(Hello) Shares of Hello Group Inc. fell more than 4% on Tuesday after reporting net revenues of RMB3.148 billion or $496.6 million in the first quarter of 2022. The revenue was a decline of 9.3% from the prior year.
The company’s net income also came lower at RMB289.9 million or $45.7 million in the quarter, compared to an income of RMB461.7 million in the prior year.
Hello Group’s Monthly Active Users on the Momo application were posted at 110.9 million in March, a decline from 115.3 million in the same month of 2021. The company said that MAUs on Tantan application were 25.6 million in March 2022.
Hello Group reported total paying users of live video service and value-added service at 11.0 million in the quarter. The numbers were a decline from 12.6 million in the prior year.
In the second quarter, Hello Group projects net revenues ranging from RMB3.05 billion to RMB3.15 billion, a decline of 14.2% to 16.9% from the prior year.
MOMO: NASDAQ is down -4.31%.
