Hello Group and Momo Report Revenue Growth
Hello Group, a leading mobile social and entertainment platform in China, has reported increased revenues for Q2 of 2023. Momo, one of its popular dating app platforms, has seen revenue growth despite a decrease to its total paying users.
Hello Group released its unaudited Q2 financial results here, highlighting “solid results”, said Yan Tang, Chairman and CEO of Hello Group.
Across the board, Hello Group’s total net revenues were RMB3,137.7 million (US$432.7 million) in Q2 of 2023, an increase of 0.9% from the same period last year.
For the Momo segment of its earnings, the company shared that revenues rose to RMB2,816.6 million (US$388.4 million) in the second quarter of 2023, up from RMB2,779.5 million in Q2 2022.
This increase came as a result of an “increase in net revenues from live video service and the new standalone apps”, Hello Group highlighted. Revenues rose despite the platform losing 700,000 paying users over the past 12 months, taking the current total to 7.9 million.
Hello Group also operates the dating app Tantan, which saw paying users decrease by 600,000 and monthly active users decrease by 7.5 million, since this period last year.
The company’s current and preliminary views on the market and operational conditions mean that it predicts a total net revenue decrease of 10.3% to 7.2% year over year in Q3 of 2023.
