Caixin Global – Latest China News & Headlines

Home >


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 in China: Mission Impossible? Young Environmental Hero Tries To Clean Up Tibet
Chinese Online Travel Agency Sees Revenue Plummet As Covid-19 Fallout Lingers
Chinese Supply Chain Provider Xingyun Closes $200m in a Series C Round
Chinese EV Charging Operator Star Charge Nabs $125m Co-Led by Schneider, CICC
Trending in China: One of China’s Weirder Poverty Alleviation Programs Goes Viral with 100m Plus Views
Chinese Carmaker Geely Signs Driver-Assistance System Deal with Mobileye
Chinese Genomics Company BGI to Provide Ethiopia with Coronavirus Testing Kits Made at African Plant
Trending in China: Autumn Milk Tea – Cynical Marketing Strategy or True Friendship?
IFC Mulls $80m Loan to Chinese Pig Rearing Firm Guangxi Yangxiang
Short Video Firm Kuaishou Optimizes Its E-Commerce By Connecting Livestreamers With Quality Products
Segway Owner Set to Make History With Shanghai IPO
BMW’s Use of High-Density Batteries Raises Safety Concerns
ByteDance Applies for Chinese Tech Export License as TikTok Negotiations Continue
Trending in China: Macau Eases Travel Restrictions but Will Covid-19 Tests Kill People’s Travel Bug?
Alibaba Subsidiary Cainiao Pushes Into Malaysia With Cross-Border Delivery Service
Trending in China: School Throws Away Students’ Food Deliveries To Force Use of Canteen
Chinese Electric Carmaker Li Auto Teams Up With U.S. Chipmaker Nvidia Recycling Operator Wanwu Xinsheng Nets Over $100m
HSBC Shares Fall to Lowest Since 2009 As Investors Fret About Financial Crimes Report
Huawei Cuts R&D Investment and Jobs in Australia Amid Tech War
News Aggregator Qutoutiao Reports Strong Revenue Despite Short Seller Attack

By Ding Yi / Jun 05, 2020 05:06 PM / Finance

Photo: IC

Photo: IC

U.S. short seller Wolfpack Research’s allegations of financial fraud against Qutoutiao at the end of 2019 have not stopped the Chinese news aggregator from achieving top-line growth in the first quarter of 2020.

On Thursday, Tencent-backed Qutoutiao released its latest earnings report showing net revenue of 1.41 billion yuan ($199.4 million) in the first quarter, a year-on-year increase of 26.2%. Advertising and marketing revenue reached 1.36 billion yuan, up from 1.09 billion yuan in the same period last year.

As the coronavirus pandemic kept people indoors, there has been dramatic growth in traffic to various apps in the January-March period. This trend is also reflected in Qutoutiao’s growing base of monthly active users, which increased to 138.3 million from 111.4 million in the first quarter of 2019.

Despite the top-line growth, Qutoutiao still posted a net loss of 531.8 million yuan, albeit less than the 688.2 million yuan loss the company made in the same quarter of last year, the financial report showed.

For the second quarter, the Shanghai-based company expects its net revenue to reach between 1.41 billion yuan and 1.43 billion yuan, representing a year-on-year increase of 2% to 3%.

In December last year, Qutoutiao was targeted by Wolfpack Research, which claimed that the Chinese company had fabricated the vast majority of its 2018 revenue.

Contact reporter Ding Yi (

Related: Tencent-Backed News App Denies Explosive Fraud Allegations From U.S. Due-Diligence Firm

Share this article
Open WeChat and scan the QR code