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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

 

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