Qutoutiao Inc (NASDAQ:QTT) stock is trading slightly lower in the opening session on Wednesday.
Market Action
As of 11:14, QTT stock fell by 3.37% at $2.01. The stock has traded 1.16 shares, well below its average volume of 3.10 million shares. The stock opened at $2.02 and moved in a range of $1.9700 – 2.0400.
Qutoutiao Inc. Reports First Quarter 2021 Unaudited Financial Results
- Net revenues decreased 8.6% year-over-year to RMB1,291.0 million (US$197.0 million), while slightly decreased by 0.9% quarter-over-quarter from RMB1,302.4 million in the previous quarter, and was at the high end of the Company’s guided range.
- Net loss was RMB149.0 million (US$22.7 million), compared to net loss of RMB531.8 million in the first quarter of 2020 and net loss of RMB81.8 million in the fourth quarter of 2020. Net loss margin was 11.5%, compared to 37.7% in the first quarter of 2020 and 6.3% in the fourth quarter of 2020.
- Non-GAAP net loss1 was RMB55.4 million (US$8.5 million), compared to non-GAAP net loss of RMB388.1 million in the first quarter of 2020 and non-GAAP net profit of RMB50.8 million in the fourth quarter of 2020. Non-GAAP net loss margin was 4.3%, compared to non-GAAP net loss margin of 27.5% in the first quarter of 2020 and non-GAAP profit margin of 3.9% in the fourth quarter of 2020.
- Combined average MAUs2 were 133.3 million, representing a decrease of 3.6% from 138.3 million in the first quarter of 2020; as well as an increase of 6.9% from 124.7 million in the previous quarter.
- Combined average DAUs3 were 31.7 million, representing a decrease of 30.6% from 45.6 million in the first quarter of 2020; as well as a slight decrease of 1.9% from 32.3 million in the previous quarter.
- Average daily time spent per DAU was 47.1 minutes, compared to 62.4 minutes in the first quarter of 2020 and 50.3 minutes in the previous quarter.
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