Shares of Yalla Group Limited (YALA), voice-centric social networking and entertainment platform in the Middle East and North Africa, are rising more than 25% Tuesday morning after reporting more than 100% revenue growth in the third quarter.
Revenue in the third quarter increased 110.8% year-over-year to $71.3 million driven by more than 50% growth in the number of paying users.
Net income in the quarter increased to $25.3 million or $0.14 per share compared with net loss of $31 million or $0.43 per share in the same quarter a year ago.
Excluding items, earnings were $0.18 per share.
Looking forward to the fourth quarter, the company expects revenues to be between US$67.0 million and US$72.0 million.
YALA, currently at $9.27 has traded in the range of $6.26- $41.35 in the last one year.
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