Hello Group Inc. Reports Q3 2024 Earnings Decline

Hello Group Inc. ( (MOMO) ) has released its Q3 earnings. Here is a breakdown of the information Hello Group Inc. presented to its investors.

Hello Group Inc., a major provider in China’s online social networking sector, operates platforms such as Momo and Tantan to facilitate social interactions and connections. The company’s latest earnings report for the third quarter of 2024 indicates a decline in net revenues by 12.1% year-over-year to RMB2,674.7 million, with net income also dropping to RMB449.4 million from RMB546.4 million in the previous year. The decrease in revenue was largely attributed to a strategic shift away from large-scale video events and a challenging macroeconomic environment affecting consumer sentiment. Monthly active users on the Tantan app fell to 12 million, and paying users on both Momo and Tantan also decreased compared to the previous year. Despite the declines, Hello Group’s CEO expressed confidence in the company’s strategic initiatives, particularly in expanding its overseas presence and diversifying its product offerings. Looking ahead, Hello Group projects a continued decline in net revenues for the fourth quarter of 2024, reflecting its cautious outlook on market conditions and a strategic realignment of its services.