Zhiwen Group’s net profit increased by 64% year-on-year in the second quarter of 2023, and the number of paying users of Momo App reached 7.9 million

Zhiwen Group today announced its unaudited financial results for the second quarter of 2023. According to the financial report, Zhiwen Group’s net revenue in the quarter reached 3.138 billion yuan, a year-on-year increase of 0.9%. Net profit attributable to Zhiwen Group was 568.4 million yuan (approximately US$78.4 million). In the same period last year, it was 345.6 million yuan, a year-on-year increase of 64%

; not measured in accordance with U.S. GAAP, the net profit attributable to Zhiwen Group in the second quarter of 2023 was 632 million yuan, a year-on-year increase of 36%.

According to the report, we learned that in the second quarter, the number of paying users of Momo App reached 7.9 million, while the number of paying users of Tantan was 1.4 million

Second in 2023 Momo's net revenue in the quarter was 2.8166 billion yuan (approximately US$388.4 million), compared with 2.7795 billion yuan in the same period last year.

The growth mainly came from the growth of live broadcast services and independent new Apps revenue

, and the value-added value of Momo App The increase was partially offset by lower services revenue. Tantan’s net revenue in the second quarter of 2023 was 320.7 million yuan (approximately $44.2 million).

In the second quarter of 2023, revenue from live streaming services was 1.5888 billion yuan (approximately US$219.1 million), an increase of 4.5% from the same period last year

In the second quarter of 2023, revenue from value-added services Reached 1.4995 billion yuan (approximately 206.8 million US dollars). Revenue from value-added services includes virtual gift services and membership subscription services

In the second quarter of 2023, mobile marketing revenue reached 37 million yuan, equivalent to approximately US$5.1 million, while mobile gaming revenue was 2.6 million yuan, approximately US$400,000

Mr. Tang Yan, Chairman and CEO of Zhiwen Group, said: "This quarter's performance is outstanding. Regardless of Whether in terms of financial indicators or the implementation of various strategic priorities, we have made good progress." Zhiwen Group Chief Operating Officer Zhang Sichuan said: "Recently, we celebrated Momo's 12th birthday. As a member of the founding team, I am very happy to see that over the past decade or so, we have grown from a single-function application software to a listed group company with multiple brands and footprints in different countries and regions. This In the first quarter, the group level achieved year-on-year growth for the first time in three years since the epidemic, which was mainly due to the stabilization and recovery of Momo’s cash cow business. The substantial improvement in profit levels year-on-year and quarter-on-quarter was mainly attributed to the team’s effective cost reduction and efficiency improvement strategies. It allowed Tantan to turn losses into profits and at the same time stabilize Momo's output."

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