BRIEF: Kuaishou’s third-quarter profit jumps as AI fuels growth
Short-video platform Kuaishou Technology (1024.HK) reported on Wednesday its revenue rose 14.2% year-on-year to 35.6 billion yuan ($5 billion) in the third quarter, while its profit jumped 37.3% to 4.49 billion yuan.
The company’s average daily active users (DAU) exceeded 416 million during the period, up 2.1% year-on-year. Average online marketing service revenue per DAU rose 11.54% to 48.3 yuan.
The company’s online marketing services revenue jumped 56.6% year-on-year to 20.1 billion yuan, mainly due to the use of AI technology to upgrade its marketing product solutions. Other services revenue climbed 41.3% to 5.9 billion yuan, largely propelled by advanced AI capabilities that boosted product performance. Revenue from the company’s livestreaming business rose 2.5% year-on-year to 9.57 billion yuan.
Kuaishou shares opened up 2.5% at HK$65.10 on Thursday. The stock is down 30% from its 52-week high.
By Lau Chi Hang
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