Welcome to our dedicated page for Hello Group news (Ticker: MOMO), a resource for investors and traders seeking the latest updates and insights on Hello Group stock.
Hello Group Inc. reports recurring developments tied to its Asia-focused online social networking portfolio, including Momo, Tantan and other internally developed or acquired apps. Momo connects users through location, interests and online recreational activities, while Tantan is a social and dating application designed for romantic and broader social connections.
Company news commonly covers unaudited quarterly and annual results, earnings conference calls, ADS-based per-share metrics, paying-user trends for Momo and Tantan, value-added service revenue, overseas app growth, and annual Form 20-F reporting. Updates also reference newer portfolio apps such as Hertz, Soulchill and Happn, which target more selective user demographics and international markets.
Hello Group (NASDAQ: MOMO) announced its unaudited financial results for Q1 2024, showing a 9.2% YoY revenue decline to RMB2,560.4 million (US$354.6 million).
Net income plummeted to RMB5.2 million (US$0.7 million) from RMB390.3 million last year, attributed to a significant withholding tax accrual on undistributed earnings.
Monthly Active Users on the Tantan app fell to 13.7 million from 19.5 million, and paying users on the Momo app dropped to 7.1 million from 7.8 million YoY.
Despite a revenue decrease, Hello Group made operational adjustments, reducing costs and expenses by 12.4% YoY to RMB2,120.0 million (US$293.6 million).
Income from operations was RMB460.3 million (US$63.8 million), up slightly from RMB436.2 million in the previous year. However, net income per ADS dropped significantly from RMB1.96 to RMB0.03.
Looking forward, Hello Group expects Q2 2024 revenues between RMB2.65 billion to RMB2.75 billion, indicating a 12.4%-15.5% YoY decline.
Hello Group Inc., a leading player in mainland China's online social networking space, announced the release of its unaudited financial results for the first quarter of 2024 on May 28, 2024. The company will also host an earnings conference call on the same day. Participants can preregister for the call via the provided link. A telephone replay and webcast will be available post-conference call.
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