Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Uber-Like Truck-Rental Startup Mulls IPO After Breaking Even
In Depth: Is China’s Animation Industry Ready to Take Off?
LATEST
In Depth: Is China’s Animation Industry Ready to Take Off?
Uber-Like Truck-Rental Startup Mulls IPO After Breaking Even
China Evergrande Plans to Build Electric Cars, Batteries in Qingdao
Terry Gou-Backed LCD Panel Plant Seeks Cash Injection
Self-Driving Taxi Industry to Hit Key Inflection Point Next Year, Insider Says
Video App Kuaishou Mulls U.S. IPO, Raises Funds at $25 Billion Valuation
London Stock Exchange Bid in the Works For Long Time: HKEx Chairwoman
Chinese Investors React Coolly to Signs of Easing Trade Tensions
Kweichow Moutai Toasts Long-Term Partnership With Chinese Genomics Giant
After Opening Gates to Outside Food, Disney Clarifies What Is and Isn’t Allowed
Chinese Scientists Edit DNA in Attempt to Cure Man’s Cancer, HIV
China's Electric-Car Sales Drop for Second Straight Month
Fosun Biotech Unit Henlius Aims to Raise $477 Million in Hong Kong IPO
Huawei Drops Case Against U.S. Over Detained Telecom Gear
Chinese Netizens Cheer as Apple Compares Itself With Huawei for the First Time
World-Leading Crypto Platform Tightens Grip on HK-Listed Entity
The Factory Breeding Bloodsucking Mosquitos to Fight Disease
The Tough Transition Facing China’s Money-Market Funds
Tencent-Backed Secondhand Goods Trading Platform Secures $300 Million in Series B
Huawei Says U.S. Needs to Talk to Company for China Trade Deal
News Aggregator Qutoutiao Announces CEO Change in Q1 Report

By Isabelle Li / May 21, 2019 05:56 PM / Business & Tech

Eric Siliang Tan. Photo: VCG

Eric Siliang Tan. Photo: VCG

Chinese news aggregator Qutoutiao hit estimates’ target with strong revenue numbers in its latest quarterly report — despite continued overall losses.

Yet it did surprise on another front: In the same statement, the New York-listed company announced the resignation of its CEO “due to personal reasons.”

Li Lei will remain on the board and serve as a vice chairman, while founder and board chairman Eric Siliang Tan has already taken over the top job, the announcement said.

Meanwhile, Qutoutiao’s first-quarter revenue grew 373.3% year-on-year to a total of 1.12 billion yuan ($162 million). Its monthly active user base has reached 110 million, 18.7% more than the previous quarter’s.

The aggregator's net losses, however, expanded to 688 million yuan, more than double that of the same period last year.

Qutoutiao's share price closed 8.9% down at US$5.12 upon news of the release.

Related: Aggregator Qutoutiao Looks for Light Beyond Shadow of Rival Bytedance

 

Share this article
Open WeChat and scan the QR code