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Hello Group Q2 Profit Falls

Hello Group Inc. (MOMO), a Chinese online social and entertainment platform, on Thursday posted a decrease in earnings for the second quarter, amidst a fall in sales and the impact of resurgence of Covid-19 pandemic.

For the second quarter ended in June, the online firm posted a net income of RMB 345.6 million or RMB 0.84 per share, compared with RMB 464.2 million or RMB 1.07 per share a year ago. Net income per ADS was at RMB 1.68, less than RMB 2.15 in the same period of 2021.

Adjusted income decreased to RMB 463.5 million from RMB 551.0 million. Excluding items, earnings per ADS stood at RMB 2.22, versus RMB 2.54, on year-on-year basis.

Income from operations moved down to RMB 346.2 million from RMB 686.3 million, reported for the previous year.

Total net revenues fell to RMB 3.11 billion from last year's RMB 3.67 billion.

Looking ahead, for the third-quarter, Hello Group expects total net revenues to be in the range of RMB 3.1 billion - RMB 3.2 billion, representing a year-over-year decrease of 17.5 percent to 14.9 percent.

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