- The stock price of Qutoutiao Inc (NASDAQ: QTT) increased by 61.34% today. This is why it happened.
The stock price of Qutoutiao Inc (NASDAQ: QTT) increased by 61.34% today. One of the main triggers for the stock price increase might have something to do with an article published on Sina Finance. Based on what I read from a translation of the website, it appears that the company published an internal letter revealing some interesting financial details.
The internal letter said it achieved an operating profit of tens of millions of yuan for the first time in Q4 of last year. This would be the first time that Qutoutiao achieved a profit since it went public if this rumor is true.
This news spread quickly on stock trading forums and social media. And a number of aggressive swing traders started buying up large positions.
What does Qutoutiao do? Qutoutiao runs mobile platforms for the distribution of entertainment content in China. The company’s main product is an app of the same name. Plus Qutoutiao also offers a mobile literature application called Midu Novels.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
