The Meet Group (MEET) Misses Q1 EPS by 4c, Revenues Beat

The Meet Group (NASDAQ: MEET) reported Q1 EPS of $0.09, $0.04 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $55.1 million versus the consensus estimate of $54.15 million.

First Quarter 2020 Highlights

• Total revenue of $55.1 million, up 11% from the first quarter of 2019.
• GAAP net loss of $2.4 million, or $0.03 per diluted share, compared with GAAP net income of $1.3 million, or $0.02 per diluted share in the first quarter of 2019.
• Adjusted EBITDA of $7.9 million, compared with $8.1 million in the first quarter of 2019.
• Non-GAAP net income of $6.7 million, or $0.09 per diluted share, compared with $7.0 million, or $0.09 per diluted share, in the first quarter of 2019.
• Transaction with ProSiebenSat.1’s and General Atlantic’s joint company NuCom Group expected to close in the second half of 2020.

“The need to connect has never been greater and live video is helping to meet that need,” said Geoff Cook, Chief Executive Officer of The Meet Group. “We are seeing the impacts of COVID-19 across our business as video revenue and minutes increased to new highs, while advertising revenue declined from the year ago period due to the growing effect of the coronavirus on ad spend. Total daily active users were largely unchanged sequentially. Adjusted EBITDA for the quarter reflects the impact of higher flow-through advertising dollars being replaced by video revenue growth.

“We are pleased with our performance in the first quarter and we continue to progress toward closing the transaction with ProSiebenSat.1 and General Atlantic in the second half of 2020.”

For earnings history and earnings-related data on The Meet Group (MEET) click here.

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