MeetMe Inc MEET shares opened the week up more than 15 percent after the company delivered yet another strong quarter. Monday’s big move pushed the stock to new multi-year highs above $7.
The social networking app company is on quite a streak of earnings beats, which has helped propel the stock from as low as $1.32 in mid-2015 to its new highs. MeetMe reported EPS of $0.09 in Q2 versus consensus analyst expectations of $0.05. It also delivered revenue of $16.38 million, beating forecasts by 7.3 percent.
Following the company’s Q2 beat, MeetMe has now delivered six consecutive quarterly revenue beats. In those six quarters, the company has averaged a 4.1 percent beat.
According to CEO Geoff Cook, the company’s share price isn’t the only thing hitting new highs.
“Our mobile traffic is at an all-time high, with mobile daily active users for the quarter increasing 15 percent year over year to 1.22 million and mobile monthly active users increasing 32 percent year over year to 4.84 million,” Cook noted.
The company’s mobile revenue, which makes up 92 percent of its total revenue, was up 82 percent year-over-year.
MeetMe stock has certainly been one of the highest flyers in the market lately and is now up an incredible 272.87 percent in the past year.
Despite these beat figures, MeetMe was down 5.52 percent on the day at time of writing, retreating to $7.02.
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Disclosure: The author holds no position in the stocks mentioned.
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