QTT - Why Qutoutiao Stock Initially Jumped This Morning
Shares of Qutoutiao (NASDAQ: QTT) initially jumped this morning, gaining as much as 14% in early trading, after the company reported first-quarter earnings. The stock has since given up those gains and is down 1% as of 1:30 p.m. EDT.
Revenue in the first quarter increased 26% to $199.4 million, topping the consensus estimate of $198.3 million in sales. That resulted in an adjusted net loss of $54.8 million, or $0.20 per American depositary share (ADS). Wall Street was expecting the company to lose $0.23 per ADS on an adjusted basis. Combined average monthly active users (MAUs) grew to 138.3 million, with combined average daily active users (DAUs) reaching 45.6 million.
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