MeetMe (NASDAQ:MEET) just reported its third quarter earnings. And guess what? It actually turned a profit! MeetMe beat estimates on the top and bottom lines. It all stems from the innovations the company is implementing that have led to record user growth. Total revenue in the quarter was $11.6 million, up 15% from the third quarter of 2013. Mobile revenue was $6.7 million or 58% of the revenue and was up 128% from the third quarter of 2013. Mobile average revenue per user (ARPU) was $2.29, up 108% from $1.10 in the third quarter of 2013, and exceeded web ARPU of $1.01 for the fourth consecutive quarter. Mobile average revenue per daily active user ((ARPDAU)) was $0.082, up 105% from $0.040 in the third quarter of 2013.Adjusted EBITDA was $2.2 million, up 213% from $696,000 in the third quarter of 2013. This all led to the company actually turning a profit. Net income was $52,000 compared to a net loss of $1.5 million for the third quarter of 2013. What a turn-around indeed. Cash and equivalents totaled $15.6 million at the quarter's end following these earnings and a completed equity offering which provided the Company with net proceeds of $10.5 million.
When I last opined on MeetMe I clearly....READ MORE
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