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 jiahui.huang@wsj.com
(END) Dow Jones Newswires
November 21, 2023 04:39 ET (09:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Best- and Worst-Performing Stocks of Q2 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations