Shares of mobile social and entertainment platform Hello Group (NASDAQ:MOMO) are ticking upward today after the company announced better-than-estimated first-quarter numbers.
In Q1, revenue declined 10.5% year-over-year to $410.5 million but landed past estimates by ~$22 million. EPADS or earning per American depository share at $0.34 too comfortably outperformed expectations by $0.06. In March, the company’s monthly active users dropped to 106.5 million from 110.9 million a year ago. Further, in Q1, total paying users on the Momo app also dropped to 7.8 million from 8.6 million a year ago.
Looking ahead, for Q2, MOMO expects net revenue to hover between RMB3 billion and RMB3.1 billion.
After rising nearly 7.3% over the past five sessions, MOMO shares are up a further 4% in the pre-market session today already.
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