SEEKING ALPHA - June 11 - Momo believes its underperforming Tantan app could grow strongly following a major overhaul now in the works. Tang Yan's move from the CEO's office was just the beginning of a bigger shakeup. That shakeup claimed new victims in April with the departure of the CEO and COO of the Tantan app that Momo acquired for $760M in 2018. Momo's current CEO Wang Li, formerly Momo's longtime COO, confirmed the changes at the top of Tantan on the company's action-packed investor call following the release of its quarterly earnings this week. Investors seemed to welcome the news, with Momo’s shares up 10% since the announcement of the company's latest quarterly results. The company's revenue fell 3.4% to $543M in the Q1, and Momo said it expects another decline of ~5% in the current quarter. Both of those figures do represent an improvement from the 12% revenue decline from last year, including a 19% drop in the Q4. Q1 profit was similarly uninspired, falling 14%.
See full article at Seeking Alpha