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Hello Group CEO Li Wang Resigns On Health Grounds; Chair Yan Tang Takes Over Reins

  • Hello Group Inc (NASDAQ: MOMO), a mobile social and entertainment platform in China, disclosed that Li Wang has resigned as the CEO due to health reasons, effective immediately.

  • Executive Chair Yan Tang has assumed the role of CEO.

  • Wang will remain with Hello Group as an executive director and president, assisting Yan Tang in executing the company's core strategies.

  • Hello reported a second-quarter FY22 net revenue decline of 15.3% year-on-year to $464.4 million, beating the consensus of $445.3 million.

  • Monthly Active Users (MAU) on the Momo application were 111.2 million in June 2022, down from 115.6 million in June 2021.

  • Revenues from the Live video service declined 27.7% Y/Y to $226.9 million, Mobile marketing fell 30.4% Y/Y to $5.4 million.

  • Price Action: MOMO shares traded lower by 2.92% at $4.66 on the last check Friday.

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