Momo.com (8454) Q4 2024 earnings summary

Executive summary

• 2024 saw annual revenue growth of 3% year-over-year to NT$112.56 billion, driven by e-commerce and media segments, with stronger EC GMV but offset by TV shopping declines and accounting changes in 3P business.

• Customer metrics improved, with MAU up 6% and active users up 11% year-over-year, reflecting higher satisfaction and engagement.

• EBITDA margin expanded by 10bps to 5.3%, supported by 3P business and RMN (momoAds), despite higher expenses from new business and marketing investments.

• Strategic focus for 2025 includes GMV growth, especially in 3P, leveraging logistics, technology, and ESG initiatives.

• Net income attributable to owners was NT$3.45 billion, a 5% decrease from the prior year.

Financial highlights

• Q4 consolidated revenue: NT$33.48 billion (+1.9% YoY); full-year revenue: NT$112.56 billion (+3% YoY); e-commerce revenue at NT$108.83 billion (+3.5% YoY), accounting for 97% of total revenue.

• Q4 EBITDA: NT$1.78 billion (+4.2% YoY), EBITDA margin at 5.3% (+10bps YoY); full-year EBITDA: NT$5.65 billion.

• Q4 net income to parent: NT$1.11 billion; EPS: NT$4.44; full-year net income after-tax: NT$3.5 billion; EPS: NT$13.69.

• Media business revenue declined 12.4% YoY to NT$961 million in Q4; full-year media segment revenue was NT$3.69 billion (+2% YoY).

• Cash and cash equivalents at year-end were NT$5.06 billion, down from NT$6.28 billion a year earlier.

Outlook and guidance

• No quantitative financial guidance for 2025, but focus is on driving GMV growth, particularly in 3P, with continued investment in technology, logistics, and marketing.

• 3P business and retail media network expected to be key growth drivers.

• New IFRS standards will be adopted in 2025 and 2026, with no material impact expected.