Momo announced its net revenues totaled US$435.1 million in Q1 2018, an increase of 64% from Q1 2017. Net income attributable to Momo Inc. increased by 59.6% to $129.9 million in Q1 2018 from $81.2 million in Q1 2017.
Momo obtained 103.3 million monthly active users in March 2018. Among which, total paying users of live video service and value-added service, without double counting the overlap, were 8.1 million.
Revenues from live video service totaled US$371.5 million, an increase of 74.8% from US$212.6 million in Q1 2017. The rapid growth in live video revenues was contributed by the increase in the quarterly paying users, which was 4.4 million for Q1 2018, as well as, the increase in the average revenues per paying user per quarter.
Value-added service revenues mainly include membership subscription revenues and virtual gift revenues. The revenues of total value-added service grew by 62% year-on-year to US$37.0 million in Q1 2018. Total paying users of our value-added service were 5.1 million.
Mobile marketing contributed US$18.7 million to total revenues in Q1 2018, a 5% increase year-on-year. While revenues derived from mobile games down by 43% from Q1 2017, which was $6.6 million in Q1 2018.
Momo closed the acquisition of 100% equity stake Tantan Limited in May by borrowing US$300 million bank loan from the domestic commercial bank.
By Q2 2018, the company expects total net revenues to be US$470.0 million and US$485.0 million, representing a year-over-year increase of 51% to 55%.
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