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Why Momo Stock Sank Today

TheMotleyFool

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Shares of Momo (NASDAQ: MOMO) sank by as much as 10% today after the company reported third-quarter earnings. The results topped expectations, but guidance left a bit to be desired. The stock recovered somewhat and closed the session down 6%.

Revenue in the third quarter declined by 15% to 3.77 billion yuan ($573 million), which was ahead of the 3.71 billion yuan that analysts were modeling for. That resulted in adjusted earnings per share of 2.98 yuan ($0.44), easily beating the consensus estimate of 2.47 yuan. The Chinese social media tech company said monthly active users (MAUs) were 113.6 million in September 2020, down modestly from 114.1 million in September 2019. Total paying users were 13.1 million.

Image source: Getty Images.

Source Fool.com

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