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KEY STAT | China’s Tinder Momo reports unsatisfying Q2 earnings

And the lackluster earnings results have brought down Momo’s share price.

Momo Inc. (NASDAQ: MOMO), the social media platform company that owns Tinder-like app Tantan and location-based online dating service Momo, saw its profit drop nearly 40% in Q2 2020 year-on-year as the coronavirus pandemic discouraged its paying users.

The company said in its earnings report that COVID-19 has adversely affected the sentiment of its paying users, especially the top ones.

Revenue for the three months ended in June was USD 570 million, up 7.6% from Q1 but down 6.8% year-on-year, per the company’s earnings report.

What’s worse is, Momo reported a negative user growth for its apps: as of June, total monthly active user was 111.5 million, while in 2019 Q2 it was 113.5 million.

The lackluster earnings results have brought down Momo’s share price, which now stands at USD 19.91, roughly the same as they were four years ago in September 2016.

More on China’s dating apps please read: The nine most popular Chinese dating apps in 2020 aren’t what you would expect [Update]

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.