Hello Group Q2 net revenue fell 14% year-on-year, with earnings per ADS exceeding expectations
Hello Group announced its financial performance for the second quarter of 2024, with a net revenue of RMB 26.914 billion, a 14% year-on-year decrease, but better than analysts' expectations of RMB 26.65 billion. The net profit attributable to Hello Group was RMB 4.492 billion, with diluted net profit per American Depositary Share (ADS) of 2.38 yuan, exceeding the expected 2.05 yuan. The company expects the net revenue for the third quarter to be between RMB 25.8 billion and RMB 26.8 billion. Hello Group's US stock fell nearly 3% in pre-market trading
According to the financial news app Zhitong Finance, on September 3rd, Hello Group (MOMO.US) announced its financial performance for the second quarter of 2024. The financial report shows that Hello Group's Q2 net revenue was RMB 2.6914 billion, a 14% year-on-year decrease, better than the analyst's average expectation of RMB 2.665 billion. Excluding the measurement under the US Generally Accepted Accounting Principles, the net profit attributable to Hello Group was RMB 449.2 million; diluted net profit per American Depositary Share (ADS) was RMB 2.38, higher than the analyst's average expectation of RMB 2.05 but lower than the RMB 3.14 in the same period last year.
In the second quarter of 2024, the revenue from live streaming services was RMB 1.303 billion, value-added services revenue was RMB 1.3453 billion (including revenue from virtual gifts services and membership subscription services), and mobile marketing revenue was RMB 42 million.
In terms of specific products, in the second quarter of 2024, Momo's net revenue was RMB 2.4572 billion with 7.2 million paying users; Tantan's net revenue was RMB 0.2337 billion with 1 million paying users.
Looking ahead, Hello Group expects that the net revenue for the third quarter will be between RMB 2.58 billion and 2.68 billion, while the analyst's average expectation is RMB 2.68 billion.
As of the time of publication, Hello Group's pre-market trading on Tuesday fell nearly 3% in US stocks