Stock Track | Hello Group Stock Plunges on Q2 Revenue Miss, User Declines

Stock Track09-04

Shares of Hello Group Inc. (MOMO) plummeted nearly 8% on Tuesday after the Chinese social networking company reported weaker-than-expected second-quarter revenue and provided disappointing third-quarter guidance, overshadowing better-than-expected earnings.

For the second quarter, Hello Group reported non-GAAP earnings per ADS of $0.33, beating analysts' estimates of $0.28. However, revenue fell 14.2% year-over-year to $370.3 million, missing expectations of $376.3 million.

The revenue decline was primarily driven by decreases in live video service revenue and value-added service revenue across Hello Group's Momo and Tantan apps. The company attributed the weakness to a soft consumer sentiment in the current macro environment, as well as operational adjustments and product changes made to its apps.

Additionally, Hello Group reported that monthly active users on the Tantan app were 12.9 million in June 2024, compared to 17.3 million in June 2023. The Momo app had 7.2 million paying users in Q2 2024, down from 7.9 million in the same period last year, while Tantan had 1.0 million paying users, down from 1.4 million a year ago.

For the third quarter of 2024, the company expects total net revenues to be between RMB2.58 billion to RMB2.68 billion, representing a decrease of 15.2% to 11.9% year-over-year.

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(MOMO) plummeted nearly 8% on Tuesday after the Chinese social networking company reported weaker-than-expected second-quarter revenue and provided disappointing third-...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MOMO","symbol_name":"挚文集团","start_time":0,"source_url":"","article_id":"1104857513","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1104857513","pubTimestamp":1725404313,"sourceInfo":null,"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Hello Group Inc.  plummeted nearly 8% on Tuesday after the Chinese social networking company reported weaker-than-expected second-quarter revenue and provided disappointing third-quarter guidance, overshadowing better-than-expected earnings.For the second quarter, Hello Group reported non-GAAP earnings per ADS of $0.33, beating analysts' estimates of $0.28. 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