Hello Group, the parent company of social and dating apps Momo & Tantan, has released its unaudited financial results for the third quarter of 2022. The results show a 14% decrease in net revenues year over year in Q3.
Another potentially worrying sign is that the monthly active users on Momo was just over 108 million in September 2022, decreasing from 115 million in September 2021, the results show.
Both Tantan and Momo saw decreases in the number of total paying users. The apps both saw decreases of around 900,000 paying users when compared to the same period in 2021.
However, there are positive signs. Net income for Hello Group increased to over RMB 450 million in Q3 2022, around a RMB 50 million increase from the same period in 2021.
Chairman and CEO of Hello Group, Yan Tang, who was appointed in October this year, had this to say on the results:
“I am very happy to return to the CEO position. In the third quarter, thanks to product and operational enhancements, we delivered good financial results and made solid progress across all business lines”.
“Such progress on the business front, coupled with the efforts to improve cost efficiency, allowed us to see meaningful bottom line improvement on a sequential basis. I am very proud of the execution capabilities that the team demonstrated in such a challenging environment”.