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 [e-mail]

(END) Dow Jones Newswires

11-21-23 0439ET