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Newborn Town's H1 Social Networking Business Revenue Expected to Rise 50%

MT Newswires ·  07/21 15:18

03:16 AM EDT, 07/21/2022 (MT Newswires) -- Newborn Town's (HKG:9911) social networking business revenue is expected to increase about 50% to between 1.25 billion yuan and 1.29 billion yuan ($184.8 million and $190.0 million) for the six months through June 30, according to a Wednesday stock disclosure.

The internet company's projected growth is mainly attributable to its replication of a number of social media applications across various markets and an improved social media application ecosystem, among other factors.

Revenue from innovative business is expected to decline by 50% to between 100 million yuan and 115 million yuan in the same six-month period, due mainly to the impact from the company's traffic monetization business.

Shares in Newborn Town declined more than 2% in Thursday afternoon trade.

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