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By Clarence Leong
Kuaishou Expertise’s income surged virtually 37% within the first quarter, primarily because of power in on-line advertising providers.
The Chinese language know-how firm on Monday reported 17.02 billion yuan ($2.65 billion) in income, with greater than half of first-quarter income coming from on-line advertising providers. The phase’s income greater than doubled from a yr earlier to CNY8.6 billion, indicating resilient demand.
Income from different providers, together with e-commerce, additionally elevated by virtually sevenfold.
Kuaishou, which competes with different video-sharing utility operators like Bytedance, mentioned it posted CNY57.75 billion in web loss. Working loss widened to CNY7.29 billion, primarily as a consequence of an increase in promoting and advertising bills. These bills jumped 44% within the quarter as a consequence of extra promotional actions.
The corporate’s inventory started buying and selling in Hong Kong in February following one in all this yr’s largest preliminary public choices, elevating US$5.4 billion. Kuaishou’s Hong Kong-listed shares closed 3.2% decrease at HK$232.20 forward of its outcomes.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
Could 24, 2021 06:08 ET (10:08 GMT)
Copyright (c) 2021 Dow Jones & Firm, Inc.
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