— China-based tech firm Qutoutiao Inc. (NASDAQ: QTT) reported an adjusted loss of $0.27 per ADS for the fourth quarter of 2019, vs. a $0.31 per ADS loss expected.
— Q4 net revenue rose 25% to $238.2 million, vs $230 million expected. Advertising and marketing revenues climbed 27% to $228.2 million, primarily due to expanded user base and ability to monetize user traffic.
— In the fourth quarter, combined average MAUs jumped 47% to 137.9 million, and combined average DAUs surged 48% to 45.7 million.
— Average daily time spent per DAU was 59.4 minutes, down from 63 minutes reported in the fourth quarter of 2018.
— Expects net revenues to grow 25-27% in Q1 of 2020.
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