Kuaishou Technology's Q3 Profit Surges 50%

MT Newswires Live11-20

Kuaishou Technology (HKG:1024) recorded a 50% increase in its third-quarter profit to 3.27 billion yuan from 2.18 billion yuan a year prior, a Wednesday Hong Kong bourse filing stated.

The Chinese video-sharing platform's earnings per share climbed to 0.75 yuan from 0.49 yuan in the year-ago period.

The technology company's revenue rose 11.4% to 31.1 billion yuan from 27.9 billion yuan a year earlier.

The average daily active users on Kuaishou, which competes with Douyin, the Chinese equivalent of TikTok, rose 5.4% to 407.5 million in the third quarter from 386.6 million a year earlier.

The growth was driven by Kuaishou's efforts to improve user acquisition and retention, such as integrating e-commerce and enhancing algorithms.

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