Hello Group Inc. Announces Unaudited Financial Results for the Fourth Quarter and Fiscal Year 2023

Rhea-AI Summary

Hello Group Inc. (NASDAQ: MOMO) reports financial results for Q4 2023 and full year 2023. Net revenues decreased, but net income and non-GAAP net income increased. Monthly Active Users on Tantan app decreased, while paying users for Momo app and Tantan decreased slightly. The company's Chairman and CEO, Yan Tang, expressed satisfaction with the progress made in 2023 despite challenges.

Positive

• Increase in net income and non-GAAP net income for Q4 2023 compared to the same period in 2022.
• Decrease in net revenues for both Q4 2023 and full year 2023 compared to the previous year.
• Reduction in Monthly Active Users on Tantan app and paying users for Momo app and Tantan in Q4 2023.
• Declaration of a special cash dividend and amendment to the Share Repurchase Program.
• Business outlook for Q1 2024 forecasts a decrease in total net revenues.
• Positive comments from Chairman and CEO Yan Tang regarding the company's performance in 2023.

Negative

• Decrease in net revenues for Q4 2023 and full year 2023.
• Reduction in Monthly Active Users and paying users for Momo and Tantan apps.
• Forecasted decrease in total net revenues for Q1 2024.

Insights

Financial Analyst

The financial results reported by Hello Group Inc. show a mixed picture, with net revenues declining by 6.5% year over year in Q4 2023 and by 5.5% for the full year, which may raise concerns about the company's top-line growth. However, the increase in net income, both GAAP and non-GAAP, suggests that the company has effectively managed costs and improved profitability despite revenue headwinds. This could indicate a stronger operational efficiency that investors may view favorably. The decrease in costs and expenses, particularly in revenue sharing with broadcasters and virtual gift recipients, as well as optimized personnel costs, contributed to the increased profitability.

Furthermore, the declaration of a special cash dividend and the expansion and extension of the share repurchase program reflect confidence by the board in the company's cash position and future prospects. These actions typically signal to the market that the company believes its stock is undervalued and that it is committed to delivering value to shareholders. The special dividend and share buybacks could potentially support the stock price in the short term.

However, the forecasted decline in revenues for Q1 2024 suggests that the company anticipates continued challenges. Investors should consider whether the improved profitability is sustainable in the face of persistent revenue declines and what strategies the company has in place to return to revenue growth.

Market Research Analyst

The reported decrease in Monthly Active Users (MAU) on the Tantan app and the decline in total paying users for both Momo and Tantan apps are concerning trends. These metrics are crucial for evaluating the company's engagement and monetization capabilities. The decline in MAUs and paying users could be indicative of increased competition in the social and entertainment space, changes in user preferences, or challenges in user acquisition and retention strategies.

On the positive side, the growth in mobile marketing revenues and the mention of new standalone apps contributing to revenue growth suggest that the company is diversifying its revenue streams. This diversification could help mitigate the impact of declining revenues in its core services. It will be important to monitor the performance of these new initiatives and their contribution to the overall financial health of the company.

The company's efforts to pivot away from less dating-centric live video services and to improve the Momo app's ecosystem are strategic moves that could pay off in the long term if they lead to a more engaged and monetizable user base. However, the short-term impact of these product adjustments on revenue should be carefully assessed.

Economist

The macroeconomic context in which Hello Group Inc. operates has been highlighted as a factor affecting consumer sentiment and, consequently, the company's revenues. The soft consumer sentiment could be a result of broader economic challenges, such as slowing growth, trade tensions, or regulatory changes in China's tech sector. Such external factors can have a significant impact on discretionary consumer spending, which is critical for entertainment and social platforms.

Despite these challenges, Hello Group's ability to improve cost efficiency and profitability in a difficult economic environment is commendable. The company's proactive adjustments to operations and cost control strategies have shown resilience, which may be seen as a positive indicator of management's capability to navigate through economic headwinds.

Investors should also consider the potential risks of regulatory changes and the impact of international expansion as the company seeks to invest more resources abroad. While diversification into overseas markets could offer growth opportunities, it also introduces new risks and uncertainties that need to be managed.

BEIJING, March 14, 2024 /PRNewswire/ -- Hello Group Inc. (NASDAQ: MOMO) ("Hello Group" or the "Company"), a leading mobile social and entertainment platform in China, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2023.  

Fourth Quarter of 2023 Highlights

• Net revenues decreased by 6.5% year over year to RMB3,002.9 million (US$423.0 million*) in the fourth quarter of 2023.
• Net income attributable to Hello Group Inc. increased to RMB452.5 million (US$63.7 million) in the fourth quarter of 2023, from RMB398.0 million in the same period of 2022.
• Non-GAAP net income attributable to Hello Group Inc. (note 1) increased to RMB514.7 million (US$72.5 million) in the fourth quarter of 2023, from RMB487.9 million in the same period of 2022.
• Diluted net income per American Depositary Share ("ADS") was RMB2.32 (US$0.33) in the fourth quarter of 2023, compared to RMB2.01 in the same period of 2022.
• Non-GAAP diluted net income per ADS (note 1) was RMB2.63 (US$0.37) in the fourth quarter of 2023, compared to RMB2.46 in the same period of 2022.
• Monthly Active Users ("MAU") on Tantan app were 13.7 million in December 2023, compared to 18.4 million in December 2022.
• For the Momo app total paying users was 7.4 million for the fourth quarter of 2023, compared to 7.8 million for the same period last year. Tantan had 1.2 million paying users for the fourth quarter of 2023 compared to 1.7 million from the year ago period.

Full Year 2023 Highlights

• Net revenues decreased by 5.5% year over year to RMB12,002.3 million (US$1,690.5 million) for the full year of 2023.
• Net income attributable to Hello Group Inc. was RMB1,957.6 million (US$275.7 million) for the full year of 2023, compared to RMB1,484.3 million during the same period of 2022.
• Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB2,224.7 million (US$313.3 million) for the full year of 2023, compared to RMB1,885.8 million during the same period of 2022.
• Diluted net income per ADS was RMB9.84 (US$1.39) for the full year of 2023, compared to RMB7.31 during the same period of 2022.
• Non-GAAP diluted net income per ADS (note 1) was RMB11.17 (US$1.57) for the full year of 2023, compared to RMB9.20 during the same period of 2022.

"2023 was a busy, yet fruitful year. Despite many changes and challenges in the external environment, our team made steady progress against our strategic priorities." Commented Yan Tang, Chairman and CEO of Hello Group. "With solid improvement in cost efficiency, we were able to meaningfully improve the profitability of the company against economic headwinds. I am also pleased to see that our new endeavors in the overseas market have started bearing fruits, which gives us more confidence to invest more resources and take bigger strides to explore wider markets abroad."

* This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.0999 to US$1.00, the effective noon buying rate for December 29, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board.

Fourth Quarter of 2023 Financial Results

Net revenues

Total net revenues were RMB3,002.9 million (US$423.0 million) in the fourth quarter of 2023, a decrease of 6.5% from RMB3,212.7 million in the fourth quarter of 2022.

Live video service revenues were RMB1,523.9 million (US$214.6 million) in the fourth quarter of 2023, a decrease of 11.6% from RMB1,724.2 million during the same period of 2022. The decrease was primarily attributable to a soft consumer sentiment in the current macro environment and our proactive operation adjustments to de-emphasise large scale competition events in the Momo app, and to a lesser degree, Tantan pivoting away from the less dating-centric live video service.

Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,424.9 million (US$200.7 million) in the fourth quarter of 2023, a decrease of 1.7% from RMB1,449.5 million during the same period of 2022. The decrease was primarily due to the impact of the macro economy on consumer sentiment as well as our product adjustments to improve Momo app's ecosystem, and to a lesser extent, the decline in Tantan's paying users that resulted from a reduction in channel investment, the anti-spam campaign and the adjustments to subscription renewals. The decrease was partially offset by the rapid revenue growth from the new standalone apps.

Mobile marketing revenues were RMB44.9 million (US$6.3 million) in the fourth quarter of 2023, an increase of 36.4% from RMB32.9 million during the same period of 2022.

Mobile games revenues were RMB5.4 million (US$0.8 million) in the fourth quarter of 2023, an increase of 2.4% from RMB5.3 million in the fourth quarter of 2022.

Net revenues from the Momo segment decreased from RMB2,865.8 million in the fourth quarter of 2022 to RMB2,728.7 million (US$384.3 million) in the fourth quarter of 2023, primarily due to the decrease in net revenues from value-added service and live video service on Momo app. The decrease was partially offset by the revenue growth of the new standalone apps. Net revenues from the Tantan segment decreased from RMB346.7 million in the fourth quarter of 2022 to RMB272.2 million (US$38.3 million) in the fourth quarter of 2023, mainly due to the decrease in net revenues from live video service, and to a lesser extent, the decrease from value-added service.

Cost and expenses

Cost and expenses were RMB2,431.8 million (US$342.5 million) in the fourth quarter of 2023, a decrease of 11.2% from RMB2,738.3 million in the fourth quarter of 2022. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to live video service on the Momo app and on the Tantan app, and a decrease in revenue sharing with virtual gift recipients of virtual gift service on the Momo app. The decrease was partially offset by an increase in revenue sharing with virtual gift recipients for new standalone apps; (b) a decrease in salary expenses and share-based compensation expenses, due to our continuous optimization in personnel costs and the newly granted share options which had lower fair value; (c) a decrease in sales and marketing expenses due to our initiatives to control cost and optimize Tantan's channel marketing strategy and, to a lesser extent, Momo's strategy to trim inefficient channel marketing spend.

Non-GAAP cost and expenses (note 1) were RMB2,369.5 million (US$333.7 million) in the fourth quarter of 2023, a decrease of 10.5% from RMB2,648.3 million during the same period of 2022.

Other operating income (loss), net

Other operating income was RMB30.8 million (US$4.3 million) in the fourth quarter of 2023, compared to a loss of RMB65.2 million during the fourth quarter of 2022. The other operating loss in the fourth quarter of 2022 mainly included a contingent loss accrual of RMB92.9 million related to an ongoing investigation of the alleged illegal activity on the source of the funding consumed on Momo's platform.

Income from operations

Income from operations was RMB602.0 million (US$84.8 million) in the fourth quarter of 2023, compared to RMB409.2 million during the same period of 2022. Income from operations of the Momo segment was RMB576.9 million (US$81.3 million) in the fourth quarter of 2023, which increased from RMB435.8 million in the fourth quarter of 2022. Income from operations of the Tantan segment was RMB26.8 million (US$3.8 million) in the fourth quarter of 2023, compared to a loss from operations of RMB21.7 million in the fourth quarter of 2022.

Non-GAAP income from operations (note 1) was RMB664.2 million (US$93.6 million) in the fourth quarter of 2023, compared to RMB499.2 million during the same period of 2022. Non-GAAP income from operations of the Momo segment was RMB638.9 million (US$90.0 million) in the fourth quarter of 2023, which increased from RMB519.2 million in the fourth quarter of 2022. Non-GAAP income from operations of the Tantan segment was RMB27.0 million (US$3.8 million) in the fourth quarter of 2023, compared to a non-GAAP loss from operations of RMB15.2 million in the fourth quarter of 2022.  

Income tax expenses

Income tax expenses were RMB183.4 million (US$25.8 million) in the fourth quarter of 2023, compared to RMB109.4 million in the fourth quarter of 2022. The increase in income tax expenses was primarily due to the higher profit in the fourth quarter of 2023.

Net income

Net income was RMB452.5 million (US$63.7 million) in the fourth quarter of 2023, compared to RMB397.0 million during the same period of 2022. Net income from the Momo segment was RMB430.0 million (US$60.6 million) in the fourth quarter of 2023, compared to RMB397.1 million in the same period of 2022. Net income from the Tantan segment was RMB24.2 million (US$3.4 million) in the fourth quarter of 2023, compared to RMB4.7 million in the fourth quarter of 2022.

Non-GAAP net income (note 1) was RMB514.7 million (US$72.5 million) in the fourth quarter of 2023, compared to RMB487.0 million during the same period of 2022. Non-GAAP net income from the Momo segment was RMB492.1 million (US$69.3 million) in the fourth quarter of 2023, which increased from RMB480.5 million in the fourth quarter of 2022. Non-GAAP net income of the Tantan segment was RMB24.4 million (US$3.4 million) in the fourth quarter of 2023, compared to RMB11.3 million in the fourth quarter of 2022.

Net income attributable to Hello Group Inc.

Net income attributable to Hello Group Inc. was RMB452.5 million (US$63.7 million) in the fourth quarter of 2023, compared to RMB398.0 million during the same period of 2022.

Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB514.7 million (US$72.5 million) in the fourth quarter of 2023, compared to RMB487.9 million during the same period of 2022.

Net income per ADS

Diluted net income per ADS was RMB2.32 (US$0.33) in the fourth quarter of 2023, compared to RMB2.01 in the fourth quarter of 2022.

Non-GAAP diluted net income per ADS (note 1) was RMB2.63 (US$0.37) in the fourth quarter of 2023, compared to RMB2.46 in the fourth quarter of 2022.

Cash and cash flow

As of December 31, 2023, the Company's cash, cash equivalents, short-term deposits, long-term deposits, short-term investments, short-term restricted cash and long-term restricted cash totaled RMB13,478.5 million (US$1,898.4 million), compared to RMB13,398.8 million as of December 31, 2022.

Net cash provided by operating activities in the fourth quarter of 2023 was RMB415.9 million (US$58.6 million), compared to RMB538.7 million in the fourth quarter of 2022.

Full Year 2023 Financial Results

Net revenues for the full year of 2023 were RMB12,002.3 million (US$1,690.5 million), a decrease of 5.5% from RMB12,704.2 million in the same period of 2022.

Net income attributable to Hello Group Inc. was RMB1,957.6 million (US$275.7 million) for the full year of 2023, compared to RMB1,484.3 million during the same period of 2022.

Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB2,224.7 million (US$313.3 million) for the full year of 2023, compared to RMB1,885.8 million during the same period of 2022.

Diluted net income per ADS was RMB9.84 (US$1.39) during the full year of 2023, compared to RMB7.31 in the same period of 2022.

Non-GAAP diluted net income per ADS (note 1) was RMB11.17 (US$1.57) during the full year of 2023, compared to RMB9.20 in the same period of 2022.

Net cash provided by operating activities was RMB2,277.2 million (US$320.7 million) during the full year of 2023, compared to RMB1,226.9 million in the same period of 2022.

Recent Development

Declaration of a special cash dividend

Hello Group's board of directors has declared a special cash dividend in the amount of US$0.54 per ADS, or US$0.27 per ordinary share. The cash dividend will be paid on April 30, 2024 to shareholders of record at the close of business on April 12, 2024. The ex-dividend date will be April 11, 2024. The aggregate amount of cash dividends to be paid is approximately US$103 million, which will be funded by available cash on the Company's balance sheet.

Share repurchase program

On June 7, 2022, Hello Group's board of directors authorized a share repurchase program under which the Company may repurchase up to US$200 million of its shares up to June 6, 2024 (the "Share Repurchase Program"). As of March 14, 2024, the Company has repurchased 16.2 million ADSs for US$86.1 million on the open market under this program, at an average purchase price of US$5.31 per ADS.

On March 14, 2024, Hello Group's board of directors approved to amend the Share Repurchase Program to (i) extend the term of the Share Repurchase Program up to June 30, 2026, and (ii) upsize the Share Repurchase Program so that the Company is authorized to, from time to time, acquire up to an aggregate of US$286.1 million worth of its shares in the form of ADSs and/or the ordinary shares of the Company in the open market and through privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.

Business Outlook

For the first quarter of 2024, the Company expects total net revenues to be between RMB2.45 billion to RMB2.55 billion, representing a decrease of 13.1% to 9.5% year over year. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Note 1: Non-GAAP measures

To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we, Hello Group, use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation.

Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Our non-GAAP information (including non-GAAP cost and operating expenses, income (loss) from operations, net income (loss), net income attributable to Hello Group Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation. A limitation of using these non-GAAP financial measures is that share-based compensation has been and will continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for such limitation by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release.

Conference Call

Hello Group's management will host an earnings conference call on Thursday, March 14, 2024, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on March 14, 2024).

Participants can register for the conference call by navigating to:

https://s1.c-conf.com/diamondpass/10037219-7ww6gf.html. 

Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

A telephone replay of the call will be available after the conclusion of the conference call through March 21, 2024. The dial-in details for the replay are as follows:

U.S. / Canada: 1-855-883-1031

Hong Kong: 800-930-639

Passcode: 10037219

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group's website at https://ir.hellogroup.com.

About Hello Group Inc.

We are a leading player in China's online social and entertainment space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. We also operate a number of other applications to serve different social and entertainment demands from our users.

For investor and media inquiries, please contact:

Hello Group Inc.

Investor Relations
Phone: +86-10-5731-0538
Email: ir@hellogroup.com 

Christensen

In China

Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com 

In U.S.

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com 

Safe Harbor Statement

This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes, our financial outlook for the first quarter of 2024, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program.

Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the fourth quarter of 2023 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the first quarter of 2024 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth.  Moreover, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, general economic conditions, and other factors.  For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.

All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.          

 

 

 

Hello Group Inc.
Unaudited Condensed Consolidated Statement of Operations
(All amounts in thousands, except share and per share data)
	Three months						Year
	Ended December 31						Ended December 31
	2022		2023		2023		2022		2023		2023
	RMB		RMB		US$		RMB		RMB		US$
Net revenues:
Live video service	1,724,228		1,523,885		214,635		6,510,460		6,072,871		855,346
Value-added service	1,449,537		1,424,893		200,692		6,007,018		5,752,571		810,233
Mobile marketing	32,927		44,915		6,326		124,956		133,677		18,828
Mobile games	5,316		5,441		766		55,732		19,610		2,762
Other services	650		3,798		535		6,006		23,594		3,323
Total net revenues	3,212,658		3,002,932		422,954		12,704,172		12,002,323		1,690,492
Cost and expenses:
Cost of revenues	(1,916,050)		(1,770,117)		(249,316)		(7,421,419)		(7,025,394)		(989,506)
Research and development	(272,657)		(231,445)		(32,598)		(1,006,219)		(884,590)		(124,592)
Sales and marketing	(407,075)		(304,696)		(42,916)		(2,073,617)		(1,414,949)		(199,291)
General and administrative	(142,492)		(125,498)		(17,676)		(596,006)		(502,479)		(70,773)
Total cost and expenses	(2,738,274)		(2,431,756)		(342,506)		(11,097,261)		(9,827,412)		(1,384,162)
Other operating (loss) income, net	(65,158)		30,821		4,341		20,632		130,105		18,325
Income from operations	409,226		601,997		84,789		1,627,543		2,305,016		324,655
Interest income	88,118		124,354		17,515		368,879		436,253		61,445
Interest expense	(10,955)		(20,552)		(2,895)		(83,530)		(62,223)		(8,764)
Other gain or loss, net	-		(31,250)		(4,401)		118,325		(26,685)		(3,759)
Income before income tax and share of income on equity method investments	486,389		674,549		95,008		2,031,217		2,652,361		373,577
Income tax expenses	(109,421)		(183,377)		(25,828)		(562,281)		(630,023)		(88,737)
Income before share of income on equity method investments	376,968		491,172		69,180		1,468,936		2,022,338		284,840
Share of income (loss) on equity method investments	20,040		(38,703)		(5,451)		11,073		(70,643)		(9,950)
Net income	397,008		452,469		63,729		1,480,009		1,951,695		274,890
Less: net loss attributable to non-controlling interest	(986)		-		-		(4,274)		(5,886)		(829)
Net income attributable to the shareholders of Hello Group Inc.	397,994		452,469		63,729		1,484,283		1,957,581		275,719
Net income per share attributable to ordinary shareholders
Basic	1.05		1.2		0.17		3.8		5.18		0.73
Diluted	1.01		1.16		0.16		3.65		4.92		0.69
Weighted average shares used in calculating net income per ordinary share
Basic	377,841,986		376,317,036		376,317,036		390,176,367		377,639,399		377,639,399
Diluted	406,152,757		390,956,175		390,956,175		423,810,279		401,833,328		401,833,328

 

 

 

Hello Group Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income
(All amounts in thousands, except share and per share data)
	Three months							Year
	Ended December 31							Ended December 31
	2022		2023		2023			2022		2023		2023
	RMB		RMB		US$			RMB		RMB		US$
Net income	397,008		452,469		63,729			1,480,009		1,951,695		274,890
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	54,041		(95,774)		(13,489)			(274,791)		20,414		2,875
Comprehensive income	451,049		356,695		50,240			1,205,218		1,972,109		277,765
Less: comprehensive (loss) income attributed to the non-controlling interest	(7,154)		(5,020)		(707)			10,556		357		50
Comprehensive income attributable to Hello Group Inc.	458,203		361,715		50,947			1,194,662		1,971,752		277,715

 

 

 

Hello Group Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except share and per share data)
	December 31		December 31		December 31
	2022		2023		2023
	RMB		RMB		US$
Assets
Current assets
Cash and cash equivalents	5,018,129		5,620,466		791,626
Short-term deposits	5,300,000		1,270,626		178,964
Restricted cash	97,706		10,147		1,429
Short-term investments	300,240		-		-
Accounts receivable, net of allowance for doubtful accounts of RMB5,870 and RMB12,780 as of December 31, 2022 and 2023, respectively	188,711		201,517		28,383
Amounts due from related parties	55		7,258		1,022
Prepaid expenses and other current assets	819,706		723,364		101,884
Total current assets	11,724,547		7,833,378		1,103,308
Long-term deposits	2,600,000		3,924,975		552,821
Long-term restricted cash	82,766		2,652,299		373,569
Right-of-use assets, net	115,520		109,572		15,433
Property and equipment, net	172,984		659,033		92,823
Intangible assets, net	22,203		17,086		2,407
Rental deposits	20,737		12,962		1,826
Long-term investments	893,988		786,911		110,834
Amounts due from RPT-non current	-		20,000		2,817
Other non-current assets	162,499		180,052		25,360
Deferred tax assets	34,343		31,741		4,471
Total assets	15,829,587		16,228,009		2,285,669
Liabilities and equity
Current liabilities
Accounts payable	617,022		616,681		86,857
Deferred revenue	484,775		442,805		62,368
Accrued expenses and other current liabilities	797,504		630,617		88,821
Amounts due to related parties	9,178		4,314		608
Lease liabilities due within one year	88,352		60,008		8,452
Income tax payable	68,765		94,719		13,341
Deferred consideration in connection with business acquisitions	26,483		27,261		3,840
Long-term borrowings, current portion	-		215,615		30,369
Convertible senior notes-current	2,646,168		-		-
Total current liabilities	4,738,247		2,092,020		294,656
Deferred tax liabilities	22,011		24,987		3,519
Convertible Senior Notes	-		19,571		2,757
Long-term borrowings	-		1,938,385		273,016
Lease liabilities	33,281		52,171		7,348
Other non-current liabilities	105,410		114,085		16,069
Total liabilities	4,898,949		4,241,219		597,365
Shareholder's equity (i)	10,930,638		11,986,790		1,688,304
Total liabilities and shareholder's equity	15,829,587		16,228,009		2,285,669
(i): As of December 31, 2023, the number of ordinary shares outstanding was 375,085,192.

 

 

 

Hello Group Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
(All amounts in thousands, except share and per share data)
	Three months						Year
	Ended December 31						Ended December 31
	2022		2023		2023		2022		2023		2023
	RMB		RMB		US$		RMB		RMB		US$
Cash flows from operating activities:
Net income	397,008		452,469		63,729		1,480,009		1,951,695		274,890
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment	23,908		15,394		2,168		107,015		74,492		10,492
Amortization of intangible assets	1,279		1,279		180		5,116		5,116		721
Share-based compensation	89,944		62,224		8,765		401,484		267,101		37,620
Share of (income) loss on equity method investments	(20,040)		38,703		5,451		(11,073)		70,643		9,950
Gain on repurchase of convertible senior notes	-		-		-		(129,575)		(4,565)		(643)
Loss on long-term investments	-		31,250		4,401		11,250		31,250		4,401
Cash received on distributions from equity method investments	-		-		-		1,708		2,067		291
Gain or loss on disposal of property and equipment	4		2		-		(779)		(518)		(73)
Provision of (income) loss on receivable and other assets	(75)		1,553		219		(528)		11,624		1,637
Changes in operating assets and liabilities:
Accounts receivable	4,643		(11,392)		(1,605)		20,338		(21,308)		(3,001)
Prepaid expenses and other current assets	(36,784)		(13,492)		(1,900)		(52,928)		84,802		11,944
Amounts due from related parties	(55)		(144)		(20)		(55)		(27,203)		(3,831)
Rental deposits	-		5,524		778		1,399		7,776		1,095
Deferred tax assets	1,493		1,728		243		507		2,600		366
Other non-current assets	(15,907)		16,033		2,258		60,913		(11,606)		(1,635)
Accounts payable	(8,992)		(25,118)		(3,538)		(115,384)		13,707		1,931
Income tax payable	(6,081)		5,456		768		(57,004)		25,952		3,655
Deferred revenue	17,504		(31,253)		(4,402)		(56,387)		(42,390)		(5,971)
Accrued expenses and other current liabilities	121,638		(11,586)		(1,632)		(182,708)		(183,772)		(25,884)
Amount due to related parties	(265)		639		90		4,162		(4,865)		(685)
Deferred tax liabilities	(15,367)		(130,345)		(18,359)		(187,119)		(147)		(21)
Other non-current liabilities	(15,159)		6,953		979		(73,470)		24,710		3,480
Net cash provided by operating activities	538,696		415,877		58,573		1,226,891		2,277,161		320,729
Cash flows from investing activities:
Purchase of property and equipment	(10,053)		(316,847)		(44,627)		(80,445)		(576,310)		(81,172)
Payment for long-term investments	(15,000)		(9,750)		(1,373)		(70,343)		(18,750)		(2,641)
Purchase of short-term deposits	-		-		-		(1,700,000)		(1,028,556)		(144,869)
Cash received on maturity of short-term deposits	1,700,000		800,000		112,678		5,410,000		6,209,820		874,635
Payment for short term investments	(300,000)		-		-		(300,000)		-		-
Cash received from sales of short-term investment	-		308,550		43,458		-		308,550		43,458
Cash received on investment income distribution	-		-		-		3,523		1,517		214
Purchase of long-term deposits	(200,000)		(361,165)		(50,869)		(2,750,000)		(4,210,025)		(592,970)
Cash received on maturity of long-term deposits	-		-		-		1,200,000		1,700,000		239,440
Cash received from sales of long-term investment	-		10,000		1,408		-		25,000		3,521
Other investing activities	7		1		-		3,110		1,823		257
Net cash provided by investing activities	1,174,954		430,789		60,675		1,715,845		2,413,069		339,873
Cash flows from financing activities:
Deferred payment for business acquisition	-		-		-		(21,421)		-		-
Proceeds from exercise of share options	112		31		4		163		601		85
Repurchase of ordinary shares	(104,684)		(150,191)		(21,154)		(392,374)		(212,195)		(29,887)
Repurchase of subsidiary's share options	(1,076)		-		-		(40,943)		(4,319)		(608)
Dividends payment	-		(20,803)		(2,930)		(840,997)		(958,052)		(134,939)
Proceeds from long-term borrowings	-		-		-		-		2,154,000		303,385
Payment for redemption of convertible bonds	-		-		-		(2,136,987)		(2,679,942)		(377,462)
Net cash used in financing activities	(105,648)		(170,963)		(24,080)		(3,432,559)		(1,699,907)		(239,426)
Effect of exchange rate changes	(30,706)		(34,609)		(4,872)		41,390		93,988		13,240
Net increase (decrease) in cash and cash equivalents	1,577,296		641,094		90,296		(448,433)		3,084,311		434,416
Cash, cash equivalents and restricted cash at the beginning of period	3,621,305		7,641,818		1,076,328		5,647,034		5,198,601		732,208
Cash, cash equivalents and restricted cash at the end of period	5,198,601		8,282,912		1,166,624		5,198,601		8,282,912		1,166,624

 

 

 

Hello Group Inc.
Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(All amounts in thousands, except per share data)
1.	Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures.
	Three months				Three months				Three months
	Ended December 31, 2022				Ended December 31, 2023				Ended December 31, 2023
	GAAP	Share-based compensation	Non-GAAP		GAAP	Share-based compensation	Non-GAAP		GAAP	Share-based compensation	Non-GAAP
	RMB	RMB	RMB		RMB	RMB	RMB		US$	US$	US$
Cost of revenues	(1,916,050)	1,707	(1,914,343)		(1,770,117)	1,909	(1,768,208)		(249,316)	269	(249,047)
Research and development	(272,657)	22,145	(250,512)		(231,445)	13,375	(218,070)		(32,598)	1,884	(30,714)
Sales and marketing	(407,075)	8,480	(398,595)		(304,696)	8,653	(296,043)		(42,916)	1,219	(41,697)
General and administrative	(142,492)	57,612	(84,880)		(125,498)	38,287	(87,211)		(17,676)	5,393	(12,283)
Cost and operating expenses	(2,738,274)	89,944	(2,648,330)		(2,431,756)	62,224	(2,369,532)		(342,506)	8,765	(333,741)
Income from operations	409,226	89,944	499,170		601,997	62,224	664,221		84,789	8,765	93,554
Net income attributable to Hello Group Inc.	397,994	89,944	487,938		452,469	62,224	514,693		63,729	8,765	72,494

 

 

 

Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(All amounts in thousands, except per share data)
1.	Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures-continued.
	Year				Year				Year
	Ended December 31, 2022				Ended December 31, 2023				Ended December 31, 2023
	GAAP	Share-based compensation	Non-GAAP		GAAP	Share-based compensation	Non-GAAP		GAAP	Share-based compensation	Non-GAAP
	RMB	RMB	RMB		RMB	RMB	RMB		US$	US$	US$
Cost of revenues	(7,421,419)	14,195	(7,407,224)		(7,025,394)	6,307	(7,019,087)		(989,506)	888	(988,618)
Research and development	(1,006,219)	88,797	(917,422)		(884,590)	64,561	(820,029)		(124,592)	9,093	(115,499)
Sales and marketing	(2,073,617)	38,432	(2,035,185)		(1,414,949)	29,066	(1,385,883)		(199,291)	4,094	(195,197)
General and administrative	(596,006)	260,060	(335,946)		(502,479)	167,167	(335,312)		(70,773)	23,545	(47,228)
Cost and operating expenses	(11,097,261)	401,484	(10,695,777)		(9,827,412)	267,101	(9,560,311)		(1,384,162)	37,620	(1,346,542)
Income from operations	1,627,543	401,484	2,029,027		2,305,016	267,101	2,572,117		324,655	37,620	362,275
Net income attributable to Hello Group Inc.	1,484,283	401,484	1,885,767		1,957,581	267,101	2,224,682		275,719	37,620	313,339

 

 

 

Hello Group Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
	Three months
	Ended December 31, 2023
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Net revenues:
Live video service	1,423,730		100,155		-		1,523,885		214,635
Value-added service	1,264,358		160,535		-		1,424,893		200,692
Mobile marketing	33,395		11,520		-		44,915		6,326
Mobile games	5,441		-		-		5,441		766
Other services	1,760		-		2,038		3,798		535
Total net revenues	2,728,684		272,210		2,038		3,002,932		422,954
Cost and expenses (ii):
Cost of revenues	(1,638,915)		(130,237)		(965)		(1,770,117)		(249,316)
Research and development	(180,343)		(51,102)		-		(231,445)		(32,598)
Sales and marketing	(244,043)		(58,444)		(2,209)		(304,696)		(42,916)
General and administrative	(117,923)		(6,882)		(693)		(125,498)		(17,676)
Total cost and expenses	(2,181,224)		(246,665)		(3,867)		(2,431,756)		(342,506)
Other operating income	29,442		1,301		78		30,821		4,341
Income (loss) from operations	576,902		26,846		(1,751)		601,997		84,789
Interest income	124,294		57		3		124,354		17,515
Interest expense	(20,552)		-		-		(20,552)		(2,895)
Other gain or loss, net	(31,250)		-		-		(31,250)		(4,401)
Income (loss) before income tax and share of income on equity method investments	649,394		26,903		(1,748)		674,549		95,008
Income tax expenses	(180,669)		(2,708)		-		(183,377)		(25,828)
Income (loss) before share of income on equity method investments	468,725		24,195		(1,748)		491,172		69,180
Share of loss on equity method investments	(38,703)		-		-		(38,703)		(5,451)
Net income (loss)	430,022		24,195		(1,748)		452,469		63,729
(ii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
	Three months
	Ended December 31, 2023
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Cost of revenues	1,905		4		-		1,909		269
Research and development	13,194		181		-		13,375		1,884
Sales and marketing	8,653		-		-		8,653		1,219
General and administrative	38,279		8		-		38,287		5,393
Total cost and expenses	62,031		193		-		62,224		8,765

 

 

 

Hello Group Inc.
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report
(All amounts in thousands, except share and per share data)
	Three months
	Ended December 31, 2023
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Income (loss) from operations	576,902		26,846		(1,751)		601,997		84,789
Share-based compensation	62,031		193		-		62,224		8,765
Non-GAAP income (loss) from operations	638,933		27,039		(1,751)		664,221		93,554
Net income (loss)	430,022		24,195		(1,748)		452,469		63,729
Share-based compensation	62,031		193		-		62,224		8,765
Non-GAAP net income (loss)	492,053		24,388		(1,748)		514,693		72,494

 

 

 

Hello Group Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
	Three months
	Ended December 31, 2022
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$[1]
Net revenues:
Live video service	1,561,332		162,896		-		1,724,228		249,990
Value-added service	1,265,693		183,844		-		1,449,537		210,164
Mobile marketing	32,927		-		-		32,927		4,774
Mobile games	5,316		-		-		5,316		771
Other services	483		-		167		650		93
Total net revenues	2,865,751		346,740		167		3,212,658		465,792
Cost and expenses (iii):
Cost of revenues	(1,722,675)		(192,748)		(627)		(1,916,050)		(277,801)
Research and development	(200,740)		(71,917)		-		(272,657)		(39,532)
Sales and marketing	(307,166)		(98,209)		(1,700)		(407,075)		(59,020)
General and administrative	(131,844)		(7,899)		(2,749)		(142,492)		(20,659)
Total cost and expenses	(2,362,425)		(370,773)		(5,076)		(2,738,274)		(397,012)
Other operating (loss) income, net	(67,499)		2,339		2		(65,158)		(9,447)
Income (loss) from operations	435,827		(21,694)		(4,907)		409,226		59,333
Interest income	87,799		253		66		88,118		12,776
Interest expense	(10,955)		-		-		(10,955)		(1,588)
Income (loss) before income tax and share of income on equity method investments	512,671		(21,441)		(4,841)		486,389		70,521
Income tax (expenses) benefits	(135,602)		26,181		-		(109,421)		(15,865)
Income (loss) before share of income on equity method investments	377,069		4,740		(4,841)		376,968		54,656
Share of income on equity method investments	20,040		-		-		20,040		2,906
Net income (loss)	397,109		4,740		(4,841)		397,008		57,562
(iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
	Three months
	Ended December 31, 2022
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Cost of revenues	1,689		18		-		1,707		247
Research and development	15,907		6,238		-		22,145		3,211
Sales and marketing	8,473		7		-		8,480		1,229
General and administrative	57,350		262		-		57,612		8,353
Total cost and expenses	83,419		6,525		-		89,944		13,040
[1] All translations from RMB to U.S. dollars are made at a rate of RMB6.8972 to US$1.00, the effective noon buying rate for December 30, 2022 as set forth in the H.10 statistical release of the Federal Reserve Board.

 

 

 

Hello Group Inc.
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report
(All amounts in thousands, except share and per share data)
	Three months
	Ended December 31, 2022
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Income (loss) from operations	435,827		(21,694)		(4,907)		409,226		59,333
Share-based compensation	83,419		6,525		-		89,944		13,040
Non-GAAP income (loss) from operations	519,246		(15,169)		(4,907)		499,170		72,373
Net income (loss)	397,109		4,740		(4,841)		397,008		57,562
Share-based compensation	83,419		6,525		-		89,944		13,040
Non-GAAP net income (loss)	480,528		11,265		(4,841)		486,952		70,602

 

 

 

Hello Group Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
	Year
	Ended December 31, 2023
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Net revenues:
Live video service	5,567,894		504,977		-		6,072,871		855,346
Value-added service	5,085,541		667,030		-		5,752,571		810,233
Mobile marketing	109,125		24,552		-		133,677		18,828
Mobile games	19,610		-		-		19,610		2,762
Other services	16,337		-		7,257		23,594		3,323
Total net revenues	10,798,507		1,196,559		7,257		12,002,323		1,690,492
Cost and expenses (iv):
Cost of revenues	(6,404,042)		(599,348)		(22,004)		(7,025,394)		(989,506)
Research and development	(664,340)		(220,250)		-		(884,590)		(124,592)
Sales and marketing	(1,138,505)		(268,652)		(7,792)		(1,414,949)		(199,291)
General and administrative	(467,537)		(26,482)		(8,460)		(502,479)		(70,773)
Total cost and expenses	(8,674,424)		(1,114,732)		(38,256)		(9,827,412)		(1,384,162)
Other operating income	125,318		4,411		376		130,105		18,325
Income (loss) from operations	2,249,401		86,238		(30,623)		2,305,016		324,655
Interest income	435,451		713		89		436,253		61,445
Interest expense	(62,223)		-		-		(62,223)		(8,764)
Other gain or loss, net	(26,685)		-		-		(26,685)		(3,759)
Income (loss) before income tax and share of income on equity method investments	2,595,944		86,951		(30,534)		2,652,361		373,577
Income tax expenses	(623,844)		(6,179)		-		(630,023)		(88,737)
Income (loss) before share of income on equity method investments	1,972,100		80,772		(30,534)		2,022,338		284,840
Share of loss on equity method investments	(70,643)		-		-		(70,643)		(9,950)
Net income (loss)	1,901,457		80,772		(30,534)		1,951,695		274,890
(iv) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
	Year
	Ended December 31, 2023
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Cost of revenues	6,167		140		-		6,307		888
Research and development	49,987		14,574		-		64,561		9,093
Sales and marketing	29,061		5		-		29,066		4,094
General and administrative	167,135		32		-		167,167		23,545
Total cost and expenses	252,350		14,751		-		267,101		37,620

 

 

 

Hello Group Inc.
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report
(All amounts in thousands, except share and per share data)
	Year
	Ended December 31, 2023
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Income (loss) from operations	2,249,401		86,238		(30,623)		2,305,016		324,655
Share-based compensation	252,350		14,751		-		267,101		37,620
Non-GAAP income (loss) from operations	2,501,751		100,989		(30,623)		2,572,117		362,275
Net income (loss)	1,901,457		80,772		(30,534)		1,951,695		274,890
Share-based compensation	252,350		14,751		-		267,101		37,620
Non-GAAP net income (loss)	2,153,807		95,523		(30,534)		2,218,796		312,510

 

 

 

Hello Group Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
	Year
	Ended December 31, 2022
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Net revenues:
Live video service	5,966,323		544,137		-		6,510,460		943,928
Value-added service	5,183,302		823,716		-		6,007,018		870,936
Mobile marketing	124,956		-		-		124,956		18,117
Mobile games	55,732		-		-		55,732		8,080
Other services	4,781		-		1,225		6,006		871
Total net revenues	11,335,094		1,367,853		1,225		12,704,172		1,841,932
Cost and expenses (v):
Cost of revenues	(6,704,020)		(714,936)		(2,463)		(7,421,419)		(1,076,005)
Research and development	(737,380)		(268,839)		-		(1,006,219)		(145,888)
Sales and marketing	(1,346,692)		(721,889)		(5,036)		(2,073,617)		(300,646)
General and administrative	(547,798)		(33,234)		(14,974)		(596,006)		(86,413)
Total cost and expenses	(9,335,890)		(1,738,898)		(22,473)		(11,097,261)		(1,608,952)
Other operating income	8,753		11,830		49		20,632		2,991
Income (loss) from operations	2,007,957		(359,215)		(21,199)		1,627,543		235,971
Interest income	368,051		544		284		368,879		53,482
Interest expense	(83,530)		-		-		(83,530)		(12,111)
Other gain or loss, net	118,325		-		-		118,325		17,156
Income (loss) before income tax and share of income on equity method investments	2,410,803		(358,671)		(20,915)		2,031,217		294,498
Income tax (expenses) benefits	(586,663)		24,382		-		(562,281)		(81,523)
Income (loss) before share of income on equity method investments	1,824,140		(334,289)		(20,915)		1,468,936		212,975
Share of income on equity method investments	11,073		-		-		11,073		1,605
Net income (loss)	1,835,213		(334,289)		(20,915)		1,480,009		214,580
(v) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
	Year
	Ended December 31, 2022
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Cost of revenues	7,166		7,029		-		14,195		2,058
Research and development	67,659		21,138		-		88,797		12,874
Sales and marketing	38,202		230		-		38,432		5,572
General and administrative	259,669		391		-		260,060		37,705
Total cost and expenses	372,696		28,788		-		401,484		58,209

 

 

 

Hello Group Inc.
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report
(All amounts in thousands, except share and per share data)
	Year
	Ended December 31, 2022
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Income (loss) from operations	2,007,957		(359,215)		(21,199)		1,627,543		235,971
Share-based compensation	372,696		28,788		-		401,484		58,209
Non-GAAP income (loss) from operations	2,380,653		(330,427)		(21,199)		2,029,027		294,180
Net income (loss)	1,835,213		(334,289)		(20,915)		1,480,009		214,580
Share-based compensation	372,696		28,788		-		401,484		58,209
Non-GAAP net income (loss)	2,207,909		(305,501)		(20,915)		1,881,493		272,789

 

View original content:https://www.prnewswire.com/news-releases/hello-group-inc-announces-unaudited-financial-results-for-the-fourth-quarter-and-fiscal-year-2023-302089170.html

SOURCE Hello Group Inc.

FAQ

What were the net revenues for Hello Group Inc. in Q4 2023?

Net revenues were RMB3,002.9 million (US$423.0 million) in Q4 2023, a decrease of 6.5% from the same period in 2022.

How did the net income change for Hello Group Inc. in Q4 2023 compared to Q4 2022?

Net income increased to RMB452.5 million (US$63.7 million) in Q4 2023 from RMB398.0 million in Q4 2022.

What was the Monthly Active Users count for Tantan app in December 2023?

MAU on Tantan app were 13.7 million in December 2023, compared to 18.4 million in December 2022.

How many total paying users did Momo app have in Q4 2023?

Momo app had 7.4 million total paying users in Q4 2023, compared to 7.8 million in the same period in 2022.

What was the net income attributable to Hello Group Inc. for the full year of 2023?

Net income attributable to Hello Group Inc. was RMB1,957.6 million (US$275.7 million) for the full year of 2023, compared to RMB1,484.3 million in 2022.