Momo's Risky Bet, According To Tech In Asia

China-based

reported its first quarter results on Monday which jolted shares higher on Tuesday. The company earned $0.05 per share in the quarter while revenue surged 382.9 percent from a year ago to $26.32 million. Net income for the quarter also rose to $6.7 million from a net loss of nearly $3 million at the end of 2014. Momo is a holding company that offers a mobile-based social networking platform called Momo. Its location-based features enable users to connect with each other and offers private and group communication tools, content creation and sharing functions. Monday's print was the company's second earnings report since is IPO debut at the end of 2014. The company's roots traces back to 2011 where it started as a location-based dating app. The company began to diversify by adding "check-ins" and local interest groups, but mostly recently promoted itself as a social network for young Chinese people. Commenting on the company's results,

noted that Momo appeals to the 20-something demographic looking for a virtual escape from the "prying eyes of family and workmates." Momo is only available to Chinese-speaking users following a failed attempt of developing an English version of Momo. However, the company recently released a new app for the oversea markets called Blupe. The publication described Blupe as "essentially the same idea as Nextdoor or

Inlope. "Momo made no mention of Blupe in its latest earnings report, but the US-oriented app and the evolution of Momo itself show that the company, once dismissed and reviled for making a simple hook-up app, wants to rethink how young people connect on the web in an era of

ennui and messaging app overload," Tech In Asia wrote.