Momo Ranks First Among Fortune's Fastest Growing Companies
Momo Inc. (Nasdaq: MOMO), a Beijing networking platform, dubbed "the Tinder of China," was named among the Fortune 100 Fastest Growing Companies in 2019.
The New York magazine ranked trending global companies on the basis of three-year performance, judging by revenue, profit and stock returns. By segment, technology companies topped the list, with 32 listed companies out of 100. China's Momo ranked in the top spot.
Momo's three-year annual growth rate reached 141 percent in revenue, 193 percent in net income and 53 percent in stock price. To compare, California-based Netflix, which took up the fifth position, showed a 33 percent increase in revenue, 129 percent in net income and 59 percent in stock price gain.
(Top 10 of Fortune's Fastest Growing Companies, Image: Fortune)
For the first quarter, Momo announced revenue of $554.7 million, representing an increase of 35 percent year-over-year. Its live video service contributed $400.7 million in revenue in the three months through March, seeing an increase of 14 percent year-over-year. Net income was $43.1 million, or 20 cents per share, the company reported.
"Some of the initiatives we took on the product and operational fronts have already generated good results in driving business growth. We will continue to execute against the strategic priorities and create value for our shareholders," Yan Tang, the chief executive officer of Momo, said in a report in May.
Despite the news, shares in Momo closed at $33 per American depositary share on Tuesday, down 4 percent.
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