Qutoutiao Inc. Reports Second Quarter 2021 Unaudited Financial Results
Qutoutiao Inc. (NASDAQ: QTT) reported second quarter 2021 results with net revenues of RMB1,202 million (US$186.2 million), a decline of 16.6% year-over-year and 6.9% quarter-over-quarter. The company posted a net loss of RMB209.5 million (US$32.4 million), slightly down from RMB222.1 million the prior year. Monthly Active Users (MAUs) averaged 132.3 million, down 3.1%, while Daily Active Users (DAUs) decreased 32.3% to 29.1 million. Looking ahead, Qutoutiao expects third quarter revenues to be between RMB1,050 million and RMB1,100 million.
- None.
- Net revenues decreased by 16.6% year-over-year and 6.9% quarter-over-quarter.
- Net loss margin increased to 17.4% from 15.4% year-over-year.
- Monthly Active Users (MAUs) decreased by 3.1% year-over-year.
- Daily Active Users (DAUs) decreased by 32.3% year-over-year.
- Concerns about ability to repay US$171.1 million Convertible Loan due in April 2022, raising doubts about going concern.
SHANGHAI, China, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Qutoutiao Inc. (“Qutoutiao”, the “Company” or “We”) (NASDAQ: QTT), a leading operator of mobile content platforms in China, today announced its unaudited financial results in the second quarter ended June 30, 2021.
Second Quarter 2021 Highlights
- Net revenues was RMB1,202.0 million (US
$186.2 million ), representing a decrease of16.6% from 1,441.0 million in the second quarter of 2020, and a decrease of6.9% quarter-over-quarter from RMB1,291.0 million in the first quarter of 2021, exceeding the Company’s previous guided range for the second quarter of 2021. - Net loss was RMB209.5 million (US
$32.4 million ), compared to net loss of RMB222.1 million in the second quarter of 2020 and net loss of RMB149.0 million in the first quarter of 2021. Net loss margin was17.4% , compared to15.4% in the second quarter of 2020 and11.5% in the first quarter of 2021. - Non-GAAP net loss1 was RMB186.0 million (US
$28.8 million ), compared to non-GAAP net loss of RMB173.3 million in the second quarter of 2020 and non-GAAP net loss of RMB55.4 million in the first quarter of 2021. Non-GAAP net loss margin was15.5% , compared to12.0% in the second quarter of 2020 and4.3% in the first quarter of 2021. - Combined average MAUs2 were 132.3 million, representing a decrease of
3.1% from 136.5 million in the second quarter of 2020; and a decrease of0.8% from 133.3 million in the first quarter of 2021. - Combined average DAUs3 were 29.1 million, representing a decrease of
32.3% from 43.0 million in the second quarter of 2020; and a decrease of8.2% from 31.7 million in the previous quarter. - Average daily time spent per DAU was 47.3minutes, compared to 55.2 minutes in the second quarter of 2020 and 47.1 minutes in the first quarter of 2021.
Mr. Eric Siliang Tan, Chairman and Chief Executive Officer of Qutoutiao, commented, "We will continue to run a balanced strategy with our overall business, investing into promising growth initiatives while optimizing the financial position of the more mature segments. We will maintain the highest standard of compliance and continue to make positive contributions to the future growth of a dynamic industry and the wider society."
Second Quarter 2021 Financial Results
Net revenues in the second quarter of 2021 were RMB1,202.0 million (US
Advertising and marketing revenues were RMB1,141.4 million (US
Other revenues were RMB60.6 million (US
Cost of revenues were RMB327.7million (US
Gross profit was RMB874.2 million (US
Research and development expenses were RMB136.2 million (US
Sales and marketing expenses were RMB901.3 million (US
User engagement expenses were RMB169.5 million (US
User acquisition expenses were RMB685.2 million (US
Other sales and marketing expenses were RMB46.6 million (US
General and administrative expenses were RMB93.4 million (US
Loss from operations was RMB223.9 million (US
Non-operating income was RMB14.1 million (US
Non-GAAP loss from operations was RMB200.4 million (US
Non-GAAP operating loss margin was
Net loss was RMB209.5 million (US
Non-GAAP net loss was RMB186.0 million (US
Net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB236.1 million (US
Non-GAAP net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB212.6 million (US
Basic and diluted net loss per American Depositary Share (“ADS”) was RMB0.78 (US
Balance Sheet
As of June 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB1,021.8 million (US
While the Company continues to execute business plans to improve their liquidity position, the Convertible Loan which the Company issued with principal amounting to US
Business Outlook
For the third quarter of 2021, the Company expects group net revenues to be between RMB1,050 to RMB1,100 million.
Conference Call
Qutoutiao’s management will host an earnings conference call at 8:00 A.M. U.S. Eastern Time on September 7, 2021 (8:00 P.M. Beijing/Hong Kong time on September 7, 2021).
Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email.
Preregistration Information
Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/3766584 at least 15 minutes prior to the scheduled call start time.
Please dial-in at least 10 minutes before the scheduled start time of the earnings call and enter the Direct Event Passcode and Registrant ID as instructed to connect to the call.
A replay of the conference call will be accessible approximately two hours after the conclusion of the call until 09:59 A.M. U.S Eastern Time on September 22, 2021, by dialing the following telephone numbers:
| United States: | +1-646-254-3697 |
| International: | +61-2-8199-0299 |
| Hong Kong : | +852-3051-2780 |
| China: | 400-632-2162 |
| Replay Access Code: | 3766584 |
About Qutoutiao Inc.
Qutoutiao Inc. operates innovative and fast-growing mobile content platforms in China with a mission to bring fun and value to its users. The eponymous flagship mobile application, Qutoutiao, meaning “fun headlines” in Chinese, applies artificial intelligence-based algorithms to deliver customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors. Qutoutiao has attracted a large group of loyal users, many of whom are from lower-tier cities in China. They enjoy Qutoutiao’s fun and entertainment-oriented content as well as its social-based user loyalty program. Launched in May 2018, Midu Novels is a pioneer in offering free literature supported by advertising and has grown rapidly to become a leading player in the online literature industry. The Company will continue to bring more exciting products to users through innovation, and strive towards creating a leading global online content ecosystem.
For more information, please visit: https://ir.qutoutiao.net.
Use of Non-GAAP Financial Measures
We use non-GAAP profit or loss from operations, non-GAAP operating profit or loss margin, non-GAAP net profit loss, non-GAAP net profit or loss margin, non-GAAP net profit or loss attributable to Qutoutiao Inc.’s ordinary shareholders and non-GAAP basic and diluted net profit or loss per ADS, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses. We believe that such non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of such share-based compensation expenses that we include in cost of revenues, total operating expenses and net loss. We believe that all such non-GAAP financial measures also provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance prepared in accordance with U.S. GAAP or as an indicator of our operating performance. We mitigate these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.4566 to US
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Qutoutiao's beliefs, plans and expectations, are forward-looking statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Qutoutiao’s strategies; Qutoutiao’s future business development, financial condition and results of operations; Qutoutiao’s ability to retain and increase the number of users and provide quality content; competition in the mobile content platform industry; Qutoutiao’s ability to manage its costs and expenses; the future developments of the COVID-19 outbreak; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qutoutiao's filings with the SEC. All information provided in this press release is as of the date of this press release, and Qutoutiao does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Qutoutiao Inc.
Investor Relations
Tel: +86-21-5889-0398
E-mail: ir@qutoutiao.net
QUTOUTIAO INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousand RMB, or otherwise noted)
| As of December 31, | As of June 30, | |||||
| 2020 | 2021 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 494,475 | 399,940 | ||||
| Restricted cash | 100,316 | 39,147 | ||||
| Short-term investments | 391,033 | 582,700 | ||||
| Accounts receivable, net | 737,789 | 967,615 | ||||
| Amount due from related parties | 383,594 | 318,783 | ||||
| Prepayments and other current assets | 365,109 | 269,847 | ||||
| Total current assets | 2,472,316 | 2,578,032 | ||||
| Non-current assets: | ||||||
| Accounts receivables, non-current | 54,639 | 15,831 | ||||
| Long-term Investments | 82,889 | 91,938 | ||||
| Property and equipment, net | 17,213 | 17,292 | ||||
| Intangible assets | 83,123 | 193,996 | ||||
| Goodwill | 7,268 | 7,268 | ||||
| Right-of-use assets, net | 50,319 | 30,404 | ||||
| Other non-current assets | 148,091 | 6,164 | ||||
| Total non-current assets | 443,542 | 362,893 | ||||
| Total assets | 2,915,858 | 2,940,925 | ||||
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Short-term borrowings | 70,000 | - | ||||
| Accounts payable | 448,981 | 410,340 | ||||
| Amount due to related parties | 22,477 | 5,698 | ||||
| Registered users' loyalty payable | 72,627 | 71,100 | ||||
| Advance from customers and deferred revenue | 140,776 | 139,195 | ||||
| Salary and welfare payable | 149,704 | 110,516 | ||||
| Tax payable | 97,144 | 72,754 | ||||
| Lease liabilities, current | 20,760 | 15,194 | ||||
| Accrued liabilities related to users' loyalty programs | 100,088 | 91,957 | ||||
| Accrued liabilities and other current liabilities | 763,433 | 1,235,700 | ||||
| Convertible loan - current | - | 1,180,633 | ||||
| Total current liabilities | 1,885,990 | 3,333,087 | ||||
| Lease liabilities, non-current | 23,756 | 15,057 | ||||
| Convertible loan | 1,174,868 | - | ||||
| Deferred tax liabilities | 18,825 | 17,624 | ||||
| Other non-current liabilities | 4,256 | 2,987 | ||||
| Non-current liabilities | 1,221,705 | 35,668 | ||||
| Total liabilities | 3,107,695 | 3,368,755 | ||||
| Total redeemable non-controlling interests | 1,093,526 | 1,132,670 | ||||
| Shareholders' deficit | ||||||
| Ordinary shares | 47 | 48 | ||||
| Treasury stock | (142,229 | ) | (142,229 | ) | ||
| Additional paid-in capital | 4,784,315 | 4,901,491 | ||||
| Accumulated other comprehensive income | 84,320 | 103,407 | ||||
| Accumulated deficit | (6,007,227 | ) | (6,418,283 | ) | ||
| Total Qutoutiao Inc. shareholders' deficit | (1,280,774 | ) | (1,555,566 | ) | ||
| Non-controlling interests | (4,589 | ) | (4,934 | ) | ||
| Total deficit | (1,285,363 | ) | (1,560,500 | ) | ||
| Total liabilities, redeemable non-controlling interests and shareholders' deficit | 2,915,858 | 2,940,925 | ||||
QUTOUTIAO INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousand RMB, except ADS data, or otherwise noted)
| For the three months ended | For the six months ended | ||||||||||||||
| June 30 | March 31 | June 30 | June 30 | June 30 | |||||||||||
| 2020 | 2021 | 2021 | 2020 | 2021 | |||||||||||
| Advertising and marketing revenues | 1,378,130 | 1,228,033 | 1,141,370 | 2,742,130 | 2,369,403 | ||||||||||
| Other revenues | 62,865 | 62,946 | 60,604 | 110,662 | 123,550 | ||||||||||
| Net revenues | 1,440,995 | 1,290,979 | 1,201,974 | 2,852,792 | 2,492,953 | ||||||||||
| Cost of revenues | (400,215 | ) | (381,275 | ) | (327,734 | ) | (860,970 | ) | (709,009 | ) | |||||
| Gross profit | 1,040,780 | 909,704 | 874,240 | 1,991,822 | 1,783,944 | ||||||||||
| Operating expenses: | |||||||||||||||
| Research and development expenses | (224,200 | ) | (186,683 | ) | (136,173 | ) | (505,064 | ) | (322,856 | ) | |||||
| Sales and marketing expenses | (925,312 | ) | (800,694 | ) | (901,273 | ) | (1,999,840 | ) | (1,701,967 | ) | |||||
| General and administrative expenses | (105,472 | ) | (101,611 | ) | (93,442 | ) | (212,968 | ) | (195,053 | ) | |||||
| Total operating expenses | (1,254,984 | ) | (1,088,988 | ) | (1,130,888 | ) | (2,717,871 | ) | (2,219,876 | ) | |||||
| Other operating income | 24,790 | 31,930 | 32,717 | 31,907 | 64,647 | ||||||||||
| Loss from Operations | (189,414 | ) | (147,354 | ) | (223,931 | ) | (694,142 | ) | (371,285 | ) | |||||
| Investment income/ (expenses), net | (20,980 | ) | 2,666 | (4,133 | ) | (37,511 | ) | (1,467 | ) | ||||||
| Interest expense, net | (6,900 | ) | (7,804 | ) | (8,065 | ) | (10,313 | ) | (15,869 | ) | |||||
| Foreign exchange related gain/(loss), net | (271 | ) | (2,814 | ) | 3,142 | (2,797 | ) | 328 | |||||||
| Other income/(expense), net | (4,213 | ) | 6,048 | 23,198 | (7,733 | ) | 29,246 | ||||||||
| Non-operating income / (loss) | (32,364 | ) | (1,904 | ) | 14,142 | (58,354 | ) | 12,238 | |||||||
| Loss before provision for income taxes | (221,778 | ) | (149,258 | ) | (209,789 | ) | (752,496 | ) | (359,047 | ) | |||||
| Income tax benefits/ (expense), net | (321 | ) | 224 | 296 | (1,423 | ) | 520 | ||||||||
| Net loss | (222,099 | ) | (149,034 | ) | (209,493 | ) | (753,919 | ) | (358,527 | ) | |||||
| Net loss attributable to non-controlling interests | 109 | 170 | 175 | 316 | 345 | ||||||||||
| Net loss attributable to Qutoutiao Inc. | (221,990 | ) | (148,864 | ) | (209,318 | ) | (753,603 | ) | (358,182 | ) | |||||
| Accretion to convertible redeemable preferred shares redemption value of a subsidiary | (12,316 | ) | (26,126 | ) | (26,748 | ) | (24,180 | ) | (52,874 | ) | |||||
| Net loss attributable to Qutoutiao Inc.'s ordinary shareholders | (234,306 | ) | (174,990 | ) | (236,066 | ) | (777,784 | ) | (411,056 | ) | |||||
| Net loss | (222,099 | ) | (149,034 | ) | (209,493 | ) | (753,919 | ) | (358,527 | ) | |||||
| Other comprehensive income/(loss): | |||||||||||||||
| Foreign currency translation adjustment, net of nil tax | 293 | (12,988 | ) | 32,075 | (15,938 | ) | 19,087 | ||||||||
| Total comprehensive loss | (221,806 | ) | (162,022 | ) | (177,418 | ) | (769,857 | ) | (339,440 | ) | |||||
| Comprehensive loss attributable to non-controlling interests | 109 | 170 | 175 | 316 | 345 | ||||||||||
| Comprehensive loss attributable to Qutoutiao Inc. | (221,697 | ) | (161,852 | ) | (177,243 | ) | (769,541 | ) | (339,095 | ) | |||||
| Net loss per ADS (1 Class A ordinary share equals 4 ADSs): | |||||||||||||||
| - Basic and diluted | (0.81 | ) | (0.58 | ) | (0.78 | ) | (2.71 | ) | (1.36 | ) | |||||
| Weighted average number of ADS used in computing basic and diluted earnings per ADS: | |||||||||||||||
| - Basic | 288,538,032 | 299,548,372 | 303,220,624 | 287,085,156 | 301,394,648 | ||||||||||
| - Diluted | 288,538,032 | 299,548,372 | 303,220,624 | 287,085,156 | 301,394,648 | ||||||||||
QUTOUTIAO INC.
Reconciliation of GAAP And Non-GAAP Results
(All amounts in thousand RMB, except ADS data, or otherwise noted)
| For the three months ended | For the six months ended | ||||||||||||||
| June 30 | March 31 | June 30 | June 30 | June 30 | |||||||||||
| 2020 | 2021 | 2021 | 2020 | 2021 | |||||||||||
| Loss from Operations | (189,414 | ) | (147,354 | ) | (223,931 | ) | (694,142 | ) | (371,285 | ) | |||||
| Add: Share-based compensation expenses | |||||||||||||||
| Cost of revenues | 3,077 | 996 | - | 6,561 | 996 | ||||||||||
| General and administrative | 13,059 | 41,086 | 3,017 | 65,540 | 44,103 | ||||||||||
| Sales and marketing | 3,612 | 2,311 | - | 25,300 | 2,311 | ||||||||||
| Research and development | 29,094 | 49,275 | 20,491 | 95,191 | 69,767 | ||||||||||
| Non-GAAP Loss from Operations | (140,572 | ) | (53,686 | ) | (200,423 | ) | (501,550 | ) | (254,108 | ) | |||||
| Net loss | (222,099 | ) | (149,034 | ) | (209,493 | ) | (753,919 | ) | (358,527 | ) | |||||
| Add: Share-based compensation expenses | |||||||||||||||
| Cost of revenues | 3,077 | 996 | - | 6,561 | 996 | ||||||||||
| General and administrative | 13,059 | 41,086 | 3,017 | 65,540 | 44,103 | ||||||||||
| Sales and marketing | 3,612 | 2,311 | - | 25,300 | 2,311 | ||||||||||
| Research and development | 29,094 | 49,275 | 20,491 | 95,191 | 69,767 | ||||||||||
| Non-GAAP net loss | (173,257 | ) | (55,366 | ) | (185,985 | ) | (561,327 | ) | (241,350 | ) | |||||
| Net loss attributable to Qutoutiao Inc. | (221,990 | ) | (148,864 | ) | (209,318 | ) | (753,603 | ) | (358,182 | ) | |||||
| Add: Share-based compensation expenses | |||||||||||||||
| Cost of revenues | 3,077 | 996 | - | 6,561 | 996 | ||||||||||
| General and administrative | 13,059 | 41,086 | 3,017 | 65,540 | 44,103 | ||||||||||
| Sales and marketing | 3,612 | 2,311 | - | 25,300 | 2,311 | ||||||||||
| Research and development | 29,094 | 49,275 | 20,491 | 95,191 | 69,767 | ||||||||||
| Non-GAAP net loss attributable to Qutoutiao Inc. | (173,148 | ) | (55,196 | ) | (185,810 | ) | (561,011 | ) | (241,005 | ) | |||||
| Net loss attributable to Qutoutiao Inc.’s ordinary shareholders | (234,306 | ) | (174,990 | ) | (236,066 | ) | (777,784 | ) | (411,056 | ) | |||||
| Add: Share-based compensation expenses | |||||||||||||||
| Cost of revenues | 3,077 | 996 | - | 6,561 | 996 | ||||||||||
| General and administrative | 13,059 | 41,086 | 3,017 | 65,540 | 44,103 | ||||||||||
| Sales and marketing | 3,612 | 2,311 | - | 25,300 | 2,311 | ||||||||||
| Research and development | 29,094 | 49,275 | 20,491 | 95,191 | 69,767 | ||||||||||
| Non-GAAP net loss attributable to Qutoutiao Inc.’s ordinary shareholders | (185,464 | ) | (81,322 | ) | (212,558 | ) | (585,192 | ) | (293,879 | ) | |||||
| Non-GAAP net loss per ADS (1 Class A ordinary share equals 4 ADSs): | |||||||||||||||
| — Basic and diluted | (0.64 | ) | (0.27 | ) | (0.70 | ) | (2.04 | ) | (0.98 | ) | |||||
| Weighted average number of ADS used in computing basic and diluted earnings per ADS | |||||||||||||||
| — Basic | 288,538,032 | 299,548,372 | 303,220,624 | 287,085,156 | 301,394,648 | ||||||||||
| — Diluted | 288,538,032 | 299,548,372 | 303,220,624 | 287,085,156 | 301,394,648 | ||||||||||
QUTOUTIAO INC.
Supplementary Operating Information
(RMB in millions, or otherwise noted)
| For the three months ended | |||||||||||||||
| June 30 | September 30 | December 31 | March 31 | June 30 | |||||||||||
| 2020 | 2020 | 2020 | 2021 | 2021 | |||||||||||
| Net revenues | 1,441.0 | 1,130.0 | 1,302.4 | 1,291.0 | 1,202.0 | ||||||||||
| User engagement expenses | 457.2 | 264.7 | 163.2 | 179.1 | 169.5 | ||||||||||
| User acquisition expenses | 435.7 | 385.9 | 397.1 | 588.7 | 685.2 | ||||||||||
| Other sales and marketing expenses | 32.5 | 50.9 | 119.9 | 32.9 | 46.6 | ||||||||||
| Total sales and marketing expenses | 925.4 | 701.5 | 680.2 | 800.7 | 901.3 | ||||||||||
| Combined Average MAUs (in millions) | 136.5 | 120.5 | 124.7 | 133.3 | 132.3 | ||||||||||
| Combined Average DAUs (in millions) | 43.0 | 39.7 | 32.3 | 31.7 | 29.1 | ||||||||||
| New installed users (in millions) | 132.2 | 67.3 | 50.3 | 101.8 | 94.0 | ||||||||||
| Average net revenues per DAU per day (RMB) | 0.37 | 0.31 | 0.44 | 0.45 | 0.46 | ||||||||||
| User engagement expenses per DAU per day (RMB) | 0.12 | 0.07 | 0.05 | 0.06 | 0.06 | ||||||||||
| User acquisition expenses per new installed user (RMB) | 3.30 | 5.73 | 7.89 | 5.78 | 7.29 | ||||||||||
1 For more information on the non-GAAP financial measures, see the section entitled “Use of Non-GAAP Financial Measures” below and the table captioned “Reconciliation of GAAP And Non-GAAP Results” set forth at the end of this press release.
2 “MAUs” refers to the number of unique mobile devices that accessed our relevant mobile application in a given month. “Combined average MAUs” for a particular period is the average of the MAUs for all of our mobile applications in each month during that period;
3 “DAUs” refers to the number of unique mobile devices that accessed our relevant mobile application on a given day. “Combined average DAUs” for a particular period is the average of the DAUs for all of our mobile applications on each day during that period;
4 “New installed user” refers to the aggregate number of unique mobile devices that have downloaded and launched our relevant mobile applications at least once.
FAQ
What were Qutoutiao's Q2 2021 financial results?
How many monthly active users did Qutoutiao have in Q2 2021?
What is Qutoutiao's outlook for Q3 2021?
What significant losses did Qutoutiao incur in Q2 2021?
