Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Popular WeChat Account Valued at 2 Billion Yuan Snapped Up By Education Firm
Vietnam Welcomes Companies Moving Production from China
China’s Legislature Passes Landmark Foreign Investment Law
LATEST
Tencent Quarterly Profit Sags, to Pay Dividend
Former Tencent AI Chief to Head New Sinovation-Backed Hong Kong Lab
U.S. Trade Delegation to Visit Beijing on March 28-29, China Says
The Fall of a Mysterious Private Villa in a Protected Wilderness Area in China
More Party Discipline Inspections Are Coming, With Focus on Central Government Institutions
China to Draft Value-Added Tax Law This Year
China Construction Bank Names New President
China High-Level Economic Forum to Focus on Opening Up
China Telecom to Invest 9 Billion Yuan in 5G This Year
People’s Daily Head Leaves for High-Level Position at Beijing’s Liaison Office in Hong Kong
Xiaomi Swings to Profit Amid Lackluster Smartphone-Industry
After Food Scandal, New Rule Requires School Officials to Dine With Students
Like the U.S., China Has Its Own College Admissions Problems
Swine Flu Prevention Moves to the Slaughterhouse
China’s Securities Watchdog Receives 22 Fund Applications Targeting High-Tech Board
Stock Nosedives for Shenzhen Software Company After Activist Dubs It Bubble
Teenage Son Kills Mother to End Her ‘Harsh’ Discipline
China’s New Nasdaq-Style High-Tech Board Starts Taking Applications for IPOs
Chinese Dairy Leader Purchases New Zealand’s Major Milk Supply Co-Operative
New Income Tax Law Takes Bite From Government Coffers

By Liu Shuangshuang and Tang Ziyi / Mar 13, 2019 05:20 PM / Business & Tech

Photo: VCG

Photo: VCG

Mobile social media platform and dating app Momo Inc. is seeing its net profit growth slow down due to the platform’s heavy reliance on the sluggish livestreaming industry.

Momo’s net profit grew 31% year-on-year to 2.8 billion yuan ($420 million) last year, down from the 119% growth reported the previous year. The company’s revenue mostly comes from its live video service business, according to an unaudited fiscal report released Tuesday.

The report comes as the market penetration rate of livestreaming services--an indicator of usage --fell to 18.7% in December last year, down 3.1% from the year before, local media Beijing Business Today reported, citing data provider Jiguang. 

Momo’s revenue hit 13.4 billion yuan in 2018, up 51% from the year before.  


Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.