Kuaishou releases financial report for Q1 2021, e-commerce business surges- Ping...

Kuaishou releases financial report for Q1 2021, e-commerce business surges- PingWest

Kuaishou releases financial report for Q1 2021, e-commerce business surges

9 hours ago

Kuaishou Technology, the short-video platform backed by Tencent, released Q1 results after the Hong Kong close this morning. 

Details: Revenues increased by 36.6% to RMB 17.0 billion from RMB 12.5 billion for the same period of 2020, which was in line with analyst expectations.

Daily Users increased to 295 million from 253 million.

Net loss widened to 57.8 billion yuan, versus 30.5 billion yuan a year earlier, as sales and marketing expenses surged to roughly 69% of revenue.

E-commerce also enjoyed impressive growth during the quarter, with total GMV increasing 219.8% year-over-year, as the company further enhanced its e-commerce ecosystem.

The company also owns short video products such as Kwai and SnackVideo, which are mainly for the South America and Southeast Asia. In overseas, these products generated over 100 million average monthly active users in the first quarter of 2021  and by April 2021, it further increased to over 150 million.

Context: Kuaishou was founded by Su Hua as a GIF generator application in 2011, and then it was transformed into a video-sharing and live-streaming platform. 

The company, in which Tencent holds 17.8% of its shares, was listed in Hong Kong in February 2020, and its current market value is HKD 965.7 billion ($124.36 billion).

SHARE