By Clarence Leong
Kuaishou Technology said Tuesday that its second-quarter net loss narrowed, while revenue rose 13%, thanks to its strong live-streaming and online-marketing segments.
The Chinese technology company posted a net loss of 3.18 billion yuan ($464.3 million) for the three months ended June, compared with a loss of CNY7.04 billion a year earlier. Its gross profit margin expanded to 45.0%, from 43.8% in second quarter last year.
Kuaishou's second-quarter revenue came in at CNY21.70 billion, up from CNY19.14 billion a year earlier. Revenues from its live-streaming and online-marketing businesses rose 19% and 11%, respectively.
Kuaishou said it will improve efficiency through disciplined cost control in the second half.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
08-23-22 0513ET