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  "documentTitle": "Momo, Inc. (MOMO)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2018-06-27 00:00:00",
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  "notes": "Includes a red oval annotation highlighting the divergence between reported and third-party data trends.",
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      "text": "Risk Factor From Momo 2017 20-F Annual Report (p.14): “We rely on assumptions and estimates to calculate certain key operating metrics, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.”",
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      "text": "Analysys and QuestMobile data indicate that live streaming industry users peaked almost six to twelve months ago, and that Momo's MAU growth has been flattening or in decline.",
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      "text": "Analysys and QuestMobile data indicate that live streaming industry users peaked almost six to twelve months ago, and that Momo’s MAU growth has been flattening or in decline. This is a different story in direction and / or magnitude from what Momo is reporting. Additionally, according to QuestMobile, Tantan MAU appears to be only 20 million.",
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      "text": "\"We rely on assumptions and estimates to calculate certain key operating metrics, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.\" — Momo 2017 20-F Annual Report (p.14)",
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      "text": "Source: Momo financial statements, QuestMobile and Bloomberg (3/19/18)",
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      "text": "Red Flag 6: Recent Performance Metrics Are At Odds With Industry Data",
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