Report: ByteDance rival Kuaishou reports a 37% jump in quarterly revenue

Details:

• The revenue of video-sharing app Kuaishou jumped to 17 billion yuan (US$2.65 billion) for the three months ended March this year, while its net loss widened to 57.8 billion yuan (US$9 billion) from 30.5 billion yuan (US$4.74 billion) a year earlier.
• The increase was mainly driven by its advertising and ecommerce segments. Kuaishou also plans to ramp up investment in marketing and content in selected overseas markets.

Context:

• In February, Kuaishou raised US$5.4 billion from its initial public offering, resulting in nearly a 200% growth in its share price.
• In the first half of 2020, the average daily active users of Kuaishou’s apps and mini-programs exceeded 300 million in China. The firm also claims to have been the second-largest livestreaming ecommerce platform by gross merchandise value in 2019.