Q3 2020 Momo Inc Earnings Call
Thank you for standing by welcome for the 2020.
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At this time for peace of mind.
Dead dead dead dead. Thank you for standing by and welcome to the third quarter of 2024 created during this conference call and at this time also.
For the Speaker security.
The the question answer session.
For your questions.
But.
Telephone keypad.
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[noise]. Thank you operator, Hello, everyone and thank you for joining us today for.
Because only after the speaker's prepared remarks will be a question-and-answer session and for your questioners you need to press power one on your telephone keypad, and please note that is being recorded today. I would like to send a confirmation over to your first speaker for today Miss Jackie Chan. Thank you for calling.
The third quarter 2020 earnings conference call.
The company's results were released earlier today and are available on the Companys IR website.
On the call today from on our Mr tongue in cheek Chief Executive Chairman of the Board Mr. Wollney, Chief Executive Officer of mobile.
Thank you. I'll Creator. Hello everyone and thank you for joining us today for a moment third quarter 2020 earnings conference call. The company's results were released earlier today and are available on the company's I our website.
Mr Volume founder and Chief Executive Officer of time time, and Mr., Jonathan Jones, Chief Financial Officer.
They will discuss the company's business operations the highlight as.
As always the financials and guidance.
They will be on a they will all be available to answer your questions. During the Q any session that follows.
Before we begin I would like to remind you that this call may contain forward looking statements made under the safe Harbor provisions of the probably the security Securities Litigation Reform Act of 19 eyesight.
Such statements are.
On the call today from one more our Mr. Tomlin exactly the chairman of the board Mister Wong me chief executive officer no more, mr. While he found her and chief executive officer of time time. And mr. Jonathan Jones Chief Financial Officer. They will discuss the company's business operations and highlights as well as the financials and guides. They will be all they were all be available to answer your questions during the Q&A session that follows before we begin. I would like to remind you that this call may contain forward-looking statements made under the Safe Harbor provisions and the private security Securities litigation Reform Act of 1995.
Based on management's current expectations on current market and operating conditions I relate to the events that involve known or unknown risks uncertainties and other factors all of which are difficult to predict and many of which are beyond the company's control.
We should the cost the company's actual results performance or achievements to differ materially from the with you know for where the key thing for.
The information regarding these and other risks and uncertainties on factors is included in the Companys filings with the U.S. Securities and Exchange Commission.
The company does not undertake any obligation to update any forward looking statement.
As a result of new information future events on.
Such statements are based on Management's current expectations and current market and operating conditions and relate to the events that involve known or unknown risks on Thursdays and other factors all of which are difficult to predict and many of which are beyond the company's control which may cause the company's actual results performance or achievements to differ materially from those in the forward-looking statements for the information regarding these and other risks or uncertainties and factors is included in the company's filings with the US Securities Exchange Commission. The company does not undertake any obligation to update any forward-looking statements.
Or otherwise.
Except as required under law.
I will now pass the call over to Mr., Tom I will translate for him Mr. Huh [noise].
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As a result of new information future events or otherwise except as required under law. I will now pass the call over to mister Tom. I will translate for him next month charge if you don't speak English
[laughter].
Good morning on good evening, everyone. Thank you for 20 on conference call today.
As many of you know I've already resigned as the Chief Executive Officer of the company.
I remain as the Chief Executive Chairman of the board.
Moving forward unless I have anything special to say I, probably won't participate in regular earnings call on regular debate on.
[noise] the job well the top down for the long time devotee also the most trusted business partner of mine and now the new Chief Executive Officer of the company Mr. while the.
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[noise], although I no longer the CEO I still going for deeply deeply involved in setting the strategic priorities and directing new product in the business initiative for the company that adult as deeply committed to.
I'm not going to communicate with the investor community as often in the future of before I.
Good morning, and good evening everyone. Thank you for joining our conference call today as many of you know, I've already resigned as the chief executive officer of the company and remain a that's exactly the chairman of the board going forward unless I have anything special to say I probably won't participate in regular earliest calls on regular base on holiday. If the job will be passed on to the longtime Deputy. Also the most trusted business partner of mine and now the new Chief Executive Officer of the company. Mr. Wang Lee hom. See you then found was in to the one more time.
Like to take this opportunity to share on my views on what has taken them on the spot and where it's heading toward in the coming few years [noise].
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Although I'm no longer the CEO. I'm still going to deeply deeply involved in setting the Strategic priorities and directing new product and busy it is for the company that built and so deeply committed to as I'm not going to communicate with investor Community as often in the future as before. I would like to take this opportunity to share my views on what has taken one more this far and where it is heading toward in the coming few years I mentioned
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[noise] pressures on the other won't have the the she was the how do you do you know the payback.
Just on I will jump on the which obviously the only [noise].
[noise] nine years ago, I studied momo with an idea for how people discover new relationship the spend their social connection and the meaningful interaction.
They're trying to see what's your name? Hello.
This is a basic human demand that everybody needs, regardless of Geo location on cultural background.
But this is also something that we Chinese people, particularly need because of the uniqueness we have here in China, some economic the vital and cultural perspective.
Nine years ago. I started one more way than idea to help people discover new relationships. They spend their social connections and build meaningful interactions. This is a basic human demand that everybody needs regardless of geolocation and cultural background.
Today in retrospect, I'm glad to say that in so many different risk that the.
But this is also something that we Chinese people particularly need because of the uniqueness we have here in China from economic societal and cultural perspectives.
The mission has been accomplished.
Every month.
Today in retrospect. I'm glad to say that in so many different respects. The mission has been accomplished.
On 100 million people are connecting interacting.
And building momentum or otherwise meaningful relationships on our family of apps.
At the same time.
every month more than a hundred million people are connecting interacting and building romantic or otherwise meaningful relationships on our family of apps
It has been and always will be opportunities for improvement seen better satisfy and user demand.
That obviously is the on its main driving for us for the company to gross.
At the same time there has been and always will be opportunities for improvements in better satisfying user demands.
If we can keep doing a better job.
That obviously is the ultimate driving force for the company to grow.
Addressing the the man that we were not able to serve well in the past.
On the same time keep evolving ourselves of the users do we will grow.
When the nearby people cannot meet all of the user demand that we saw we brought on interest groups and.
If we can keep doing a better job in addressing the demand that we were not able to serve well in the past and at the same time keep evolving ourselves as a user's do we will grow?
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The tax on picture base information failed to satisfy all of the user demand that we saw we gave them the life screening short videos.
When the nearby people could not meet all the user demand that we saw we brought them interest groups and nearby post.
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Even virtual Tyrone.
[noise] when some people wanted a completely different social contacts and product mechanism, we added content for our family of GAAP.
And text and picture Base information fails to satisfy all the user demand that we saw we gave them live streaming short videos in a party games and even virtual Tarot.
This is how over the past nine years.
When some people wanted a completely different social context and product mechanism we added content to our family of apps.
Price for more pharmacy simple single function the application for a multibillion dollar company.
This relentless focus on innovation encouraged the constantly reinventing the transform ourselves well continue to be the way we drive the company forward in the future.
This is how over the past nine years we transformed more more from a simple single-function the application to a multi-billion-dollar company.
Thank you for trusting the on my team and for being part of the journey.
Now, let me hand, the call the saw Chief Executive Officer on me Mr. lumpy.
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This Relentless focus on Eurasian and courage to constantly reinvent and transform ourselves will continue to be the way we drive the company forward in the future. Thank you for trusting one more team and for being part of the journey now, let me hand the call over to our chief executive officer wrongly special on please. So the sales. How about Monday?
Good morning on good evening, everyone. Thank you for a drain on our conference call today.
This is my first earnings call as the Chief Executive Officer of the company.
I'm going to spend the first part of my speech on reducing the operational and business update.
Good morning, and good evening everyone. Thank you for joining our conference call today. This is my first running car as the chief executive officer of the company.
After that I like to share some of the priorities that I set for my team for the coming few quarters.
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[noise] Firstly, a brief overview of the financial performance.
For the third quarter 2020 total revenue was.
Did you send you to meet you can hold the Grateful Dead?
Firstly a brief overview of the financial performance.
For the 3rd.
3.77 billion renminbi down 15% year over year.
The year over year decrease was mainly due to the structural reform that we are currently undertaking within mum on course live video business.
Twenty-twenty total revenue was 3.77 billion MB down 15% year-over-year.
So you're you're decrease was mainly due to structural reform that we are currently undertaking within Momoa course live video business.
Okay.