(Yicai Global) March 13 -- Nasdaq-traded Lizhi, one of China's biggest podcast and audio content platforms, plunged yesterday as US stock markets cratered, despite reporting a surge in fourth-quarter paying subscribers and a jump in revenue.

Lizhi [NASDAQ:LIZI] fell 30 percent to close at USD6.15. Since listing on Jan. 17, the Guangzhou-based company's stock price has fallen 44 percent below its initial offering price of USD11.

Monthly subscriber numbers rose 71 percent to 434,000 in the fourth quarter, the firm said yesterday in its first earnings report since going public. Net revenue gained 52 percent to CNY365.3 million (USD52.3 million), while the net loss was CNY29 million compared with a net income of CNY2 million a year earlier.

But the outlook remains good for Lizhi -- which hosts podcasts, audio books and livestreams -- because the Covid-19 virus outbreak has brought opportunities, founder and Chief Executive Lai Yilong said at a press conference. As people stay indoors to avoid the virus, the platform's online activities have benefited, he said.

The epidemic has given a boost to the online entertainment sector, consulting agency iiMedia Research said in a report on Feb. 24. Lizhi has seen the number of its active users increase more than 50 percent, the report added.

The Lizhi community has grown and user activity, such as the number of hours spent online and the amount of content created, has increased, Lai said. Special programing on epidemic control measures was particularly popular, he noted.

For the year ended Dec. 31, Lizhi had a CNY133 million net loss compared with CNY9.3 million in 2018 on a 48 percent gain in net revenue to CNY1.18 billion (USD168.8 million).

Editors: Dou Shicong, Kim Taylor