Qutoutiao announced Tuesday that its board of directors has authorized a share repurchase program under which the company may buy back up to USD 50 million worth of its outstanding American depositary shares (ADS) over the next 12 months.
Tencent-backed Qutoutiao said it may repurchase its ADSs from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination.
The company made a loss of RMB 688.2 million (USD 102.5 million) in the first quarter of 2019, more than doubling its net loss of RMB 302.6 million in the same period in 2018. Its share price has dropped more than 60% in the past three months.