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By Tracy Qu


Kuaishou Technology beat revenue and earnings estimates in the first quarter, helped by rising numbers of advertisers on the Chinese company’s short-video platform and growth in its e-commerce business.

The Beijing-based company reported net profit of 4.12 billion yuan ($575.1 million), compared with net loss of CNY876 million a year earlier, it said Wednesday. That beat an estimate for net profit of CNY2.30 billion in a poll of analysts by FactSet.

Kuaishou, which competes with TikTok parent ByteDance, said quarterly revenue rose 17% to CNY29.41 billion, beating analysts’ expectations of CNY28.99 billion.

Revenue from online marketing services, which made up just over half of sales, rose 27%, thanks to growth in client numbers and clients’ increased consumption. Revenue from other services increased 48%, driven by growth in its e-commerce business. The company also derived significant revenue from its livestreaming business, which sells virtual gifts that viewers give to streamers.

The number of average daily active users on Kuaishou’s app increased 5.2% to 393.8 million in the first quarter, it said.


Write to Tracy Qu at tracy.qu@wsj.com


(END) Dow Jones Newswires

May 22, 2024 05:21 ET (09:21 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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