Hello Group Q3 Profit Down On Weak Revenues; Sees Lower Q4 Revenues

(RTTNews) - Hello Group Inc. (MOMO), a mobile social and entertainment platform in China, reported Thursday that its third-quarter net income attributable to the company was RMB450.8 million or $63.4 million, higher than last year's RMB403.2 million.

Net income per ADS was RMB2.20 or $0.31 in the third quarter, compared to RMB1.93 a year ago.

Adjusted attributable net income was RMB535.8 million or $75.3 million, compared to RMB571.6 million last year. Adjusted net income per ADS was RMB2.60 or $0.37, compared to RMB2.70 in the third quarter of 2021.

Net revenues decreased 14 percent to RMB3.23 billion or $454.5 million from last year's RMB3.76 billion.

Monthly Active Users on Momo application were 108.8 million in September 2022, compared to 115.5 million in September 2021.

Looking ahead for the fourth quarter of 2022, the company expects total net revenues to be between RMB3.15 billion to RMB3.25 billion, representing a decrease of 14.3 percent to 11.5 percent year-over-year.

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