Hello Group Inc (MOMO) saw its shares drop sharply by 5.01% during intraday trading on Wednesday following the release of its disappointing third-quarter earnings report.

The social networking firm reported a 0.9% year-over-year decline in Q3 revenue to RMB 2,650.1 million (US$372.3 million), while net income attributable to the company fell to RMB 348.9 million from RMB 449.4 million a year earlier. Weak consumer sentiment on its Momo app and a decline in Tantan's paying user base contributed to the revenue dip.

Additionally, Hello Group issued a cautious Q4 revenue outlook, expecting between RMB 2.52 billion and RMB 2.62 billion, below analyst estimates of RMB 2.66 billion. The combination of weaker-than-expected results and a subdued forecast weighed heavily on investor sentiment, driving the stock lower.