The Meet Group (MEET - Free Report) reported fourth-quarter 2018 non-GAAP earnings of 12 cents per share, which came in line with the Zacks Consensus Estimate and were flat year over year.
Non-GAAP net revenues grew 31% year over year to $52.5 million. Additionally, the figure beat the Zacks Consensus Estimate of $52 million.
The year-over-year growth was driven by robust performance from video platform, partially offset by a decline in non-video user pay revenues.
In the reported quarter, Video products recorded revenues of $15.2 million and constituted 29% of the company’s total revenues. Further, the company witnessed traction in video revenues for each app sequentially.
Global average revenue per daily active video user (vARPDAU) was $0.18 in the fourth quarter, an increase from $0.14 in the prior quarter.
On average, daily active users of video grew 46,000 sequentially to 916,000. Management stated that approximately 20% of users were engrossed in its video platform on a daily basis.
The Meet Group had launched video monetization on its app 15 months back. Notably, the average number of daily streamers grew 21,000 sequentially to 138,000 in the reported quarter, driven by the monetization opportunity.
While Mobile daily active users (DAU) increased marginally from the prior quarter, Mobile monthly active users (MAU) increased to 15.2 million from 14.6 million in the third quarter.
Advertising revenues stayed strong sequentially but declined 14% year over year to $21.2 million in the reported quarter.
The company launched battle feature on its The Meet Group and Skout apps in the reported quarter. Notably, Battles brings together two livestreamers and their audiences for a live competition in categories like singing or comedy, which helps in boosting monetization.
MeetMe, Inc. Price, Consensus and EPS Surprise