Popular App Momo Saw Revenue Shrink in First Quarter
- Wednesday, June 17 2020 @ 09:49 am
- Contributed by: kellyseal
- Views: 3,256
Beijing-based social app Momo is the latest company to see its revenue fall for the first quarter of 2020 due to the economic repercussions of a global pandemic. Interestingly, while other social networks and dating apps have seen an increase in users over the same period, Momo reported a decline there, too.
According to PanDaily, Momo’s net revenues decreased by 3.5% year over year to $3.59 billion Chinese yuan. The bulk of the revenue - 64.9% - came from live-streaming services on Momo and its popular dating app Tantan. Tantan on the other hand reported an increase in revenue in the first quarter of 29.3 percent from Q1 of 2019. Tantan contributed 10 percent of Momo’s overall revenue for Q1 of 2020.






