Stock Track | Hello Group Inc (MOMO) Plummets 5.01% Pre-Market as Revenue Declines Continue

Stock Track12-10

Hello Group Inc (MOMO) shares tumbled 5.01% in pre-market trading on Tuesday, as the company continued to face revenue declines across its core businesses due to macroeconomic headwinds and operational adjustments.

In its Q3 2024 earnings report, Hello Group reported a 12% year-over-year decrease in total revenue to RMB2.67 billion, missing analysts' expectations. The declines were driven by a 10% drop in revenue from its flagship Momo app and a 28% decline in revenue from its dating app Tantan, as both platforms faced challenges in user growth and monetization.

While the company's overseas business, particularly the Soulchill app, showed strong growth with a 41% year-over-year increase in revenue, it was not enough to offset the declines in the core domestic business. The company's non-GAAP operating income also decreased by 33% year-over-year, reflecting margin pressures.

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