Kuaishou Technology’s revenue narrowly beat estimates, as China’s No. 2 short-video platform defied a weakening economy and competition with TikTok-owner ByteDance, reports Bloomberg.
Revenue rose to RMB 21.07 billion ($3.16 billion) for the three months ended March, versus the RMB 20.6 billion projected by analysts. Growth decelerated to the slowest pace since the company went public in February last year. Net loss came at RMB 6.25 billion, compared with the estimated RMB 6.4 billion loss.
China’s largest tech corporations find themselves in a new era of cautious expansion, more than a year into Beijing’s crackdown that engulfed the internet ecosystem from e-commerce to gaming and social media. Senior government officials have shown public support of digital-platform companies in recent weeks, but the country’s Covid lockdowns and economic malaise have resulted in some of the tech sector’s worst quarterly earnings in more than a decade.