Hello Group Q2 Profit Rises, Sees Weak Revenues In Q3

(RTTNews) - Hello Group Inc. (MOMO), an online social and entertainment platform in China, reported Thursday that its second-quarter net income attributable to the company increased to RMB568.4 million or $78.4 million from last year's RMB345.6 million.

Net income per American Depositary Share or ADS was RMB2.82 or $0.39 in the second quarter, compared to RMB1.68 in the same period of 2022.

Adjusted net income attributable was RMB632.1 million or $87.2 million, compared to prior year's RMB463.5 million. Adjusted net income per ADS was RMB3.14 or $0.43, compared to RMB2.22 last year.

Net revenues increased 0.9 percent to RMB3.14 billion or $432.7 million from the prior year's RMB3.11 billion.

Monthly Active Users or MAU on Tantan application were 17.3 million in June 2023, compared to 24.8 million in June 2022.

Looking ahead for the third quarter, the company expects total net revenues to be between RMB2.9 billion to RMB3.0 billion, representing a decrease of 10.3 percent to 7.2 percent year over year.

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