Kuaishou Posts Quarterly Profit on Higher Revenue, Lower Spending
By Jiahui Huang
Kuaishou Technology swung to a profit in the third quarter from a loss a year earlier on higher revenue and lower expenses.
The Chinese technology company had a profit of 2.18 billion yuan ($304.1 million) in the third quarter, compared with a loss of CNY2.71 billion a year earlier, it said Tuesday.
Quarterly revenue rose 21% on year to CNY27.95 billion, with revenue from its online marketing services segment gaining 27% and revenue from its e-commerce business growing 30%. Spending on marketing, administrative expenses and research and development all fell.
Average active daily users of the company's video-sharing app, which competes with TikTok operator ByteDance, rose 6.4% on year to 386.6 million.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
November 21, 2023 04:39 ET (09:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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