Pascal Siakam (Toronto Raptors) with a 2-pointer vs the Milwaukee Bucks, 01/27/2021
Pascal Siakam (Toronto Raptors) with a 2-pointer vs the Milwaukee Bucks, 01/27/2021
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SHANGHAI, China, March 04, 2021 (GLOBE NEWSWIRE) -- Qutoutiao Inc. (“Qutoutiao”, the “Company” or “We”) (NASDAQ: QTT), a leading operator of mobile content platforms in China, today announced its unaudited financial results in the fourth quarter and fiscal year ended December 31, 2020. Fourth Quarter 2020 Highlights Net revenues decreased 21.5% year-over-year to RMB1,302.4 million (US$199.6 million), while increased by 15.3% quarter-over-quarter from RMB1,130.0 million in the previous quarter, and was above the high end of the Company’s guided range.Net loss was RMB81.8 million (US$12.5 million), compared to net loss of RMB551.4 million in the fourth quarter of 2019 and net loss of RMB269.4 million in the third quarter of 2020. Net loss margin was 6.3%, compared to 33.2% in the fourth quarter of 2019 and 23.8% in the third quarter of 2020.Non-GAAP net profit1 was RMB50.8 million (US$7.8 million), compared to non-GAAP net loss of RMB470.2 million in the fourth quarter of 2019 and non-GAAP net loss of RMB131.4 million in the third quarter of 2020. Non-GAAP net profit margin was 3.9%, compared to non-GAAP net loss margin of 28.4% in the fourth quarter of 2019 and non-GAAP loss margin of 11.6% in the third quarter of 2020.Combined average MAUs2 were 124.7 million, representing a decrease of 9.6% from 137.9 million in the fourth quarter of 2019, compared to 120.5 million in the previous quarter.Combined average DAUs3 were 32.3 million, representing a decrease of 29.4% from 45.7 million in the fourth quarter of 2019, compared to 39.7 million in the previous quarter.Average daily time spent per DAU was 50.3 minutes, compared to 59.4 minutes in the fourth quarter of 2019 and 55.3 minutes in the previous quarter. Mr. Eric Siliang Tan, Chairman and Chief Executive Officer of Qutoutiao, commented, “Through dedication and innovation, we have come through a year of unprecedented uncertainty and changes in the marketplace, we are very pleased to be able to put our business on a much firmer footing and to grow profitably from here.” Mr. Xiaolu Zhu, Chief Financial Officer of Qutoutiao, added, “As the business has achieved breakeven as a result of our strategic initiatives and prudent financial management, we are encouraged by the results of our consistent effort and focus on creating shareholder value and running a lean operation, and will continue to execute our strategies effectively and efficiently going forward.” Fourth Quarter 2020 Financial Results Net revenues in the fourth quarter of 2020 were RMB1,302.4 million (US$199.6 million), a decrease of 21.5% from RMB1,658.4 million in the fourth quarter of 2019, and an increase of 15.3% from RMB1,130 million in the previous quarter. Advertising and marketing revenues were RMB1,241.9 million (US$190.3 million) in the fourth quarter of 2020, a decrease of 21.8% from RMB1,588.5 million in the fourth quarter of 2019, primarily due to the Company’s strategy to prioritise optimizing operational efficiency and financial health. We have paid closer attention to the quality and the profile of our user base, rather than the absolute size or growth of it. As a result, we have generated better profitability and cash flows despite the comparatively reduced revenue base. Other revenues were RMB60.5 million (US$9.3 million) in the fourth quarter of 2020, a decrease of 13.5% from RMB69.9 million in the fourth quarter of 2019. The decrease was primarily due to the decrease in revenues from live-streaming and online games. Cost of revenues were RMB441.7 million (US$67.7 million) in the fourth quarter of 2020, a decrease of 12.3% from RMB503.9 million in the fourth quarter of 2019, primarily attributable to the decreases in bandwidth, IT infrastructure costs, and salaries and benefits associated with content management personnel; the decrease was partially offset by an increase in content procurement costs due to the Company’s ongoing investment in improving content quality. Gross profit was RMB860.7 million (US$131.9 million) in the fourth quarter of 2020, a decrease of 25.4% from RMB1,154.5 million in the fourth quarter of 2019. Gross margin was 66.1%, compared to 69.6% in the fourth quarter of 2019. The decrease of gross margin was mainly due to the increase in content procurement costs. Research and development expenses were RMB199.7 million (US$30.6 million) in the fourth quarter of 2020, a decrease of 30.6% from RMB287.9 million in the fourth quarter of 2019 primarily due to a reduction in overall research and development headcount. Sales and marketing expenses were RMB680.3 million (US$104.3 million) in the fourth quarter of 2020, a decrease of 50.3% from RMB1,367.7 million in the fourth quarter of 2019. Sales and marketing expenses as a percentage of net revenues were 52.2% in the fourth quarter of 2020, compared to 82.5% in the fourth quarter of 2019 and 62.1% in the third quarter of 2020. User engagement expenses were RMB163.2 million (US$25.0 million) in the fourth quarter of 2020, compared to RMB571.4 million in the fourth quarter of 2019, a decrease of 71.4% year-over-year and a decrease of 38.3% quarter-over-quarter. User engagement expenses per DAU per day were RMB0.05 in the fourth quarter of 2020, compared to RMB0.14 in the fourth quarter of 2019 and RMB0.07 in the third quarter of 2019. The decrease of user engagement expenses was primarily due to the Company’s ongoing efforts in optimizing user engagement expenses for its loyalty program, as well as the enhanced content algorithm facilitated by the Company’s AI platform that aims to match the content much more precisely with users’ personalized needs. User acquisition expenses were RMB397.1 million (US$60.9 million) in the fourth quarter of 2020, a decrease of 41.7% year-over-year and a slight increase of 2.9% quarter-over-quarter. User acquisition expenses consist of the costs of both word-of-mouth referrals and third-party marketing. The year-over-year decrease was mainly due to a decrease in the cost of word-of-mouth referrals and the Company’s more efficient spending in third-party channels; the quarter-over-over increase was primarily due to the growing investment in Midu Novels’ user base. User acquisition expenses per new installed user4 in the fourth quarter of 2020 were RMB7.89, compared to RMB5.73 in the third quarter of 2020 and RMB5.54 in the fourth quarter of 2019. Other sales and marketing expenses were RMB119.9 million (US$18.4 million) in the fourth quarter of 2020, slightly increased 3.9% year-over-year from RMB115.5 million in the fourth quarter of 2019. General and administrative expenses were RMB94.4 million (US$14.5 million) in the fourth quarter of 2020, an increase of 51.3% from RMB62.4 million in the fourth quarter of 2019, mainly due to an increase in share-based compensation as the Company keeps incentivising its loyal employees. Loss from operations was RMB90.1 million (US$13.8 million) in the fourth quarter of 2020, compared to RMB555.8 million in the fourth quarter of 2019. Operating loss margin was 6.9%, compared to 33.5% in the fourth quarter of 2019. Non-GAAP profit from operations was RMB42.5 million (US$6.5 million) in the fourth quarter of 2020, compared to a non-GAAP loss from operations of RMB474.6 million in the fourth quarter of 2019. Non-GAAP operating profit margin was 3.3%, compared to non-GAAP operating loss margin of 28.6% in the fourth quarter of 2019. Net loss was RMB81.8 million (US$12.5 million), compared to net loss of RMB551.4 million in the fourth quarter of 2019. Net loss margin was 6.3%, compared to 33.2% in the fourth quarter of 2019. Non-GAAP net profit was RMB50.8 million (US$7.8 million), compared to non-GAAP net loss of RMB470.2 million in the fourth quarter of 2019. Non-GAAP net profit margin was 3.9%, compared to a Non-GAAP loss margin of 28.4% in the fourth quarter of 2019. Net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB78.7 million (US$12.1 million) in the fourth quarter of 2020, compared to RMB562.8 million in the fourth quarter of 2019. Non-GAAP net profit attributable to Qutoutiao Inc.'s ordinary shareholders was RMB54.0 million (US$8.3 million) in the fourth quarter of 2020, compared to a Non-GAAP net loss attributable to Qutoutiao Inc.’s ordinary shareholders of RMB481.7 million in the fourth quarter of 2019. Basic and diluted net loss per American Depositary Share (“ADS”) was RMB0.26 (US$0.04) in the fourth quarter of 2020. Non-GAAP basic and diluted net profit per ADS was RMB0.18 (US$0.03) in the fourth quarter of 2020. Each four ADSs represent one Class A ordinary share of the Company. Balance Sheet As of December 31, 2020, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB985.8 million (US$151.1 million), compared to RMB514.2 million as of September 30, 2020. The increase in cash, cash equivalents, restricted cash and short-term investments was primarily due to a new round of financing for one of our subsidiaries. Cash flow generated from operating activities during the fourth quarter of 2020 was RMB39.3 million. While the Company’s liquidity position has been improved compared to the prior quarter, the Convertible Loan which the Company issued to Alibaba in March 2019, with principal amounting to US$171.1 million will mature on April 4, 2022. Fiscal Year 2020 Financial Results Net revenues in the fiscal year of 2020 were RMB5,285.2 million (US$810.0 million), a decrease of 5.1% from RMB5,570.1 million in the fiscal year of 2019. Advertising and marketing revenues were RMB5,046.8 million (US$773.5 million) in the fiscal year of 2020, a slight decrease of 6.8% from RMB5,415.3 million in the prior year, primarily due to the Company’s strategy to balance operational efficiency and sustainable growth. Other revenues were RMB238.4 million (US$36.5 million) in the fiscal year of 2020, an increase of 54.0% from RMB154.8 million in the fiscal year of 2019, primarily due to the increase of revenues from live-streaming, and, to a lesser extent, revenues from Midu’s membership services and online game services. Cost of revenues was RMB1,674.4 million (US$256.6 million) in the fiscal year of 2020, a slight increase of 2.1% from RMB1,640.6 million in the fiscal year of 2019, primarily attributable to increases in content procurement costs and costs related to revenue-sharing arrangements with content providers such as game developers; the increase was partially offset by the decreases in bandwidth and IT infrastructure costs, salaries and benefits associated with content management personnel. Gross profit was RMB3,610.8 million (US$553.4 million) in the fiscal year of 2020, a decrease of 8.1% from RMB3,929.4 million in the prior year. Gross margin was 68.3%, compared to 70.5% in the fiscal year of 2019. Research and development expenses were RMB947.9 million (US$145.3 million) in the fiscal year of 2020, a slight increase of 2.3% from RMB926.2 million in the prior year, primarily due to the increase in share-based compensation while partially offset by the decrease in salaries and benefits. Sales and marketing expenses were RMB3,381.6 million (US$518.2 million) in the fiscal year of 2020, a decrease of 38.4% from RMB5,489.7 million in the fiscal year of 2019, primarily due to decreases in user acquisition expenses and user engagement expenses, as the Company continuously optimizes its loyalty program and traffic acquisition strategy. General and administrative expenses were RMB392.8 million (US$60.2 million) in the fiscal year of 2020, an increase of 47.1% from RMB267.0 million in the fiscal year of 2019. The increase was mainly due to the the increase in bad-debt provision for account receivables as we adopted ASC-326, Measurement of Credit Losses on Financial Instruments, effective January 1, 2020; and, to a less extent, the increase in share-based compensations. Loss from operations was RMB1,032.2 million (US$158.2 million), compared to RMB2,723.2 million in the fiscal year of 2019. Operating loss margin was 19.5%, compared to 48.9% in the fiscal year of 2019. Loss from operations has been significantly narrowed due to the Company’s endeavors in improving operational efficiency as well as sustainable growth. Non-GAAP loss from operations was RMB569.0 million (US$87.2million), compared to RMB2,451.3 million in the fiscal year of 2019. Non-GAAP operating loss margin was 10.8%, compared to non-GAAP operating loss margin of 44.0% in the fiscal year of 2019. Net loss was RMB1,105.2 million (US$169.4 million) in the fiscal year of 2020, compared to a net loss of RMB2,689.3 million in the fiscal year of 2019. Net loss margin was 20.9%, compared to 48.3% in the fiscal year of 2019. Non-GAAP net loss was RMB642.0 million (US$98.4 million), compared to Non-GAAP net loss of RMB2,417.3 million in the fiscal year of 2019. Non-GAAP net loss margin was 12.1%, compared to 43.4% in the fiscal year of 2019. Net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB1,137.9 million (US$174.4 million), compared to RMB2,709.2 million in the fiscal year of 2019. Non-GAAP net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB674.7 million (US$103.4 million), compared to RMB2,437.3 million in the fiscal year of 2019. Recent Developments Qutoutiao's subsidiary holding the operations of Midu Novels and Midu Lite (collectively, "Midu") entered into definitive agreements with certain unaffiliated investors (the "Investors") in December, 2020. Pursuant to these agreements, the Investors agreed to invest a total of around USD110 million into Midu. The transaction will be phased and we expect the deal to be fully completed in the second half of 2021. We will continue to be the controlling shareholder of Midu after the completion of the transaction. Business Outlook For the first quarter of 2021, the Company expects group net revenues to be between RMB 1,250 million to RMB 1,300 million. Conference Call Qutoutiao’s management will host an earnings conference call at 7:00 A.M. U.S. Eastern Time on Thursday, March 4, 2021 (8:00 PM Beijing/Hong Kong time on March 4, 2021).Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email. Preregistration InformationParticipants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/5221359 at least 15 minutes prior to the scheduled call start time.Please dial-in at least 10 minutes before the scheduled start time of the earnings call and enter the Direct Event Passcode and Registrant ID as instructed to connect to the call.A replay of the conference call will be accessible approximately two hours after the conclusion of the call until 7:59 A.M. U.S Eastern Time on March 11, 2020, by dialing the following telephone numbers: United States:+1-646-254-3697International:+61-2-8199-0299Hong Kong :+852-3051-2780China:400-632-2162Replay Access Code:5221359 About Qutoutiao Inc. Qutoutiao Inc. operates innovative and fast-growing mobile content platforms in China with a mission to bring fun and value to its users. The eponymous flagship mobile application, Qutoutiao, meaning “fun headlines” in Chinese, applies artificial intelligence-based algorithms to deliver customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors. Qutoutiao has attracted a large group of loyal users, many of whom are from lower-tier cities in China. They enjoy Qutoutiao’s fun and entertainment-oriented content as well as its social-based user loyalty program. Launched in May 2018, Midu Novels is a pioneer in offering free literature supported by advertising and has grown rapidly to become a leading player in the online literature industry. The Company will continue to bring more exciting products to users through innovation, and strive towards creating a leading global online content ecosystem. For more information, please visit: https://ir.qutoutiao.net. Use of Non-GAAP Financial Measures We use non-GAAP profit or loss from operations, non-GAAP operating profit or loss margin, non-GAAP net profit loss, non-GAAP net profit or loss margin, non-GAAP net profit or loss attributable to Qutoutiao Inc.’s ordinary shareholders and non-GAAP basic and diluted net profit or loss per ADS, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses. We believe that such non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of such share-based compensation expenses that we include in cost of revenues, total operating expenses and net loss. We believe that all such non-GAAP financial measures also provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance prepared in accordance with U.S. GAAP or as an indicator of our operating performance. We mitigate these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.5250 to US$1.00, the rate in effect as of December 31, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Qutoutiao's beliefs, plans and expectations, are forward-looking statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Qutoutiao’s strategies; Qutoutiao’s future business development, financial condition and results of operations; Qutoutiao’s ability to retain and increase the number of users and provide quality content; competition in the mobile content platform industry; Qutoutiao’s ability to manage its costs and expenses; the future developments of the COVID-19 outbreak; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qutoutiao's filings with the SEC. All information provided in this press release is as of the date of this press release, and Qutoutiao does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Qutoutiao Inc.Investor RelationsTel: +86-21-6858-3790E-mail: firstname.lastname@example.org QUTOUTIAO INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in RMB, or otherwise noted) As of December 31,As of December 31, 20192020 RMBRMBASSETS Current assets: Cash and cash equivalents347,817,093 494,474,891 Restricted cash27,871,552 100,315,940 Short-term investments1,276,830,926 391,033,374 Accounts receivable, net526,822,932 737,789,173 Amount due from related parties278,155,878 383,594,360 Prepayments and other current assets234,728,386 365,108,503 Total current assets2,692,226,767 2,472,316,241 Non-current assets: Accounts receivables, non-current- 54,638,516 Long-term Investments37,589,200 82,888,709 Property and equipment, net24,115,374 17,212,799 Intangible assets88,943,679 83,122,972 Goodwill7,268,330 7,268,330 Right-of-use assets, net69,241,754 50,318,882 Other non-current assets20,811,791 148,091,140 Total non-current assets247,970,128 443,541,348 Total assets2,940,196,895 2,915,857,589 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term borrowings- 70,000,000 Accounts payable328,268,752 448,980,738 Amount due to a related party3,436,586 22,476,683 Registered users’ loyalty payable134,145,439 72,626,546 Advance from customers and deferred revenue246,630,128 140,776,350 Salary and welfare payable129,169,734 149,703,938 Tax payable118,156,494 97,143,585 Lease liabilities, current38,210,188 20,760,421 Accrued liabilities related to users’ loyalty programs89,184,947 100,087,815 Accrued liabilities and other current liabilities788,495,442 763,434,272 Total current liabilities1,875,697,710 1,885,990,348 Lease liabilities, non-current26,651,446 23,755,721 Convertible loan1,218,905,676 1,174,867,883 Deferred tax liabilities21,228,656 18,825,416 Other non-current liabilities7,212,463 4,255,931 Non-current liabilities1,273,998,241 1,221,704,951 Total liabilities3,149,695,951 3,107,695,299 Total redeemable non-controlling interests495,844,565 1,093,526,058 Shareholders’ deficit Ordinary shares44,651 46,817 Treasury stock(142,228,779)(142,228,779)Additional paid-in capital4,321,100,861 4,784,314,735 Accumulated other comprehensive income(17,934,525)84,319,590 Accumulated deficit(4,862,464,162)(6,007,226,873)Total Qutoutiao Inc. shareholders’ deficit(701,481,954)(1,280,774,510)Non-controlling interests(3,861,667)(4,589,258)Total deficit(705,343,621)(1,285,363,768) Total liabilities, redeemable non-controlling interests and shareholders’ deficit2,940,196,895 2,915,857,589 QUTOUTIAO INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in RMB, except ADS data, or otherwise noted) For the three months ended For the fiscal year ended December 31September 30December 31 December 31December 31 2019 2020 2020 2019 2020 RMBRMBRMB RMBRMB Advertising and marketing revenues1,588,520,968 1,062,766,624 1,241,937,710 5,415,320,542 5,046,834,733 Other revenues69,853,793 67,245,213 60,453,505 154,760,062 238,360,290 Net revenues1,658,374,761 1,130,011,837 1,302,391,215 5,570,080,604 5,285,195,023 Cost of revenues(503,910,866)(371,755,415)(441,690,570) (1,640,632,056)(1,674,416,148) Gross profit1,154,463,895 758,256,422 860,700,645 3,929,448,548 3,610,778,875 Operating expenses: Research and development expenses(287,929,828)(243,118,815)(199,688,448) (926,231,578)(947,870,809)Sales and marketing expenses(1,367,748,322)(701,460,094)(680,260,528) (5,489,707,876)(3,381,560,531)General and administrative expenses(62,382,900)(85,458,868)(94,388,918) (267,033,100)(392,815,316)Total operating expenses(1,718,061,050)(1,030,037,777)(974,337,894) (6,682,972,554)(4,722,246,656) Other operating income7,820,380 23,845,671 23,545,402 30,292,356 79,298,306 Loss from Operations(555,776,775)(247,935,684)(90,091,847) (2,723,231,650)(1,032,169,475) Investment income/ (expenses), net- (14,267,237)19,990,057 6,327,104 (31,788,048)Interest income (expense), net7,019,198 (7,958,690)(9,452,396) 21,562,152 (27,724,090)Foreign exchange related gains, net(1,720,870)(2,815,634)(1,570,785) 1,868,497 (7,183,462)Other gains/(loss), net5,760,906 1,457,194 (1,032,721) 9,048,926 (7,308,728)Non-operating income (loss)11,059,234 (23,584,367)7,934,155 38,806,679 (74,004,328) Loss before provision for income taxes(544,717,541)(271,520,051)(82,157,692) (2,684,424,971)(1,106,173,803)Income tax benefits/ (expense), net(6,645,309)2,081,351 349,080 (4,842,876)1,007,370 Net loss(551,362,850)(269,438,700)(81,808,612) (2,689,267,847)(1,105,166,433) Net loss attributable to non-controlling interests149,190 161,178 250,212 587,142 727,592 Net loss attributable to Qutoutiao Inc.(551,213,660)(269,277,522)(81,558,400) (2,688,680,705)(1,104,438,841) Accretion to convertible redeemable preferred shares redemption value(11,626,847)(12,153,937)(11,942,181) (20,548,032)(48,276,771)Gains on repurchase of preferred shares- - 14,841,680 - 14,841,680 Deemed dividend to preferred shareholders- - - - - Net loss attributable to Qutoutiao Inc.’s ordinary shareholders(562,840,507)(281,431,459)(78,658,901) (2,709,228,737)(1,137,873,932) Net loss (551,362,850)(269,438,700)(81,808,612) (2,689,267,847)(1,105,166,433)Other comprehensive loss/(income): Foreign currency translation adjustment, net of nil tax4,967,592 50,224,481 67,967,476 (1,505,650)102,254,115 Total comprehensive loss(546,395,258)(219,214,219)(13,841,136) (2,690,773,497)(1,002,912,318)Comprehensive loss attributable to non-controlling interests149,190 161,178 250,212 587,142 727,592 Comprehensive loss attributable to Qutoutiao Inc.(546,246,068)(219,053,041)(13,590,924) (2,690,186,355)(1,002,184,726) Net loss per ADS (1 Class A ordinary share equals 4 ADSs): — Basic and diluted(2.00)(0.96)(0.26) (9.85)(3.92) Weighted average number of ADS used in computing basic and diluted earnings per ADS: — Basic282,003,344 292,990,440 297,045,912 274,999,924 290,052,308 — Diluted282,003,344 292,990,440 297,045,912 274,999,924 290,052,308 QUTOUTIAO INC.Reconciliation of GAAP And Non-GAAP Results(All amounts in RMB, except ADS data, or otherwise noted) For the three months ended For the fiscal year ended December 31September 30December 31 December 31December 31 2019 2020 2020 2019 2020 RMBRMB RMBRMB Loss from Operations(555,776,775)(247,935,684)(90,091,847) (2,723,231,650)(1,032,169,475)Add: Share-based compensation expenses Cost of revenues1,790,820 4,361,030 1,982,055 6,190,081 12,904,493 General and administrative15,708,832 49,065,733 44,713,522 81,954,802 159,319,705 Sales and marketing14,576,137 22,104,231 39,252,233 45,041,278 86,656,267 Research and development49,071,905 62,473,011 46,669,180 138,792,333 204,333,409 Non-GAAP Profit / (Loss) from Operations(474,629,081)(109,931,679)42,525,143 (2,451,253,156)(568,955,601) Net loss(551,362,850)(269,438,700)(81,808,612) (2,689,267,847)(1,105,166,433)Add: Share-based compensation expenses Cost of revenues1,790,820 4,361,030 1,982,055 6,190,081 12,904,493 General and administrative15,708,832 49,065,733 44,713,522 81,954,802 159,319,705 Sales and marketing14,576,137 22,104,231 39,252,233 45,041,278 86,656,267 Research and development49,071,905 62,473,011 46,669,180 138,792,333 204,333,409 Non-GAAP net profit / (loss)(470,215,156)(131,434,695)50,808,378 (2,417,289,353)(641,952,559) Net loss attributable to Qutoutiao Inc.(551,213,660)(269,277,522)(81,558,400 ) (2,688,680,705)(1,104,438,841)Add: Share-based compensation expenses Cost of revenues1,790,820 4,361,030 1,982,055 6,190,081 12,904,493 General and administrative15,708,832 49,065,733 44,713,522 81,954,802 159,319,705 Sales and marketing14,576,137 22,104,231 39,252,233 45,041,278 86,656,267 Research and development49,071,905 62,473,011 46,669,180 138,792,333 204,333,409 Non-GAAP net profit / (loss) attributable to Qutoutiao Inc.(470,065,966)(131,273,517)51,058,590 (2,416,702,211)(641,224,967) Net loss attributable to Qutoutiao Inc.’s ordinary shareholders(562,840,507)(281,431,459)(78,658,901) (2,709,228,737)(1,137,873,932)Add: Share-based compensation expenses Cost of revenues1,790,820 4,361,030 1,982,055 6,190,081 12,904,493 General and administrative15,708,832 49,065,733 44,713,522 81,954,802 159,319,705 Sales and marketing14,576,137 22,104,231 39,252,233 45,041,278 86,656,267 Research and development49,071,905 62,473,011 46,669,180 138,792,333 204,333,409 Non-GAAP Net profit / (loss) attributable to Qutoutiao Inc.’s ordinary shareholders(481,692,813)(143,427,454)53,958,089 (2,437,250,243)(674,660,058) Non-GAAP net profit / (loss) per ADS (1 Class A ordinary share equals 4 ADSs): — Basic and diluted(1.71)(0.49)0.18 (8.86)(2.33) Weighted average number of ADS used in computing basic and diluted earnings per ADS — Basic282,003,344 292,990,440 297,045,912 274,999,924 290,052,308 — Diluted282,003,344 292,990,440 300,659,508 274,999,924 290,052,308 QUTOUTIAO INC.Supplementary Operating Information(RMB in millions, or otherwise noted) For the three months ended December 31March 31June 30September 30 December 31 20192020202020202020Net revenues 1,658.41,411.81,441.01,130.01,302.4 User engagement expenses5571.4507.5457.2264.7163.2User acquisition expenses6680.9502.0435.7385.9397.1Other sales and marketing expenses115.565.132.550.9119.9 Total sales and marketing expenses1,367.71,074.5925.3701.5680.3 Combined Average MAUs (in millions)137.9138.3136.5120.5124.7Combined Average DAUs (in millions)45.745.643.039.732.3New installed users (in millions)123.0109.2132.267.350.3 Average net revenues per DAU per day (RMB)0.390.340.370.310.44User engagement expenses per DAU per day (RMB)0.140.120.120.070.05User acquisition expenses per new installed user (RMB)5.544.603.305.737.89 ___________________________ 1 For more information on the non-GAAP financial measures, see the section entitled “Use of Non-GAAP Financial Measures” below and the table captioned “Reconciliation of GAAP And Non-GAAP Results” set forth at the end of this press release.2 “MAUs” refers to the number of unique mobile devices that accessed our relevant mobile application in a given month. “Combined average MAUs” for a particular period is the average of the MAUs for all of our mobile applications in each month during that period;3 “DAUs” refers to the number of unique mobile devices that accessed our relevant mobile application on a given day. “Combined average DAUs” for a particular period is the average of the DAUs for all of our mobile applications on each day during that period;4 “New installed user” refers to the aggregate number of unique mobile devices that have downloaded and launched our relevant mobile applications at least once.5 We offer loyalty program for registered users of our mobile applications to enhance user engagement and loyalty and incentivise word-of-mouth referrals. “User engagement expenses” refer to the cost of loyalty points associated with taking specific actions, such as viewing and sharing of content, that encourage engagement and retention on our mobile applications. Such expenses are recognized as part of sales and marketing expenses in the consolidated statements of operations. “User engagement expenses per average DAUs per day” refer to such expenses incurred on an average DAU per day during a particular period.6 “User acquisition expenses” refer to the sum of the cost of loyalty points associated with referring new users to register on our mobile applications and the cost of third-party advertising and marketing of our mobile applications. Such expenses are recognized as part of sales and marketing expenses in the consolidated statements of operations. “User acquisition expenses per new installed user” refer to the average cost of acquiring a new installed user from both word-of-mouth referrals and third-party channels.
Think tank warns part of Sunak's budget measures will potentially widen inequality hit basic benefit levels for millions.
The former Coronation Street star says he was tired of being rejected for roles and of online trolls.
THE HAGUE, Netherlands — A Dutch court ruled Thursday that a deeply religious father who kept some of his children isolated from the outside world for years in a remote farmhouse can't stand trial on charges including child sexual abuse because he has been incapacitated by a stroke. The decision came after prosecutors last month asked the court in the northern city of Assen to drop the case because the 68-year-old suspect wasn't fit to stand trial. It brings to an end a case that made headlines around the world after one of the man's sons raised the alarm and authorities discovered the father had been living for years with six of his children in the farmhouse in the eastern Netherlands. At a preliminary hearing in January last year, prosecutors portrayed the father, identified only as Gerrit Jan van D., as a deeply religious man who saw his family as “chosen by God” and did everything in his power — including physical beatings and other punishments — to keep them from succumbing to what he considered malign outside influences. The court ruled Thursday that a 2016 stroke had so badly affected the father's ability to communicate that continuing with the case would breach his fair trial rights. “He doesn't sufficiently understand what is happening in the courtroom,” court spokesman Marcel Wolters said in a video statement. The six children who were kept on the farm are now all young adults. Three older siblings had earlier left the family’s isolated life. Their mother died in 2004. The Associated Press
Harvey Barnes, Jonny Evans, Ayoze Perez, Dennis Praet, James Maddison, James Justin and Wes Morgan are all injured.
The "Europe Organoids Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type; Application; Source" report has been added to ResearchAndMarkets.com's offering.
Dublin, March 04, 2021 (GLOBE NEWSWIRE) -- The "5G MVNO Market by Technology, Infrastructure, Applications, Services and Solutions 2021 - 2026" report has been added to ResearchAndMarkets.com's offering This report assesses the impact of 5G capabilities in terms of MVNO applications, services, and solutions. This includes the scope to realize new business models, particularly in the B2B arena. This 5G MVNO market report also evaluates infrastructure and enabling technologies in support of new anticipated purpose-built networks and services such as IoT-specific,data-only, and fixed wireless-oriented MVNOs. The report also analyzes the MVNO ecosystem including MVNEand MVNA companies and services. The report includes an assessment of potential new 5G MVNO solutions. It also provides an analysis of the services and strategy of leading MVNO, MVNA, and MVNE companies with forecasts from 2021 to 2026. The commercial deployment of 5G will facilitate many new and enhanced applications and services. It will also facilitate an emerging 5G MVNOopportunity that will enable existing players to improve and enhance their services as well as create opportunities for completely new purpose-built MVNOs, focused primarily on Business-to-Business (B2B) services. Many of these B2B services will leverage unique capabilities introduced with 5G technology. For example, 5G will facilitate a significant expansion of the Internet of Things (IoT) operations for cellular-based MobileNetwork Operators (MNO). 5G enabled IoT WAN networks will support massive machine-type communications, providing substantially greater operational scalability for IoT services. With this expansion, MNO hosts will have the scalability to support a variety of IoT-focused 5G MVNO market players that offer IoT services on a B2B basis within many different industry verticals. The report covers many of these companies, strategies, services, and solutions. The introduction of 5G will enable many existing MVNOs to expand current consumer-focused services by way of a new enhanced mobile broadband. Consumer applications and services in this area include Web browsing, video, mobile office, and connected vehicles. However, the 5G MVNOmarket will be punctuated by a robust 5G business services market, facilitated by new capabilities. These new capabilities are enabled via substantial improvements in reliability, latency, bandwidth, and the capacity to support highly scalable networks with much greater efficiency and effectiveness. These improvements will allow MNOs to share network resources to an unprecedented degree, facilitating a highly scalable environment for extending capabilities to MVNOs. For example, 5G IoT networks will achieve optimization by way of radio frequency management that meets the needs of both narrowband IoT applications as well as those that require higher bandwidth, which may be on an on-demand basis, requiring the 5G MVNO service providers to reply upon 5G network slicing to ensure the quality of service demands are met. Another noteworthy capability to be leveraged by the 5G MVNO B2B service providers is Ultra-Reliable Low Latency Communications (URLLC), which will be particularly useful for Industrial IoT (IIoT) customers. Examples of URLLC dependent apps and services include robotics, teleoperation market solutions, and other areas that are pertinent especially to the IIoT market. Select Report Findings: 5G MVNO market is poised to reach USD 8.2 billion by 2026Enterprise segment of the 5G MVNO B2B market will reach $3.1 billion by 2026North America will lead the 5G MVNO market followed by APAC and European regionsAI and Machine learning technology will play a significant role in 5G enabled MVNOsIoT specific and other purpose-specific B2B MVNO types will witness substantial growthPurpose-built B2B service operations to realize substantial growth within the 5G MVNO market Select Report Benefits: Identify the key 5G MVNO infrastructure and enabling technologiesLearn the potential application areas and business model for 5G MVNOsUnderstand the operation model, value chain, and use cases for 5G MVNOsRecognize the market potential for leading applications in a 5G MVNO service delivery modelIdentify strategies of leading MVNO companies including data-only, IoT-specific, and other purpose-driven MVNO companiesUnderstand the role and importance of 5G-specific technologies and capabilities in support of 5G enabled MVNO applications and services Target Audience: ICT infrastructure providersApplication development companiesExisting and start-up MVNO companiesDevice manufacturers including wearable technologyCommunication service providers of all types including OTT playersInvestment organizations of all types including VCs and private equity Companies Mentioned AbzorbAerisAirlinqArkessaAxis TelecomB-MobileBoost MobileBT MobileChatSimConectoCricket WirelessCubic TelecomCyan Digital SecurityDH TelecomFlash WirelessGoogle FiIsotonJapan CommunicationsJD MobileKajeet (Arterra Mobility)KnowRoaming (Telna)KORE WirelessLenovo ConnectLiberty WirelessLine MobileMavocoMetro by T-MobileMint MobileMVNOUNTTNTT Docomo USANumerex (Sierra Wireless)Pareteum (Artilium)PlintronRakuten MobileRepublic WirelessSakura MobileSimfonySimple MobileSky MobileSpeedTalk MobileStraight TalkStream Technologies (Arm Holdings)TeleenaTelenablerTelitTesco MobileTing MobileTracFoneTransatelTravelSimTruphoneTwilioUS MobileVirgin MobileVisibleVoxiX-MobilityXfinity MobileYahoo MobileYuantel For more information about this report visit https://www.researchandmarkets.com/r/yn80px CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Can you imagine living comfortably on $15,000 to $30,000 in annual retirement income? Here are some steps to take in order to beat the market -- which has, by the way, averaged annual returns close to 10% over very long periods. Before we even get to investing in stocks, are you ready to do so?
IFS criticises 'remarkable' move not to phase out universal credit upliftIFS says £80 per month benefit uplift should be cut gradually and doubts if Sunak can stick to his spending plans The IFS has criticised the case for cutting the £80 per month universal credit uplift in one go, rather than phasing it out. Photograph: Murdo Macleod/The Guardian
The Duke and Duchess of Sussex’s interview with US TV host Oprah Winfrey is expected to lift the lid on their short period as working royals.
"Say hello to Declan Okotie aka Baby O."
The "The Global Hops Market" report has been added to ResearchAndMarkets.com's offering.
Rishi Sunak faces having to hit Britain with a second dose of tax hikes or more borrowing because his spending plans would be too painful for the nation, leading economists warned today. The highly-respected Institute for Fiscal Studies stressed the Chancellor had already imposed a tax burden which is the “highest sustained level in history” after a huge increase in corporation tax and raking in billions by freezing income tax thresholds.
Bake Off star Noel Fielding and Ryan Giggs’ brother Rhodri are among the latest celebrities to accept an apology and damages from a newspaper group over phone hacking. News Group Newspapers (NGN) – the publisher of The Sun and the now-defunct News of the World – is announcing the settlement of a string of legal claims at the High Court this morning. Among the stars who are set to receive apologies and damages former Scotland striker-turned-TV pundit McCoist and David Beckham’s former PA Rebecca Loos.
The Duke of Edinburgh, the nation’s longest-serving consort, has spent 16 nights in hospital – his longest ever stay.