- Hello Group Inc MOMO, a mobile social and entertainment platform in China, disclosed that Li Wang has resigned as the CEO due to health reasons, effective immediately.
- Executive Chair Yan Tang has assumed the role of CEO.
- Wang will remain with Hello Group as an executive director and president, assisting Yan Tang in executing the company’s core strategies.
- Hello reported a second-quarter FY22 net revenue decline of 15.3% year-on-year to $464.4 million, beating the consensus of $445.3 million.
- Monthly Active Users (MAU) on the Momo application were 111.2 million in June 2022, down from 115.6 million in June 2021.
- Revenues from the Live video service declined 27.7% Y/Y to $226.9 million, Mobile marketing fell 30.4% Y/Y to $5.4 million.
- Price Action: MOMO shares traded lower by 2.92% at $4.66 on the last check Friday.
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