35.15 -0.04 (-0.11%)
After hours: 4:39PM EDT
|Bid||35.17 x 900|
|Ask||35.18 x 3200|
|Day's Range||34.74 - 35.47|
|52 Week Range||22.85 - 49.38|
|Beta (3Y Monthly)||2.37|
|PE Ratio (TTM)||17.25|
|Earnings Date||Dec 3, 2019 - Dec 9, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||42.64|
(Bloomberg) -- Chinese startup Kuaishou is considering to a U.S. initial public offering to bankroll its expansion in short videos and fend off competition from TikTok-owner ByteDance Inc., according to people familiar with the matter.The company, backed by Tencent Holdings Ltd., plans to list next year, the people said, requesting not to be named because the matter is private. One person said Kuaishou also weighed the option of going public this year. The video startup is raising more than $1 billion at a $25 billion valuation in a pre-IPO round mostly from Tencent, one of the people said.Kuaishou is an important part of Chinese social media giant Tencent’s strategy to compete against ByteDance, now the world’s most valuable startup. Tencent has devoted a lot of resources toward building a library of short and mini video offerings -- key to retaining user attention and boosting advertising revenue -- but has yet to catch its rival.“Tencent’s biggest enemy is ByteDance right now,” said David Dai, a Hong Kong-based analyst at Bernstein. “Tencent hasn’t been very successful in short videos in the past, so resorting to investing in other companies instead is its best option.”U.S.-listed shares of some of Kuaishou’s competitors fell. Momo Inc. fell 2.8%, the most in more than a week, while DouYu International Holdings Ltd. fell 1.9%, the most in about a month. Both under-performed the Nasdaq, which rose 0.3%.Read more: Tencent Tumbles After China’s Slowdown, ByteDance Hit Ad SalesTencent President Martin Lau said during an August earnings call that short and mini videos would be a key vertical for expansion.Kuaishou or “fast hand” first established its popularity among users in China’s smaller cities and rural areas, with people streaming slices of everyday life from harvesting corn to slurping noodles. It’s also been luring users in bigger cities and expanding its content to include everything from people playing video games to teenagers lip-syncing songs.Kuaishou was seeking funds in January last year at a valuation of $17 billion. The eight-year-old company, which was valued at $3 billion in January 2015 by CB Insights, also counts Sequoia and Morningside Group Holdings as backers. It had 110 million daily active users as of December 2017, according to its website. Annie He, a spokeswoman for Kuaishou didn’t respond to requests for comment. Tencent declined to comment in an emailed statement.“Kuaishou is the only one that can still counter ByteDance now,” Dai said.(Updates with shares from the fifth paragraph and adds chart.)To contact the reporters on this story: Crystal Tse in Hong Kong at email@example.com;Lulu Yilun Chen in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, ;Fion Li at firstname.lastname@example.org, Colum Murphy, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Momo Inc.’s shares slid by their most in a month after China’s technology industry overseer began an inquiry into how its Zao face-swapping app handles user data.The stock slid 6.6% after the Ministry of Industry and Information Technology responded to an online outcry about privacy terms involving the app, which went viral in the world’s biggest smartphone market. The ministry asked executives at the Chinese company to “rectify” the app, according to a statement posted to its official social media account. It also asked Momo, better known as a developer of hookup and live-streaming services, to only collect and use personal data according to local laws. The company should assess security risks on new platforms and prevent the use of information in online fraud, according to the statement.Zao’s developers said in a statement Wednesday they would abide by the laws, regulations and requirements of the authorities, and implement higher standards to secure user data.Momo’s app launched recently and rapidly topped the free downloads chart on China’s Apple iOS store. It lets users upload a headshot of themselves and swap faces with the likes of Leonardo DiCaprio and Marilyn Monroe in popular movie scenes. But delight at the prospect of becoming instant superstars turned sour as privacy implications sank in.An earlier version of Zao’s user agreement stated the app had “permanent” rights to all user-generated content. The developers have since tweaked the terms and said they were addressing privacy issues. But Zao was deluged by a wave of negative reviews that sent its App Store rating to 1.9 stars out of 5 at one point.“When the initial freshness of the play fades, we think users are likely to quickly become bored and we are unsure how the company plans to retain its users,” CICC analyst Natalie Wu wrote in a note Tuesday.Read more: China’s Red-Hot Face-Swapping App Provokes Privacy Concern (1)To contact the reporter on this story: Zheping Huang in Hong Kong at email@example.comTo contact the editors responsible for this story: Edwin Chan at firstname.lastname@example.org, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Chinese face-swap app Zao rocketed to the top of app store charts over the weekend, but user delight at the prospect of becoming instant superstars quickly turned sour as privacy implications began to sink in.Launched recently, Zao is currently topping the free download chart on China’s iOS store. Its popularity has also pushed another face-swap app, Yanji, to fifth place on the list. Behind Zao is a company fully owned by Chinese hookup and live-streaming service Momo Inc. President Wang Li and co-Founder Lei Xiaoliang, according to public company registration documents.Users of the app upload a photo of themselves to drop their likeness into popular scenes from hundreds of movies or TV shows. It’s a chance to be the star and swap places with the likes of Marilyn Monroe, Leonardo DiCaprio or Sheldon Cooper from The Big Bang Theory in a matter of moments.The photo uploads have proven problematic, however. A user can provide an existing photo or, following on-screen prompts, create a series of photos where they blink their eyes and open their mouth to help create a more realistic deepfake. An earlier version of Zao’s user agreement stated that the app had “free, irrevocable, permanent, transferable, and relicense-able” rights to all this user-generated content. Zao has since updated its terms -- the app now says it won’t use headshots or mini videos uploaded by users for purposes other than to improve the app or things pre-agreed by users. If users delete the content they uploaded, the app will erase it from its servers as well.But the reaction has not been quick enough, as Zao has been deluged by a wave of negative reviews that now sees its App Store rating stand at 1.9 stars out of five, following more than 4,000 reviews. Many users complained about the privacy issue.“We understand the concern about privacy. We’ve received the feedback, and will fix the issues that we didn’t take into consideration, which will need a bit of time,” a statement posted to Zao’s account on social-media platform Weibo said.On Monday, the China E-Commerce Research Center urged authorities to look into the matter. The app “violates certain laws and standards set by the nation and the industry,” the research house said in a statement, citing Wang Zheng of the Taihang Law Firm.It’s not the first time such face-swapping apps have enjoyed popularity either in China or around the world, but Zao’s smooth and quick integration of faces into videos and internet memes is what makes it stand out.The machine learning technology underpinning deepfakes of this kind has matured rapidly, to the point where it can believably impersonate famous personalities like Joe Rogan and make them say whatever the aspiring faker types. U.S. politicians are wrestling with the issue of how to regulate this emergent misinformation threat, and top Democrat Adam Schiff has described it as a source of “nightmarish scenarios” for the 2020 presidential election.At the individual level, FaceApp is the most famous and notorious deepfake face-modification app to date. It went viral globally on two different occasions, showing people how they’d look in their old age or with their gender flipped. The app also kicked up an unintentional privacy scare with its practice of uploading images to servers to be processed, illustrating a growing sensitivity to how user data is handled.After users flooded WeChat, China’s most widely used social media platform, with Zao-enabled short clips and GIFs, the Tencent Holdings Ltd.-operated messaging app banned links to the service, saying there have been numerous reports about it presenting “security risks.” Tencent didn’t immediately comment on the decision.“I just realized the terms are so unfair but it’s too late,” one unhappy iOS reviewer of Zao wrote. “Nowadays people don’t usually bother to read them.”“Rubbish, hooligan software,” added another reviewer.(Updates with research center’s comments in the 7th paragraph)\--With assistance from Vlad Savov and Lulu Yilun Chen.To contact the reporters on this story: Colum Murphy in Hong Kong at email@example.com;Zheping Huang in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Colum Murphy, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Momo's (MOMO) second-quarter 2019 results benefit from live-video service and value-added services revenue growth but Tantan's suspension from app stores in China hurts.
Topping guidance and delivering better-than-expected adjusted earnings help spare the Chinese social networking specialist from the stigma of decelerating growth and declining per-share reported profitability.
Momo (NASDAQ: MOMO ) reported second-quarter earnings of 82 cents per share, which beat the analyst consensus estimate of 72 cents by 13.89%. This is a 24.24% increase over earnings of 66 cents per share ...
NEW YORK, NY / ACCESSWIRE / August 27, 2019 / Momo, Inc. (NASDAQ: MOMO ) will be discussing their earnings results in their 2019 Second Quarter Earnings to be held on August 27, 2019 at 8:00 AM Eastern ...
BEIJING , Aug. 27, 2019 /PRNewswire/ -- Momo Inc. (NASDAQ: MOMO) ("Momo" or the "Company"), a leading mobile social networking platform in China , today announced its unaudited financial ...
Momo (NASDAQ: MOMO ) announces its next round of earnings this Tuesday, August 27. Here is Benzinga's everything-that-matters guide for the Q2 earnings announcement. Earnings and Revenue Momo EPS is expected ...
In March 2019, Momo Inc. (NASDAQ:MOMO) announced its earnings update. Overall, analysts seem highly optimistic, with...
iQIYI's (IQ) second-quarter 2019 results are expected to benefit from solid content slate, expanding original content portfolio and partnerships.
Holistic growth, backed by the launch of innovative products and strategic acquisitions, is likely to drive second-quarter 2019 revenues of Turtle Beach (HEAR).
Innovative products that augment the portfolio of public safety network testing solutions are likely to drive second-quarter 2019 revenues of PCTEL (PCTI).
BEIJING , Aug. 6, 2019 /PRNewswire/ -- Momo Inc. (Nasdaq: MOMO) ("Momo" or the "Company"), one of China's leading mobile social networking platforms, today announced that it will release ...