- Hello Group ( NASDAQ: MOMO ) shares rose 23% premarket on Thursday after the Chinese online social networking platform reported third quarter results that exceeded analysts estimates .
- The company generated net revenues of $454.5M (-14% Y/Y), with adjusted diluted net income per ADS of $0.37. Live video service revenues fell 23.5% Y/Y mainly due to COVID related consumption softness and regulatory changes. Value-added service revenues grew 0.3% Y/Y due to rapid revenue growth from the new standalone apps.
- Monthly active users on Momo application were fell 6% Y/Y to 108.8M in Sep. 2022, while users on Tantan application were 20.9M in September 2022.
- As of Sep. 30, the company's cash, cash equivalents, short-term deposits, long-term deposits, short-term restricted cash and long-term restricted cash fell to $1,830.5M due to a number of cash outflow items.
- For the fourth quarter of 2022, the company expects total net revenues to be between RMB3.15B to RMB3.25B, representing a decrease of 14.3% to 11.5% Y/Y.
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Hello Group stock surges after Q3 earnings beat