QTT - Qutoutiao -8.4% as revenue decline looks to be accelerating

Qutoutiao (QTT) is 8.4% lower after hours following its Q3 earnings, where it posted a better-than-expected loss, but revenues fell in the double digits and the company forecast accelerating declines for the current quarter. Revenues fell 19.7% to 1.13B yuan, and after lighter cost of revenues, gross profit fell just 16.8% to 758.3M yuan (about $111.7M). And following sharply lower expenses, loss from operations narrowed to 247.9M yuan (about $36.5M). Net loss narrowed to 269.4M yuan (about $39.7M) from a year-ago loss of 888.4M yuan. User metrics declined across the board, with combined average monthly active users down to 120.5M (down from a year-ago 133.9M). Combined average daily active users fell to 39.7M from a prior-year 42.1M. And average daily time spent per DAU was 55.3 minutes, down from a year-ago 61.3 minutes. Revenue breakout: Advertising and marketing, 1.063B yuan (down 23.1%); Other, 67.2M yuan (up 165.9%). Liquidity was 514.2M

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Qutoutiao -8.4% as revenue decline looks to be accelerating