Nasdaq-listed Qutoutiao, a news and content distribution platform, reported an unaudited net loss of RMB 1.3 billion (USD 150.5 million) for the third quarter of 2018, an 8886.1% increase from the same period last year.
The company’s net revenues for the period were USD 140.4 million, an increase of 520.3% from USD 22.65 million year-over-year. Apart from increasing costs to retain users, share-based compensation expenses of RMB 103.15 million were recognised to consolidate corporate loyalty and encourage contribution.
This is Qutoutiao’s first fiscal report since its IPO in September. Qutoutiao’s average daily active users for the quarter were 21.3 million, up 229.0% year-over-year.