BRIEF: Newborn Town’s revenue rises more than 30% in first quarter
Social media platform operator Newborn Town Inc. (9911.HK) said on Wednesday its revenue rose more than 30% in the first quarter, fueled by its continued global expansion and the application of AI across its network.
The company said it expects to report its revenue reached between 2.03 billion yuan ($295 million) and 2.13 billion yuan in the three months to March, representing a year-on-year increase of 33% to 39.6%. Revenue from its core social networking business was between 1.79 billion yuan and 1.89 billion yuan, up between 31.3% and 37.2% year-on-year.
Cumulative downloads of the company’s social networking apps totaled 1.02 billion at the end of March, up 5.4% from three months earlier. Average monthly active users for its social networking business during the first quarter totaled 35.9 million, up 1.7% from the previous quarter.
Newborn Town’s stock fell 0.4% on Thursday to close at HK$10.51. The stock is up nearly 60% over the last 52 weeks.
By Doug Young
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