In the second quarter of 2024, revenue from our live-streaming business decreased by 6.7% year-over-year to RMB9.3 billion. We continued to iterate our refined operating approach to bolster a healthy and positive live-streaming ecosystem. On the supply side, we established regional teams dedicated to attracting high-quality talent agencies through targeted industry promotions and impactful offline presentations. This strategy led to a nearly 50% increase in the number of partnering talent agencies and a 60% growth in the number of talent agency-managed streamers by the end of the second quarter of 2024, both on a year-over-year basis. Meanwhile, we continued to promote emerging streaming features, such as multi-host live streaming and the "Grand Stage", which attracted significantly more talent agencies and streamers, driving core growth in our live streaming business.
We are dedicated to attracting mid-tier streamers, enhancing interactive live-streaming features, and encouraging streamers to produce high-quality content, all of which provide more reasons for users to engage with our platform. Additionally, as the official short video partner for CrossFire ( ) and King Pro League ( ), we effectively helped generate greater attention to broader audience by leveraging our "short video + live streaming + community" ecosystem.
As an example of "live streaming+" services empowering traditional industries, in the second quarter of 2024, the daily average number of resume submissions on Kwai Hire ( ) increased by more than 130%, and matching rate grew by over 150%, both on a year-over-year basis. Meanwhile, daily lead generation on our Ideal Housing ( ) expanded by nine-fold compared to the same period last year.
Overseas
We continued to deepen our local operations in key overseas markets during the second quarter of 2024 through advanced content offering, operation capabilities, and marketing initiatives. Under our ROI-driven growth strategies, we have been refining operations in traditional marketing channels and exploring new growth avenues. These initiatives drove steady growth in average DAUs in key overseas markets such as Brazil and Indonesia. Notably, DAUs in Brazil rose by 15.4% year-over-year and also improved quarter-over-quarter. Regarding content operations overseas, we continued to engage high-quality content creators, enriching our content offering and enhancing the vibrancy of our community-based ecosystem. Meanwhile, our optimized algorithm, enhanced traffic mechanisms and diverse monetization initiatives have gradually strengthened the positive flywheel effect of content production, consumption and monetization for creators. Average daily time spent per DAU in key overseas markets increased by 5% year-over-year to nearly 80 minutes in the second quarter of 2024.
In terms of monetization capabilities, our overseas revenues increased by 141.4% year-over-year to RMB1.1 billion in the second quarter of 2024. Our overseas online marketing team actively expanded the client base across multiple industries by optimizing product capabilities and upgrading clients' experiences. As a result, online marketing revenue from our overseas business increased by over 200% year-over-year and continued to grow quarter-over-quarter. With improvements in our overseas monetization efficiency, we gained further operating leverage, leading to a reduction in the operating loss from our overseas business by 64.5% year-over-year to RMB277 million in the second quarter of 2024.
Business Outlook
The strong technological foundation we built with our AI matrix paves the way for innovations and our next stage of growth across our thriving content and commercial ecosystem. In the second half of 2024, we will continue our trajectory of high-quality growth, with a strong emphasis on technological innovation, leveraging our integrated AI matrix to explore the vast content and commercial potentials. We are confident that these strategic efforts will enable Kuaishou to sustain leading position in a competitive market environment, achieve long-term growth and deliver increased value and opportunities for our users, creators and partners.
About Kuaishou
Kuaishou is a leading content community and social platform with its mission to be the most customer-obsessed company in the world. Kuaishou has relentlessly been focusing on serving its customers and creating value for them through the continual innovation and optimization of its products and services. At Kuaishou, any user can chronicle and share their life experiences through short videos and live streams and showcase their talents. Working closely with content creators and businesses together, Kuaishou provides product and service offerings that address various user needs that arise naturally, including entertainment, online marketing services, e-commerce, online games, online knowledge-sharing, and more.
Forward-Looking Statements
Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events.
For investor and media inquiries, please contact
Kuaishou Technology
Investor Relations
Email: ir@kuaishou.com
CONDENSED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2024 2024 2023 2024 2023
RMB'Million RMB'Million RMB'Million RMB'Million RMB'Million
Revenues 30,975 29,408 27,744 60,383 52,961
Cost of revenues (13,840) (13,288) (13,810) (27,128) (27,315)
----------- ----------- ----------- ----------- -----------
Gross profit 17,135 16,120 13,934 33,255 25,646
Selling and marketing
expenses (10,040) (9,384) (8,636) (19,424) (17,359)
Administrative
expenses (792) (462) (945) (1,254) (1,864)
Research and
development
expenses (2,805) (2,843) (3,155) (5,648) (6,075)
Other income 34 118 113 152 165
Other gains/(losses),
net 374 445 (15) 819 85
----------- ----------- ----------- ----------- -----------
Operating profit 3,906 3,994 1,296 7,900 598
Finance income, net 66 114 158 180 269
Share of losses of
investments
accounted for using
the equity method (19) (3) (18) (22) (32)
----------- ----------- ----------- ----------- -----------
Profit before income
tax 3,953 4,105 1,436 8,058 835
Income tax
benefits/(expenses) 27 15 45 42 (230)
----------- ----------- ----------- ----------- -----------
Profit for the period 3,980 4,120 1,481 8,100 605
=========== =========== =========== =========== ===========
Attributable to:
-- Equity holders of
the Company 3,979 4,119 1,480 8,098 607
-- Non-controlling
interests 1 1 1 2 (2)
----------- ----------- ----------- ----------- -----------
3,980 4,120 1,481 8,100 605
=========== =========== =========== =========== ===========
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited Audited
As of June 30, 2024 As of December 31, 2023
RMB'Million RMB'Million
ASSETS
Non-current assets
Property and equipment 11,871 12,356
Right-of-use assets 8,908 10,399
Intangible assets 1,032 1,073
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