QTT - Why Shares of Qutoutiao Fell Today
Shares of Qutoutiao (NASDAQ: QTT) slumped on Thursday after the Chinese mobile-content platform company reported its second-quarter results. They were mixed relative to analyst expectations, and its guidance called for no sequential revenue growth in the third quarter. The stock was down about 12.2% at 10:45 a.m. EDT today.
Second-quarter revenue was $201.9 million, up 187.9% year over year in local currency and about $8.8 million above the average analyst estimate. Average monthly active users reached 119.3 million, up from 111.4 million in the first quarter, and average daily active users totaled 38.7 million, up from 37.5 million in the first quarter. Average daily time spent per daily active user was 60 minutes, down from 62.1 minutes in the first quarter.
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