Hello Group (MOMO) has released an update.
Hello Group Inc., a key online social networking company in China, reported a decrease in net revenues of 9.2% for Q1 2024, with net income dropping significantly from RMB390.3 million to RMB5.2 million year over year. The company experienced a downturn in both its live video and value-added services, alongside a decline in Monthly Active Users and paying users for its apps Momo and Tantan. Despite these challenges, Hello Group remains focused on product innovation and global market expansion.
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