On the evening of April 9, LeTV announced that it expects a loss of about RMB 3.1 billion in the first quarter and a profit of RMB 125 million in the same period last year.
LeTV.com stated that in the first quarter of 2018, the company’s advertising revenue, terminal revenue, and member income all experienced a significant decline from the same period of last year.
In addition, due to the characteristics of the industry in which the company is located, in addition to the normal operating costs (such as CDN fees, amortization costs, labor costs, etc.), the company's financing costs during the reporting period did not drop significantly.
LeTV.com stated that the above reasons caused the company's operating loss of about RMB 300 million in the first quarter.
The following is the full text of the announcement: