Why Qutoutiao Stock Initially Jumped This Morning

Revenue in the first quarter increased 26% to $199.4 million, topping the consensus estimate of $198.3 million in sales. Wall Street was expecting the company to lose $0.23 per ADS on an adjusted basis. "We executed strongly in the first quarter of 2020 by growing our revenues over 26% year on year, this is a strong testament to our commitment and ongoing effort in enhancing the core capabilities of our advertising platform, especially given the unprecedented challenges facing our economy and the industry," CEO Eric Tan said in a statement.