PRESS RELEASE – Hello Group faced a 6% year-over-year decline in Q3 2023, with total group revenue falling to $424M. This was primarily due to economic headwinds and strategic product adjustments. Despite the revenue drop, the company's adjusted operating income rose by 30% to $95M. Tantan, their dating app, sustained profitability even with reduced revenue. The focus is now on stabilizing and growing the user base of the Momo app, adapting to the Asian dating market, and expanding new apps. The decrease in subscribers and paying users contributed to the revenue decline.
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