Stock Alert: Momo Slips 12% On Revenue Miss, Outlook

(RTTNews) - Shares of Chinese mobile-based social networking platform Momo Inc. (MOMO) are falling more than 12% Thursday morning as the company's second-quarter revenue missed analysts' view. Third-quarter revenue guidance also comes in below the Street's estimates.

For the second quarter, net revenues decreased by 6.8% year over year to $547.5 million. Analysts polled by Thomson Reuters were expecting revenue of $560.89 million.

Earnings on an adjusted basis of $0.43 per share met the consensus estimate.

For the third quarter, the Company expects total net revenues to be between RMB3.7 billion to RMB3.8 billion, a decrease of 16.9% to 14.6% year-over-year due to the potential impact of the COVID-19.  Analysts see a decline of only 0.3%.

MOMO is currently trading at $17.52, close to its 52-week low of $16.61.