Zhiwen Group issues Q1 financial report: Exploring the realization of first-time operational profitability

On June 6th, Zhiwen Group announced its unaudited financial performance for the first quarter of 2023. According to the financial report, in the first quarter of 2023, Zhiwen Group's net revenue reached 2

On June 6th, Zhiwen Group announced its unaudited financial performance for the first quarter of 2023. According to the financial report, in the first quarter of 2023, Zhiwen Group's net revenue reached 2.8189 billion yuan (approximately $410.5 million), and the net profit attributable to Zhiwen Group was 390.3 million yuan (approximately $56.8 million). Not measured according to US GAAP, the net profit attributable to Zhiwen Group in the first quarter of 2023 was 471.9 million yuan (approximately $68.7 million).

Among them, in the first quarter of 2023, the revenue of live broadcast service was 1429.3 million yuan (about $208.1 million), the revenue of value-added service was 1361.5 million yuan (about $198.2 million), the revenue of mobile marketing was 21.1 million yuan (about $3.1 million), the revenue of mobile games was 3.7 million yuan (about $500000), the net revenue of Momo main app was 2510.1 million yuan (about $365.5 million), and the explored net revenue was 308.6 million yuan (about $44.9 million).

The financial report also pointed out that the costs and expenses of Zhiwen Group in the first quarter of 2023 were 2.4191 billion yuan (approximately 352.2 million US dollars), a decrease of 14.2% from the 2.820 billion yuan in the same period of the previous year. The decrease in costs and expenses is mainly due to the reduction in marketing and promotion expenses caused by exploring and reducing investment control strategies; The decrease in revenue sharing between Momoshang and live streaming service providers, as well as the decrease in revenue sharing with virtual gift recipients in virtual gift services, was partially offset by the increase in revenue sharing between new independent apps and virtual gift recipients; The decrease in compensation expenses and option reward expenses is due to our continuous optimization in personnel costs and the decrease in the fair value of newly granted options.

Regarding this, Tang Yan, Chairman and CEO of Zhiwen Group, said, "We achieved very solid performance results in the first quarter, laying a solid foundation for promoting business development in the post pandemic era. I am pleased to see that our team is able to effectively execute strategic priorities in all business areas. Exploring has achieved profitability at the first operational level, and Momo's Jinniu business continues to produce stable output, both of which have promoted the improvement of the group's profitability

Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])