MOMO: MOMO Social Networking Was Challenged By Social Distancing In 1Q20; Gradually Recovering In 2Q20
MOMO will report 1Q20 results on May 28th before the markets open with an 8am EST conference call. Based on our data, total revenue in 1Q20 is likely to be slightly higher than consensus at RMB3,489M and toward the high end of its guidance range of RMB3,450M - RMB3,550M. The result of 1Q20 was impacted by two factors: 1) the COVID-19 outbreak led to social distancing, which impacts MOMO’s business of social networking; 2) also negatively impacted as the government prohibited the Lucky-draw function in live broadcastings since January 23, 2020. While 2Q20 has not fully recovered, the business activities were more positive than in 1Q20.
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