Qutoutiao Inc. Reports Third Quarter 2020 Unaudited Financial Results
Qutoutiao Inc. (NASDAQ: QTT) reported its Q3 2020 financial results, with net revenues of RMB1,130.0 million (US$166.4 million), reflecting a 19.7% decline from the previous year. Average Monthly Active Users (MAUs) decreased to 120.5 million, down from 133.9 million in Q3 2019. Despite a net loss of RMB269.4 million, this was an improvement compared to the loss of RMB888.4 million in Q3 2019. Looking ahead, Qutoutiao expects Q4 2020 revenues to be between RMB1,230 million and RMB1,250 million, indicating a decrease of 25% to 26% year-over-year.
- Improved net loss of RMB269.4 million compared to RMB888.4 million in Q3 2019.
- Gross margin increased to 67.1% from 64.7% year-over-year.
- Other revenues surged by 165.9% to RMB67.2 million, driven by live-streaming.
- Net revenues decreased by 19.7% year-over-year.
- Advertising revenues dropped by 23.1% due to regulatory changes and COVID-19 impact.
- Q4 revenue guidance indicates a further decline of 25% to 26% year-over-year.
SHANGHAI, China, Dec. 16, 2020 (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 third quarter ended September 30, 2020.
Third Quarter 2020 Highlights
- Combined average MAUs1 were 120.5 million, compared to 133.9 million in the third quarter of 2019 and 136.5 million in the second quarter of 2020.
- Combined average DAUs2 were 39.7 million, compared to 42.1 million in the third quarter of 2019 and 43.0 million in the second quarter of 2020.
- Average daily time spent per DAU was 55.3 minutes, compared to 61.3 minutes in the third quarter of 2019 and 55.2 minutes in the second quarter of 2020.
- Net revenues were RMB1,130.0 million (US
$166.4 million ), at the low end of the Company’s guided range of RMB1,130 million and RMB1,150 million, compared to RMB1,406.9 million in the third quarter of 2019 and 1,441.0 million in the second quarter of 2020. - Net loss was RMB269.4 million (US
$39.7 million ), compared to net loss of RMB888.4 million in the third quarter of 2019 and net loss of RMB222.1 million in the second quarter of 2020. Net loss margin was23.8% , compared to63.1% in the third quarter of 2019 and15.4% in the second quarter of 2020. - Non-GAAP net loss3 was RMB131.4 million (US
$19.4 million ), compared to non-GAAP net loss of RMB833.1 million in the third quarter of 2019 and non-GAAP net loss of RMB173.3 million in the second quarter of 2020. Non-GAAP net loss margin was11.6% , compared to59.2% in the third quarter of 2019 and12.0% in the second quarter of 2020.
Mr. Eric Siliang Tan, Chairman and Chief Executive Officer of Qutoutiao, commented, “We are delighted to see the resilience of our business as reflected in the results of the third quarter.”
“As we continue to improve the operational efficiency, we see a balanced and promising path towards growth and profitability for the coming years,” Mr. Tan concluded.
Third Quarter 2020 Financial Results
Net revenues in the third quarter of 2020 were RMB1,130.0 million (US
Advertising and marketing revenues were RMB1,062.8 million (US
Other revenues were RMB67.2 million (US
Cost of revenues were RMB371.8 million (US
Gross profit was RMB758.3 million (US
Research and development expenses were RMB243.1 million (US
Sales and marketing expenses were RMB701.5 million (US
User engagement expenses were RMB264.7 million (US
User acquisition expenses were RMB385.9 million (US
Other sales and marketing expenses were RMB50.9 million (US
General and administrative expenses were RMB85.5 million (US
Other operating income was RMB23.8 million (US
Loss from operations was RMB247.9 million (US
Non-GAAP loss from operations was RMB109.9 million (US
Non-operating loss for the third quarter of 2020 was RMB23.6 million (US
Net loss was RMB269.4 million (US
Non-GAAP net loss was RMB131.4 million (US
Net loss attributable to Qutoutiao Inc.’s ordinary shareholders was RMB281.4 million (US
Basic and diluted net loss per American Depositary Share (“ADS”) was RMB0.96 (US
Cash and cash flow
As of September 30, 2020, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB514.2 million (US
One of Qutoutiao's subsidiaries entered into definitive investment agreements with certain unaffiliated investors on December 11, 2020.
Our liquidity to meet our future working capital and capital expenditure requirements is based on our ability to enhance user engagement and retention by offering higher quality and diversified contents while closely control the content costs, and optimize the user loyalty programs and the traffic acquisition strategy to efficiently control and reduce these user related costs. We will further preserve liquidity and manage cash flows by reducing discretionary expenditure including advertising expenses and general and administrative expenses. Our ability to fund operations and meet convertible loan obligations is also based on our ability to obtain capital financing from equity and debt investors. Currently, we believe that we have sufficient cash and other financial resources to fund operations for at least the next 12 months.
Recent Development
Director and management change
Mr. Yongbo Dai has resigned as a Director of the Company due to personal reasons. The resignation became effective on December 16, 2020. Following Mr. Dai’s resignation, the Board of the Company is now comprised of six members.
Mr. Binjie Zhu has stepped down from the Company's vice president position for personal reasons effective from November 30, 2020, and he will continue to serve as a senior advisor to the Company.
Business Outlook
For the fourth quarter of 2020, the Company currently expects net revenues to be between RMB1,230 million and RMB1,250 million, representing a decrease of
Conference Call
Qutoutiao’s management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on December 16, 2020 (9:00 a.m. Beijing/Hong Kong time on December 17).
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/2241767 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.
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.qutoutiao.net.
A replay of the conference call will be accessible approximately two hours after the conclusion of the call until 7:59 a.m. U.S Eastern Time on December 24, 2020, by dialing the following telephone numbers:
| United States: | +1-646-254-3697 |
| International: | +61-2-8199-0299 |
| Hong Kong, China: | +852-3051-2780 |
| Mainland China: | 400-632-2162 |
| Replay Access Code: | 2241767 |
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. Midu, first launched in May 2018 as Midu Novels and with an alternative version Midu Lite launched one year later, pioneered provision of free online literature supported by advertising. It has grown tremendously and has led the free online literature industry since inception. 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 loss from operations, non-GAAP operating loss margin, non-GAAP net loss, non-GAAP net loss margin, non-GAAP net loss attributable to Qutoutiao Inc.’s ordinary shareholders and non-GAAP basic and diluted net 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 excluding 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 “Reconciliation 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 RMB6.7896 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: +86-21-6858-3790
E-mail: ir@qutoutiao.net
| QUTOUTIAO INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in RMB, or otherwise noted) | ||||
| As of December 31, | As of September 30, | |||
| 2019 | 2020 | |||
| RMB | RMB | |||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | 347,817,093 | 260,153,347 | ||
| Restricted cash | 27,871,552 | 64,493,035 | ||
| Short-term investments | 1,276,830,926 | 189,522,346 | ||
| Accounts receivable, net | 526,822,932 | 651,838,953 | ||
| Amount due from related parties | 278,155,878 | 372,946,467 | ||
| Prepayments and other current assets | 234,728,386 | 181,003,102 | ||
| Total current assets | 2,692,226,767 | 1,719,957,250 | ||
| Non-current assets: | ||||
| Long-term investments | 37,589,200 | 82,599,579 | ||
| Property and equipment, net | 24,115,374 | 15,117,861 | ||
| Intangible assets | 88,943,679 | 86,487,437 | ||
| Goodwill | 7,268,330 | 7,268,330 | ||
| Right-of-use assets, net | 69,241,754 | 36,622,461 | ||
| Other non-current assets | 20,811,791 | 148,355,589 | ||
| Total non-current assets | 247,970,128 | 376,451,257 | ||
| Total assets | 2,940,196,895 | 2,096,408,507 | ||
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS’ DEFICIT | ||||
| Current liabilities: | ||||
| Short-term borrowings | - | 20,000,000 | ||
| Accounts payable | 328,268,752 | 395,971,045 | ||
| Amount due to a related party | 3,436,586 | 3,332,743 | ||
| Registered users’ loyalty payable | 134,145,439 | 78,594,329 | ||
| Advance from customers and deferred revenue | 246,630,128 | 139,457,716 | ||
| Salary and welfare payable | 129,169,734 | 123,533,514 | ||
| Tax payable | 118,156,494 | 140,195,990 | ||
| Lease liabilities, current | 38,210,188 | 19,288,626 | ||
| Accrued liabilities related to users’ loyalty programs | 89,184,947 | 104,017,226 | ||
| Accrued liabilities and other current liabilities | 788,495,442 | 709,530,929 | ||
| Total current liabilities | 1,875,697,710 | 1,733,922,118 | ||
| Lease liabilities, non-current | 26,651,446 | 8,088,658 | ||
| Convertible loan | 1,218,905,676 | 1,216,983,850 | ||
| Deferred tax liabilities | 21,228,656 | 19,426,226 | ||
| Other non-current liabilities | 7,212,463 | 5,091,639 | ||
| Non-current liabilities | 1,273,998,241 | 1,249,590,373 | ||
| Total liabilities | 3,149,695,951 | 2,983,512,491 | ||
| Total redeemable non-controlling interests | 495,844,565 | 519,935,598 | ||
| Shareholders’ deficit | ||||
| Ordinary shares | 44,651 | 46,357 | ||
| Treasury stock | (142,228,779 | ) | (142,228,779 | ) |
| Additional paid-in capital | 4,321,100,861 | 4,651,697,745 | ||
| Accumulated other comprehensive income (loss) | (17,934,525 | ) | 16,352,114 | |
| Accumulated deficit | (4,862,464,162 | ) | (5,928,567,972 | ) |
| Total Qutoutiao Inc. shareholders’ deficit | (701,481,954 | ) | (1,402,700,535 | ) |
| Non-controlling interests | (3,861,667 | ) | (4,339,047 | ) |
| Total deficit | (705,343,621 | ) | (1,407,039,582 | ) |
| Total liabilities, redeemable non-controlling interests and shareholders’ deficit | 2,940,196,895 | 2,096,408,507 | ||
| QUTOUTIAO INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in RMB, except ADS data, or otherwise noted) | |||||||||||
| For the three months ended | For the nine months ended | ||||||||||
| September 30 | June 30 | September 30 | September 30 | September 30 | |||||||
| 2019 | 2020 | 2020 | 2019 | 2020 | |||||||
| RMB | RMB | RMB | RMB | RMB | |||||||
| Advertising and marketing revenues | 1,381,619,079 | 1,378,130,528 | 1,062,766,624 | 3,826,799,574 | 3,804,897,023 | ||||||
| Other revenues | 25,290,100 | 62,864,776 | 67,245,213 | 84,906,269 | 177,906,785 | ||||||
| Net revenues5 | 1,406,909,179 | 1,440,995,304 | 1,130,011,837 | 3,911,705,843 | 3,982,803,808 | ||||||
| Cost of revenues | (496,081,867 | ) | (400,215,157 | ) | (371,755,415 | ) | (1,136,721,190 | ) | (1,232,725,578 | ) | |
| Gross profit | 910,827,312 | 1,040,780,147 | 758,256,422 | 2,774,984,653 | 2,750,078,230 | ||||||
| Operating expenses: | |||||||||||
| Research and development expenses | (261,599,590 | ) | (224,200,283 | ) | (243,118,815 | ) | (638,301,750 | ) | (748,182,361 | ) | |
| Sales and marketing expenses | (1,503,239,735 | ) | (925,311,954 | ) | (701,460,094 | ) | (4,121,959,554 | ) | (2,701,300,003 | ) | |
| General and administrative expenses | (57,101,646 | ) | (105,471,595 | ) | (85,458,868 | ) | (204,650,200 | ) | (298,426,398 | ) | |
| Total operating expenses | (1,821,940,971 | ) | (1,254,983,832 | ) | (1,030,037,777 | ) | (4,964,911,504 | ) | (3,747,908,762 | ) | |
| Other operating income | 11,682,263 | 24,789,953 | 23,845,671 | 22,471,976 | 55,752,904 | ||||||
| Loss from Operations | (899,431,396 | ) | (189,413,732 | ) | (247,935,684 | ) | (2,167,454,875 | ) | (942,077,628 | ) | |
| Investment income/ (expenses), net | 760,625 | (20,980,036 | ) | (14,267,237 | ) | 4,363,911 | (51,778,105 | ) | |||
| Interest income/ (expenses), net | (1,759,701 | ) | (6,900,309 | ) | (7,958,690 | ) | 16,506,147 | (18,271,694 | ) | ||
| Foreign exchange related gains/ (losses), net | 6,124,404 | (270,407 | ) | (2,815,634 | ) | 3,589,367 | (5,612,677 | ) | |||
| Other gains/ (losses), net | 5,296,371 | (4,213,270 | ) | 1,457,194 | 3,288,020 | (6,276,007 | ) | ||||
| Non-operating income (loss) | 10,421,699 | (32,364,022 | ) | (23,584,367 | ) | 27,747,445 | (81,938,483 | ) | |||
| Loss before provision for income taxes | (889,009,697 | ) | (221,777,754 | ) | (271,520,051 | ) | (2,139,707,430 | ) | (1,024,016,111 | ) | |
| Income tax benefits/ (expenses), net | 600,811 | (321,533 | ) | 2,081,351 | 1,802,433 | 658,290 | |||||
| Net loss | (888,408,886 | ) | (222,099,287 | ) | (269,438,700 | ) | (2,137,904,997 | ) | (1,023,357,821 | ) | |
| Net loss attributable to non-controlling interests | 227,415 | 109,229 | 161,178 | 437,952 | 477,380 | ||||||
| Net loss attributable to Qutoutiao Inc. | (888,181,471 | ) | (221,990,058 | ) | (269,277,522 | ) | (2,137,467,045 | ) | (1,022,880,441 | ) | |
| Accretion to convertible redeemable preferred shares redemption value | (3,627,599 | ) | (12,315,628 | ) | (12,153,937 | ) | (8,921,185 | ) | (36,334,590 | ) | |
| Net loss attributable to Qutoutiao Inc.’s ordinary shareholders | (891,809,070 | ) | (234,305,686 | ) | (281,431,459 | ) | (2,146,388,230 | ) | (1,059,215,031 | ) | |
| Net loss | (888,408,886 | ) | (222,099,287 | ) | (269,438,700 | ) | (2,137,904,997 | ) | (1,023,357,821 | ) | |
| Other comprehensive income/ (loss): | |||||||||||
| Foreign currency translation adjustment, net of nil tax | 8,734,926 | 293,370 | 50,224,481 | (6,473,241 | ) | 34,286,639 | |||||
| Total comprehensive loss | (879,673,960 | ) | (221,805,917 | ) | (219,214,219 | ) | (2,144,378,238 | ) | (989,071,182 | ) | |
| Comprehensive loss attributable to non-controlling interests | 227,415 | 109,229 | 161,178 | 437,952 | 477,380 | ||||||
| Comprehensive loss attributable to Qutoutiao Inc. | (879,446,545 | ) | (221,696,688 | ) | (219,053,041 | ) | (2,143,940,286 | ) | (988,593,802 | ) | |
| Net loss per ADS (1 Class A ordinary share equals 4 ADSs): | |||||||||||
| — Basic and diluted | (3.24 | ) | (0.82 | ) | (0.96 | ) | (7.91 | ) | (3.68 | ) | |
| Weighted average number of ADS used in computing basic and diluted earnings per ADS: | |||||||||||
| — Basic | 275,162,800 | 286,430,868 | 292,990,440 | 271,362,140 | 287,704,096 | ||||||
| — Diluted | 275,162,800 | 286,430,868 | 292,990,440 | 271,362,140 | 287,704,096 | ||||||
| QUTOUTIAO INC. Reconciliation of GAAP And Non-GAAP Results (All amounts in RMB, except ADS data, or otherwise noted) | |||||||||||
| For the three months ended | For the nine months ended | ||||||||||
| September 30 | June 30 | September 30 | September 30 | September 30 | |||||||
| 2019 | 2020 | 2020 | 2019 | 2020 | |||||||
| RMB | RMB | RMB | RMB | RMB | |||||||
| Loss from Operations | (899,431,396 | ) | (189,413,732 | ) | (247,935,684 | ) | (2,167,454,875 | ) | (942,077,628 | ) | |
| Add: Share-based compensation expenses6 | |||||||||||
| Cost of revenues | 1,113,137 | 3,077,141 | 4,361,030 | 4,399,261 | 10,922,438 | ||||||
| General and administrative | 6,607,320 | 13,059,206 | 49,065,733 | 66,245,970 | 114,606,183 | ||||||
| Sales and marketing | 11,597,854 | 3,612,409 | 22,104,231 | 30,465,141 | 47,404,034 | ||||||
| Research and development | 35,940,659 | 29,093,874 | 62,473,011 | 89,720,428 | 157,664,229 | ||||||
| Non-GAAP Loss from Operations | (844,172,426 | ) | (140,571,102 | ) | (109,931,679 | ) | (1,976,624,075 | ) | (611,480,744 | ) | |
| Net loss | (888,408,886 | ) | (222,099,287 | ) | (269,438,700 | ) | (2,137,904,997 | ) | (1,023,357,821 | ) | |
| Add: Share-based compensation expenses6 | |||||||||||
| Cost of revenues | 1,113,137 | 3,077,141 | 4,361,030 | 4,399,261 | 10,922,438 | ||||||
| General and administrative | 6,607,320 | 13,059,206 | 49,065,733 | 66,245,970 | 114,606,183 | ||||||
| Sales and marketing | 11,597,854 | 3,612,409 | 22,104,231 | 30,465,141 | 47,404,034 | ||||||
| Research and development | 35,940,659 | 29,093,874 | 62,473,011 | 89,720,428 | 157,664,229 | ||||||
| Non-GAAP net loss | (833,149,916 | ) | (173,256,657 | ) | (131,434,695 | ) | (1,947,074,197 | ) | (692,760,937 | ) | |
| Net loss attributable to Qutoutiao Inc. | (888,181,471 | ) | (221,990,058 | ) | (269,277,522 | ) | (2,137,467,045 | ) | (1,022,880,441 | ) | |
| Add: Share-based compensation expenses6 | |||||||||||
| Cost of revenues | 1,113,137 | 3,077,141 | 4,361,030 | 4,399,261 | 10,922,438 | ||||||
| General and administrative | 6,607,320 | 13,059,206 | 49,065,733 | 66,245,970 | 114,606,183 | ||||||
| Sales and marketing | 11,597,854 | 3,612,409 | 22,104,231 | 30,465,141 | 47,404,034 | ||||||
| Research and development | 35,940,659 | 29,093,874 | 62,473,011 | 89,720,428 | 157,664,229 | ||||||
| Non-GAAP net loss attributable to Qutoutiao Inc. | (832,922,501 | ) | (173,147,428 | ) | (131,273,517 | ) | (1,946,636,245 | ) | (692,283,557 | ) | |
| Net loss attributable to Qutoutiao Inc.’s ordinary shareholders | (891,809,070 | ) | (234,305,686 | ) | (281,431,459 | ) | (2,146,388,230 | ) | (1,059,215,031 | ) | |
| Add: Share-based compensation expenses6 | |||||||||||
| Cost of revenues | 1,113,137 | 3,077,141 | 4,361,030 | 4,399,261 | 10,922,438 | ||||||
| General and administrative | 6,607,320 | 13,059,206 | 49,065,733 | 66,245,970 | 114,606,183 | ||||||
| Sales and marketing | 11,597,854 | 3,612,409 | 22,104,231 | 30,465,141 | 47,404,034 | ||||||
| Research and development | 35,940,659 | 29,093,874 | 62,473,011 | 89,720,428 | 157,664,229 | ||||||
| Non-GAAP Net loss attributable to Qutoutiao Inc.’s ordinary shareholders | (836,550,100 | ) | (185,463,056 | ) | (143,427,454 | ) | (1,955,557,430 | ) |
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FAQ
What were Qutoutiao's Q3 2020 net revenues?
Qutoutiao reported net revenues of RMB1,130.0 million (US$166.4 million) for Q3 2020.
How did Qutoutiao's MAUs change in Q3 2020?
Qutoutiao's average MAUs decreased to 120.5 million from 133.9 million in Q3 2019.
What is Qutoutiao's outlook for Q4 2020?
Qutoutiao expects Q4 2020 net revenues to be between RMB1,230 million and RMB1,250 million, reflecting a decrease of 25% to 26% year-over-year.
Did Qutoutiao improve its net loss in Q3 2020?
Yes, Qutoutiao's net loss improved to RMB269.4 million in Q3 2020, compared to a net loss of RMB888.4 million in Q3 2019.
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Qutoutiao Inc. Announces Receipt of Nasdaq Notice
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