24/7 Market News Snapshot 09 December, 2024 – Hello Group Inc. American Depositary Shares (NASDAQ:MOMO)
DENVER, Colo., 09 December, 2024 (247marketnews.com) – (NASDAQ:MOMO) are discussed in this article.
Hello Group Inc. experienced a robust trading session today, opening at $7.31 and reaching a high of $7.473, which marks a notable increase of 10.38% from the previous day’s close of $6.770. The company has seen trading volume soar to 1.97 million shares, signifying heightened interest from investors and a potential shift towards a bullish market sentiment. This price surge may be attributed to positive developments or favorable news impacting the company. Key technical indicators suggest bullish trends, with imminent resistance anticipated around $7.50 and strong support established at $7.20, highlighting MOMO’s significant upward momentum.
Additionally, Hello Group has disclosed its unaudited financial results for the third quarter of 2024, revealing continued investment and strategic adaptation in response to challenging market conditions. The company reported net revenues of approximately RMB 2.67 billion (US$381.1 million), marking a decline of 12.1% compared to the same quarter last year. This revenue decrease has largely been linked to operational adjustments in the Momo app and changes in user engagement on the Tantan platform. Furthermore, net income attributable to Hello Group fell to RMB 449.4 million (US$64.0 million), with diluted net income per American Depositary Share (ADS) at RMB 2.46 (US$0.35).
Chairman and CEO Yan Tang expressed optimism about the company’s strategic priorities, noting that despite revenue challenges, the third quarter yielded satisfactory results across business lines. He emphasized that overseas operations have shown signs of renewed growth, driven by enhanced operational efficiency and diverse product offerings. For the first nine months of 2024, total net revenues reached RMB 7.93 billion (US$1.13 billion), reflecting an 11.9% decrease year-over-year. The company projects Q4 2024 revenues to range between RMB 2.56 billion and RMB 2.66 billion, resulting in a potential year-over-year decline of 14.7% to 11.4%. Furthermore, Hello Group remains dedicated to returning value to shareholders, having repurchased 40 million ADSs for US$238.4 million, affirming commitment to enhancing shareholder equity amidst a dynamic digital marketplace.