2023-03-16 12:41:59 ET
- "2022 was an extremely challenging year. I am pleased to see that our team withstood external pressures by timely adjusting strategic priorities and corresponding execution plans with flexible product and operational measures," Hello ( NASDAQ: MOMO ) Chairman and CEO Yan Tang commented.
- Q4 net revenues dropped 12.6% to $465.8M led by 19.8% decrease in love video service revenue and value-added service revenues dipped 1.8%.
- On the contrary, mobile marketing revenues increased 29.8% due to the increased demand from brand marketers.
- Net income stood at RMB397M compared to net loss of RMB4,244M during the prior year quarter.
- As of Dec.31, 2022, cash, equivalents, short-term deposits, long-term deposits, short-term investments, short-term restricted cash and long-term restricted cash totaled $1,942.7M.
- As of Mar. 16, 2023, the company has repurchased 12M ADSs for $56.7M on the open market under this program, at an average purchase price of $4.71/ADS.
- Hello declared a special cash dividend in the amount of $0.72/ADS or $0.36/share which will be paid on May 22, 2023 to shareholders of record at the close of business on Apr. 28, 2023; ex-dividend date will be Apr.27, 2023.
- Also, the board appointed Ms. Sichuan Zhang as COO, effective today.
- Last month, Morgan Stanley downgraded the stock from Overweight to Equal Weight, while revising its price target from $9.00 to $12.
- With a Hold rating, SA Contributor The Value Pendulum said that Hello is a short-term pain, long-term gain .
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Hello reports a drop in Q4 revenues amid challenging macro environment