QTT - Qutoutiao shares dip on guiding Q2 revenue decline Y/Y

Qutoutiao ([[QTT]] -7.9%) reports revenue decline of 8.6% in Q1, but was at the high end of the company’s guided range.For Q2, the company expects net revenues of RMB1.15B-RMB1.2B, a decrease of ~17%-20% Y/Y.Advertising and marketing revenue slipped 10% to RMB1.23B for the quarter, primarily due to the company’s strategy to prioritise optimizing operational efficiency and financial health.Gross margin rate expanded 310 bps to 70.5%, mainly due to the decrease in integrated marketing services.Combined average MAUs dropped 3.6% Y/Y whereas grew 6.9% Q/Q to 133.3M.Combined average DAUs fell 30.6% Y/Y and 1.9% Q/Q to 31.7M.Average daily time spent per DAU was 47.1 minutes, vs. 62.4 minutes year ago and 50.3 minutes last quarter.Mr. Eric Siliang Tan, Chairman and Chief Executive Officer of Qutoutiao, commented, "While we continue to maintain a balance between growth and profitability, we have stepped up our investments in driving Midu Novels forward following our latest financing round and have been pleased

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Qutoutiao shares dip on guiding Q2 revenue decline Y/Y