Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
U.S. to Extend Huawei Reprieve by Allowing It to Continue Trade With U.S. Clients: Report
JD.com Sues Intellectual Property Authority Over ‘Double 11’ Trademark Verdict
Alibaba Cancels Investor Event in Hong Kong Amid Protests
LATEST
New Zealand Telecom Picks Nokia, Leaves Door Open for Huawei
NetEase to Hire Industry Veterans for First Overseas Game Studio: Report
China’s Shared-Bike Services Keep Getting More Expensive
China Home to One-Third of World’s Best Unicorn Investors, Hurun Report Says
Police Crack Down on Big Data Companies Serving Illegal Loan Sharks
JD.com Sues Intellectual Property Authority Over ‘Double 11’ Trademark Verdict
U.S. to Extend Huawei Reprieve by Allowing It to Continue Trade With U.S. Clients: Report
China High-Tech Seeks New Opportunities in Southeast Asia
Alibaba Cancels Investor Event in Hong Kong Amid Protests
Burberry to Work With Tencent to Open Social Retail Store in Shenzhen
JD.com Beats Estimates With 28% Revenue Growth in 3rd Quarter
Quantum Computing, CRISPR, Drones, Are Put on Chinese Kids’ Reading List
Reporter’s Notebook: Alibaba’s Good Luck Symbols Pay Off on Double 11
Money-Losing Ping An Fintech Unicorn Preparing for U.S. IPO
Hong Kong Unrest Rains on Trip.com’s Red Carpet
Internet Regulators Shut Down News Site for Defying Desist Order
Luckin Withdraws Lawsuit Against Starbucks As Sales Surge
Chinese Bitcoin-Mining Machine Company Canaan Slashes Its U.S. IPO
Alibaba CEO Strikes Hopeful Tone as E-Commerce Giant Prepares for Hong Kong IPO
WeWork’s China Challenger Eyes U.S. IPO Next Month

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