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4q20 achieved an operating profit for the first time with a revenue of 1.302 billion yuan From Interesting headlines

The following is the 4q20 achieved an operating profit for the first time with a revenue of 1.302 billion yuan From Interesting headlines recommended by recordtrend.com. And this article belongs to the classification: Enterprise financial report, Investment & Economy, Network entertainment.

March 4, 2021, interesting headlines( NASDAQ:QTT )Officially released the fourth quarter and annual financial report of 2020. According to the financial report, the total operating revenue of qutoutiao in 2020 reached 5.285 billion yuan, of which the operating revenue in the fourth quarter was 1.302 billion yuan, a month on month increase of 15.3%, exceeding the market expectation.

It is worth noting that qutoutiao ushered in the turning point of performance. Under the non US general accounting standards, the operating profit in the fourth quarter reached 42.5 million yuan, the first quarterly profit since listing.

Tan siliang, chairman and CEO of qutoutiao, said: “throughout the year, we are committed to providing users with rich and interesting content to realize the sustainable development of the business, and achieved returns in the fourth quarter. In 2021, we will continue to enrich the content ecology, optimize the algorithm technology, and promote the strong growth of users and revenue scale. At the same time, we will strengthen our investment and support in meter reading, achieve the goal of doubling the users and income of meter reading in the second half of the year, and continue to maintain our leading position in the field of free reading. “

In addition, qutoutiao also announced that Midu was once again approved by capital in the fourth quarter and completed US $110 million round C financing.

Main results of the fourth quarter:

The number of active users per month reached 124.7 million, down 9.6% from 137.9 million in the same period of last year, compared with 120.5 million in the previous quarter.

– daily active users reached 32.3 million, down 29.4% from 45.7 million in the same period last year, compared with 39.7 million in the previous quarter.

– the average daily time spent by active users was 50.3 minutes, compared with 59.4 minutes in the same period last year and 55.3 minutes in the previous quarter.

– net revenue was RMB 1302.4 million (about US $199.6 million), down 21.5% from the same period last year, exceeding the company’s expected high-end range.

– a net loss of 81.8 million yuan (US $12.5 million), compared with 551.4 million yuan in the same period last year. The net loss rate was 6.3%, compared with 33.2% in the same period last year.

Fourth quarter performance analysis:

Net revenue was 1.302.4 billion yuan (about US $199.6 million), down 21.5% from 1.658.4 billion yuan in the same period of last year, and up 15.3% from 1.130 billion yuan in the previous quarter.

Advertising and marketing revenue was 1.241.9 billion yuan (about 190.3 million US dollars), down 21.8% from 1.588.5 billion yuan in the same period last year. The year-on-year decline in advertising and marketing revenue was mainly due to the strategy of giving priority to optimizing operational efficiency and financial health. Interesting headlines pay more attention to the quality and profile of the user group, rather than the absolute size or growth. Therefore, although the revenue base is relatively low, it still creates better profitability and cash flow.

Other revenue was 60.5 million yuan (US $9.3 million), down 13.5% from 69.9 million yuan in the same period last year. The year-on-year decline of other revenue was mainly due to the decrease of live broadcast and online game revenue.

The cost of revenue was 441.7 million yuan (about 67.7 million US dollars), down 12.3% from 503.9 million yuan in the same period of last year. The year-on-year decline of revenue cost is mainly due to the decrease of bandwidth, it infrastructure cost and salary and welfare related to content management personnel; the increase of content procurement cost due to the company’s continuous investment in improving content quality partially offset the year-on-year decrease of the above costs.

Gross profit was 860.7 million yuan (about 131.9 million US dollars), down 25.4% from 1154.5 million yuan in the same period last year. The gross profit rate was 66.1%, lower than 69.6% in the same period of last year.

R & D expenditure was 199.7 million yuan (about US $30.6 million), down 30.6% from 287.9 million yuan in the same period of last year. The year-on-year decrease in R & D expenditure is mainly due to the decrease in the number of R & D staff.

Sales and marketing expenses were 680.3 million yuan (about 104.3 million US dollars), down 50.3% from 1.367 billion yuan in the same period of last year. Sales and marketing expenses accounted for 52.2% of net revenue, compared with 82.5% in the same period last year and 62.1% in the previous quarter.

General and administrative expenses amounted to 94.4 million yuan (about 14.5 million US dollars), up 51.3% from 62.4 million yuan in the same period of last year. The year-on-year increase in general and administrative expenses was mainly due to the company’s continuous incentive of loyal employees and the increase in share based compensation.

The operating loss was 90.1 million yuan (US $13.8 million), compared with 555.8 million yuan in the same period last year. The operating loss rate was 6.9%, compared with 33.5% in the same period last year.

Not in accordance with US GAAP, the operating loss was RMB 42.5 million (US $6.5 million), compared with RMB 474.6 million in the same period last year. Not in accordance with US GAAP, the operating loss rate was 3.3%, compared with 28.6% in the same period last year.

The net loss was 81.8 million yuan (US $12.5 million), compared with 551.4 million yuan in the same period last year. The net loss rate was 6.3%, compared with 33.2% in the same period last year.

Not in accordance with U.S. GAAP, net profit was 50.8 million yuan (about 7.8 million U.S. dollars), while net loss was 470.2 million yuan in the same period last year. Not in accordance with US GAAP, the net interest rate was 3.9%, compared with 28.4% in the same period of last year.

The net loss attributable to common shareholders was 78.7 million yuan (US $12.1 million), compared with 562.8 million yuan in the same period last year. Not in accordance with US GAAP, the net profit attributable to common shareholders was 54 million yuan (about 8.3 million US dollars), while the net loss attributable to common shareholders was 481.7 million yuan in the same period of last year.

The basic and diluted loss per ADR was 0.26 yuan (about 0.04 US dollars). Not in accordance with U.S. GAAP, the basic and diluted earnings per American Depository Receipt is 0.18 yuan (about 0.03 U.S. dollars).

As of December 31, 2020, the total amount of cash, cash equivalents, restricted cash and short-term investment held by qutoutiao was 985.8 million yuan (about 151.1 million US dollars), and 514.2 million yuan as of September 30, 2020.

Performance analysis in 2020:

Net revenue was 5.285.2 billion yuan (US $810 million), down 5.1% from 5.570.1 billion yuan in the same period last year.

Advertising and marketing revenue was 5.046.8 billion yuan (about $773.5 million), down 6.8% from 5.415.3 billion yuan in the same period last year. The year-on-year decline in advertising and marketing revenue was mainly due to the strategy of giving priority to optimizing operational efficiency and financial health.

Other revenue was 238.4 million yuan (about US $36.5 million), up 54.0% from 154.8 million yuan in the same period last year. The year-on-year growth of other revenue was mainly due to the year-on-year growth of live broadcast revenue. In addition, the revenue of member services and online games of Midu also increased slightly.

The cost of revenue was 1.674 billion yuan (about 256.6 million US dollars), up 2.1% from 1.640.6 billion yuan in the same period of last year. The year-on-year increase in revenue costs was mainly due to the increase in content procurement costs and costs associated with revenue sharing arrangements for content providers (such as game developers); this increase was partially offset by the decrease in bandwidth and it infrastructure costs, and the decrease in salaries and benefits associated with content managers.

Gross profit was 3.610 billion yuan (about 553.4 million US dollars), down 8.1% from 3.929.4 billion yuan in the same period last year. The gross profit rate was 68.3%, lower than 70.5% in the same period of last year.

R & D expenditure was 947.9 million yuan (about 145.3 million US dollars), an increase of 2.3% over 926.2 million yuan in the same period of last year. The year-on-year increase in R & D expenditure was mainly due to the increase in equity compensation, which was partly offset by the decrease in salaries and benefits.

Sales and marketing expenditure was 3.381.6 billion yuan (about 518.2 million US dollars), down 38.4% from 5.489.7 billion yuan in the same period of last year.

The expenditure on general affairs and administration was 392.8 million yuan (about 60.2 million US dollars), an increase of 47.1% over 267 million yuan in the same period of last year.

The operating loss was 1.032 billion yuan (US $158.2 million), compared with 2.723 billion yuan in the same period last year. The operating loss rate was 19.5%, compared with 48.9% in the same period last year.

Not in accordance with US GAAP, the operating loss was 569 million yuan (about US $87.2 million), compared with 2451.3 million yuan in the same period last year. Not in accordance with US GAAP, the operating loss rate was 10.8%, compared with 44.0% in the same period last year.

The net loss was RMB 1105.2 million (US $169.4 million), compared with RMB 2689.3 million in the same period last year. The net loss rate was 20.9%, compared with 48.3% in the same period last year.

Not in accordance with U.S. GAAP, the net loss was 642 million yuan (about 98.4 million U.S. dollars), compared with 2.413 billion yuan in the same period last year. Not in accordance with US GAAP, the net loss rate was 12.1%, compared with 43.4% in the same period last year.

The net loss attributable to common shareholders was RMB 1137.9 million (about US $174.4 million), compared with RMB 2709.2 million in the same period last year. The net loss attributable to common shareholders was 674.7 million yuan (about US $103.4 million), compared with 2.437.3 billion yuan in the same period of last year.

Performance Outlook:

Qu Toutiao predicts that the company’s revenue in the first quarter of 2021 will range from 1.25 billion yuan to 1.3 billion yuan.

Via Tencent technology read more: witty headlines: revenue of 5.57 billion yuan in 2019, an increase of 84.3% over the same period of last year; witty headlines financial report: revenue of 5.57 billion yuan in 2019, an increase of 84.3% over the same period of last year If you look at the economic model that is more interesting than the market expectation data, will it be a long dream to return to this Council in 6-8 months? Rice reading and fast hand to achieve strategic cooperation to explore Kwai IP incubator new model fun headlines in the two quarter of 2020 revenue of 1 billion 440 million yuan over expected deep tillage content to promote the organization to upgrade the fun headlines earnings: 2020 Q3 loss narrowed substantially, the four quarter is expected to achieve profitable interest headlines released earnings rose nearly 12% after the launch In the second quarter of 2020, the revenue was 1.44 billion yuan, which exceeded the expectation. Qutoutiao & surging news: Internet life report for the elderly in 2020, Aurora big data: qutoutiao Research Report in 2018 (with download) invested heavily in AI technology polishing algorithm recommendation engine against the market. Qutoutiao’s R & D investment reached 281 million yuan in 2020q1. Qutoutiao announced the rectification measures reported in the 3.15 evening party Set up ad ecological management special working group interesting headline: 1q20’s revenue was 1.412 billion yuan, increased by 26.2% year on year, and the average monthly active users in the comprehensive quarter reached 138 million yuan, increased by 24.2% year on year

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