What happened Shares of Momo (NASDAQ: MOMO) have plunged today, down by 14% as of 12:10 p.m. EDT, after the company reported second-quarter earnings. The results were mixed relative to expectations but guidance was lacking. So what Revenue in the second quarter declined by 7% to 3.87 billion yuan ($547.5 million), which was slightly ahead of the 3.84 billion yuan that analysts were expecting. That translated into adjusted earnings per American depositary share (ADS) of 3.05 yuan ($0.43), also topping the consensus estimate of 2.94 yuan per ADS. Monthly active users (MAUs) fell slightly to 111.5 million, and total paying users were 12.8 million. Image source: Getty Images. "With things gradually coming back to normal on the traffic side, starting from the second quarter of 2020, our teams have stepped up efforts to push toward our long term strategic goals." CEO Yan Tang said in a statement. "I am glad to see that Tantan has reached a breakthrough with its testing of live video service." Now what The Chinese social media company's board of directors today authorized a share repurchase program for up to $300 million in buybacks over the next 12 months. Guidance for the third quarter calls for revenue of 3.7 billion yuan to 3.8 billion yuan ($540.4 million to $555 million), which is shy of the 4.32 billion yuan that analysts are modeling for. Momo attributed the expected slump in sales to impacts from the COVID-19 pandemic. 10 stocks we like better than MomoWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Momo wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool recommends Momo. The Motley Fool has a disclosure policy.Source