By Clarence Leong

Kuaishou Technology's revenue surged almost 37% in the first quarter, mainly thanks to strength in online marketing services.

The Chinese technology company on Monday reported 17.02 billion yuan ($2.65 billion) in revenue, with more than half of first-quarter revenue coming from online marketing services. The segment's revenue more than doubled from a year earlier to CNY8.6 billion, indicating resilient demand.

Revenue from other services, including e-commerce, also increased by almost sevenfold.

Kuaishou, which competes with other video-sharing application operators like Bytedance, said it posted CNY57.75 billion in net loss. Operating loss widened to CNY7.29 billion, primarily due to a rise in selling and marketing expenses. These expenses jumped 44% in the quarter due to more promotional activities.

The company's stock began trading in Hong Kong in February following one of this year's largest initial public offerings, raising US$5.4 billion. Kuaishou's Hong Kong-listed shares closed 3.2% lower at HK$232.20 ahead of its results.

Write to Clarence Leong at clarence.leong@wsj.com

(END) Dow Jones Newswires

05-24-21 0608ET