Summary by Futu AI
Newborntown Technology Co., Ltd. ("Newborntown Technology") announced its unaudited operating data for the first three quarters of 2024 on October 24, 2024. The report shows that the company's social business cumulative downloads reached 0.74 billion, a 6.5% increase from the previous quarter, with an average of 28.983 million monthly active users, a 1.5% increase compared to the previous period. The total revenue of the social business is expected to reach RMB 3,240 million to 3,280 million, a year-on-year growth of 60.7% to 62.7%, mainly driven by the rapid growth of diversified social products and the acquisition of Chizicheng Strategy Investment Limited in 2023. Regarding the innovative business, revenue is expected to be around RMB 300 million to 320 million, a year-on-year growth of 12.4% to 19.9%, benefiting from the steady development...Show More