Q3 2024 Hello Group Inc Earnings Call Transcript
Key Points
- Hello Group Inc (MOMO) reported total group revenue of RMB2.67 billion for Q3 2024, close to the high end of their guidance.
- The company's overseas business, particularly the Soulchill app, showed strong growth with a 41% year-over-year increase in revenue.
- The company has been successful in optimizing user acquisition costs through KOL channels, improving ROI.
- Hello Group Inc (MOMO) has maintained a strong cash position with cash, cash equivalents, and investments totaling RMB14.78 billion as of September 30, 2024.
- The company has prioritized the allocation of resources to its overseas business, which is expected to continue driving revenue and profit growth.
- Total group revenue decreased by 12% year-over-year, indicating a challenging market environment.
- The Momo app experienced a 16% year-over-year decline in revenue due to proactive product adjustments and weak macroeconomic conditions.
- Tantan's revenue decreased by 28% year-over-year, primarily due to a decline in the number of paying users.
- The company's non-GAAP operating income decreased by 33% year-over-year, reflecting margin pressures.
- Hello Group Inc (MOMO) anticipates further revenue declines in Q4 2024, with expected decreases in both Momo and Tantan segments.
Ladies and gentlemen, thank you for standing by and welcome to the third-quarter 2024 Hello Group Inc earnings conference call.
(Operator Instructions) Please note this conference is being recorded today.
I would now like to hand the conference over to your first speaker today, Ms. Ashley Jing. Thank you. Please go ahead, ma'am.
Thank you, operator. Good morning and good evening everyone. Thank you for joining us today for Hello Group's third quarter 2024 earnings conference call. The company's results were released earlier today and are available on the company's IR website. On the call today are Mr. Tang Yan, CEO of the company; Ms. Zhang Sichuan, COO of the company; and Ms. Peng Hui, CFO of the company. They will discuss the company's business operations and highlights as well as the financials and guidance. They will all be available to answer your questions during the Q&A session that follows.
Before we begin, I would like to remind you that this call may contain forward
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