Kuaishou Technology Narrowed Losses in First Quarter

Published: 2022-05-24 05:10:01 ET 1024.HK

By Yi Wei Wong

Video-sharing Chinese mobile app Kuaishou Technology posted a narrower loss in the first quarter as revenue from various segments rose.

Kuaishou said Tuesday that its first-quarter loss narrowed to 6.25 billion yuan ($939.8 million) from a net loss of CNY57.75 billion a year earlier.

Revenue rose to CNY21.07 billion in the first quarter from CNY17.02 billion, it said.

The increase in revenue was mostly due to the growth of Kuaishou's online marketing services, e-commerce business and livestreaming.

Revenue from online marketing services rose 54% on year in the first quarter to reach CNY11.35 billion, thanks to strong traffic growth and video-based advertisements, Kuaishou said.

Total user traffic on the Kuaishou app rose more than 50% on year in the first quarter, the company added.

Write to Yi Wei Wong at [email protected]

(END) Dow Jones Newswires

05-24-22 0509ET