Momo Inc. (MOMO.US) Q2 net revenue down 14% YoY, EPS beats expectations

Market VisionTuesday, Sep 3, 2024 8:20 am ET

1min read

On September 3, MOMO Inc. (MOMO.US) announced its financial results for the second quarter of 2024. The results showed that the net revenue of MOMO Group in Q2 was Rmb2.6914bn, down 14% YoY, better than the average analyst estimate of Rmb2.665bn. The net profit attributable to MOMO Group under US GAAP was Rmb449.2mn; the diluted net profit per ADS was Rmb2.38, better than the average analyst estimate of Rmb2.05, lower than Rmb3.14 in the same period last year.

The revenue from live streaming services was Rmb1.303bn, and the revenue from value-added services was Rmb1.3453bn (the revenue from value-added services includes the revenue from virtual gifts and the revenue from member subscriptions), and the revenue from mobile marketing was Rmb42mn in the second quarter of 2024.

Specifically, the net revenue of Momo in the second quarter of 2024 was Rmb2.4572bn, with 7.2mn paid users; the net revenue of Inmyshow was Rmb233.7mn, with 1mn paid users.

Looking ahead, MOMO Group expects its net revenue in the third quarter to be between Rmb2.58bn and Rmb2.68bn, and the average analyst estimate is Rmb2.68bn.

As of the time of writing, MOMO Group's shares fell nearly 3% before the US market opened on Tuesday.

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