Momo Inc. (NASDAQ: MOMO) reported its financial results for the second quarter of 2020. Net revenues fell 6.8% year over year to USD 547.5 Million. Net income decreased USD 64.6 Million compared to the same period last year. Net income per American Depositary Share amounted to USD 0.30. Monthly active users on the Momo application was 111.5 million in June 2020 compared to 113.5 million in June 2019.
“The second quarter of 2020 was a busy quarter for us. With things gradually coming back to normal on the traffic side, starting from the second quarter of 2020, our teams have stepped up efforts to push toward our long term strategic goals.” commented Yan Tang, Chairman and CEO of Momo. “I am glad to see that Tantan has reached a breakthrough with its testing of live video service. With the strength coming from Tantan and the value-added service on the core Momo, we can now focus more on driving structural changes to the core live broadcasting business so that it can grow healthily and steadily in the new macro environment.”
The company expects total net revenues to range between RMB3.7 Billion to RMB 3.8 Billion for the third quarter. This represents a shortfall of 16.9% to 14.6% year over year due to the potential impact of the coronavirus outbreak.