Qutoutiao Inc. (NASDAQ:QTT) Stock Makes Bullish Move: Should You get In Now?
Qutoutiao Inc. (NASDAQ:QTT) gained 5% last week. The company recently announced unaudited financial results of Q1 2021, in which net revenue was down 8.6% YoY to $197 million. Quarter over quarter net revenue was down 0.9%. The company reported a net loss of $22.7 million and a net loss margin of 11.5% in the quarter compared to 37.7% a year ago.
Qutoutiao reported an average MAUS of 133.3 million, a 3.6% YoY decline, and a 6.9% QoQ drop. Average DAUS dropped 30.6% YoY to 317 million, and the average time spent per day per DAU was around 47.1 minutes.
CEO Eric Saliang Tan said that the company maintains a balance between profitability and growth and has enhanced its investments in moving Midu Novel forward after the recent financing round. In addition, Saliang Tan said that they are delighted with the rate of progress witnessed so far this year. He added that they expect overall business to stabilize with improving profitability in the coming months. Therefore, QTT is a stock to watch in the coming weeks.
Market Reaction:
On Friday, QTT stock moved up 0.57% at $1.77 with more than 838k shares, compared to its average volume of 1.59 million shares. The stock has moved within a range of $1.7212 – 1.7900 after opening the trade at $1.79. Over the past 52-week, the stock has been trading within a range of $1.5300 – 5.6400.
