Hello Group falls after Q1 revenue, profit drop

Hello

07/06/2022 11:54

** Chinese social media platform Hello Group's  MOMO.O 
shares down 2.7% at $6.09 premarket
    ** Co reports 9.3% fall in Q1 revenue to 3.15 bln yuan 
($472.46 mln), hurt by the resurgence of COVID-19 cases in China
 urn:newsml:reuters.com:*:nPn95jsgwa
    ** Adj. profit per American Depository share (ADS) was 1.94
yuan in Q1, vs 2.91 yuan a year ago
    ** Mobile marketing revenues fell 28% to 27.9 mln yuan, as
businesses cut ad spend and co made adjustments after China's
new regulations for internet
    ** Hello Group operates Momo app, which connects people
based on location and interests, and dating app Tantan
    ** In Q2, MOMO sees total revenues between 3.05 bln yuan and
3.15 bln yuan - a decrease of 14.2% to 16.9% year-over-year 
    ** Co says forecast reflects the potential impact of the
COVID-19 resurgence on the Chinese and global economies and user
spending
    ** As of last close, stock down 21.2% YTD


($1 = 6.6672 Chinese yuan renminbi)
    

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.Mathews@thomsonreuters.com;))