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  "documentTitle": "Qutoutiao, Inc. (QTT)",
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  "notes": "The slide uses a table to demonstrate that user acquisition and engagement costs combined exceed reported revenue, contradicting QTT's claims.",
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      "text": "This makes QTT's total loyalty program expenses (user acquisition expense + user engagement expense) $701.8 million, or 100.2% of SEC reported revenue.",
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      "text": "First of all, we found it ironic that QTT accused us of quoting incorrect financial figures just before quoting an actual incorrect financial figure in the same paragraph.",
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