Kuaishou Technology, China’s No 2 short video platform behind TikTok’s sister app Douyin, narrowed its losses in the fourth quarter and the whole of 2022 on the back of better-than-expected revenue and record growth in number of users, reports the South China Morning Post.
Beijing-based Kuaishou on Wednesday reported a net loss of RMB 1.5 billion ($218 million) in the quarter ended December 31, compared with a RMB 6.2 billion loss in the same period in 2021.
Fourth-quarter revenue reached RMB 28.3 billion, up 15.8% from RMB 24.4 billion a year earlier, lifted primarily by its online marketing services and live-streaming operations. Its total revenue last quarter was 3.7% ahead of the market’s consensus estimates and “up 3.4% of our estimates,” said Jefferies equity analyst Thomas Chong in a report posted after Kuaishou released its latest financial results.
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