MOMO: MOMO Live Broadcasting Restructuring’s Negative Impact On Growth & Margins Is Toward The End; Expect 4Q20 Revenue To Be Slightly Better Than Consensus
MOMO will report 4Q20 results on March 25th before the markets open with an 8am EST conference call. In view of the macro condition, MOMO had started a structural adjustment to its core live broadcasting since August 2020. It reduced the revenue concentration of the top hosts and redirected traffic toward the middle cohort within the pyramid. This change put pressure on Momo’s core live broadcasting revenue and gross margin in 2H2020. However, we believe the adjustment is toward the end, the sliding in its core business is likely to end in 1H21 and is likely to have upside in 2H21. For its Tantan business, we believe a major structural change to its operation and management is needed.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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