest-based group conversation platform -- is driving increased user engagement.

Going forward, Cook also said the company expects its recently announced acquisition of Skout, a mobile app for meeting and chatting with new people, to close in October. The acquisition will "provide greater scale for monetization and increased profitability for the combined company," Cook said.

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Daniel Sparks has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days . We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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