(Yicai Global) May 21 -- Qutoutiao's net loss more than doubled in the first quarter of this year despite revenue at the Chinese mobile news app nearly quadrupling.

The net loss was CNY690.3 million (USD99.9 million) in the three months ended March 31, the Shanghai-based company said in an earnings report yesterday. Revenue was CNY1.1 billion.

Chief Executive Li Lei has resigned for personal reasons and will continue to serve as director and vice chairman, according to a separate statement. Tan Siliang, fellow co-founder and chairman, has taken on the role.

Qutoutiao's share price [NASDAQ:QTT] dropped 8.9 percent overnight to USD5.12.

The company's cost of revenues more than quadrupled to CNY279.2 million in the quarter mainly due to content-related outlays, while sales and marketing expenses more than tripled to almost CNY1.3 billion.

Editor: William Clegg