Hello Group (MOMO) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 saw revenue declines in core domestic businesses, with Q4 net revenues down 12.2% year-over-year to RMB 2,636.5 million and full year revenues falling 12% to RMB 10,563.0 million.

• Overseas operations, especially new apps and the SoulChill brand, delivered robust growth, offsetting domestic softness.

• Strategic focus shifted to profitability, cost optimization, and ROI-driven user acquisition, particularly for Momo and Tantan.

• Net income and non-GAAP net income for both Q4 and full year 2024 declined significantly year-over-year.

• User metrics declined: Tantan MAU at 10.8 million (down from 13.7 million), Momo paying users at 5.7 million (down from 7.4 million), and Tantan paying users at 0.9 million (down from 1.2 million).

Financial highlights

• Q4 2024 total revenue was RMB 2.64 billion, down 12% year-over-year and 1% quarter-over-quarter.

• Adjusted operating income for Q4 was RMB 280 million (10.6% margin); excluding film costs, it was RMB 374 million (14.2% margin).

• Non-GAAP net income for Q4 was RMB 230.5 million; adjusted for one-time costs, it would have been RMB 371.1 million.

• Live video service revenues in Q4 2024 fell 17% year-over-year to RMB 1,264.9 million.

• Overseas revenue grew 40% year-over-year to RMB 1.57 billion in 2024.

Outlook and guidance

• Q1 2025 revenue expected between RMB 2.4–2.5 billion, a 6.3%–2.4% year-over-year decline.

• Momo segment revenue projected to decrease mid to low single digits; Tantan revenue expected to decline ~20% year-over-year.

• Overseas revenue forecasted to grow to RMB 1.7–2 billion in 2025.

• Group non-GAAP operating margin targeted at 12–13% for 2025, with profitability supported by cost optimization.