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ByteDance rival Kuaishou posts 37 per cent quarterly sales growth
- Beijing-based Kuaishou’s revenue surged to US$2.65 billion for the three months ended March
- The company is now grappling with an influx of new rivals, from up-and-comers like Bilibili to super app WeChat
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Short video-sharing app operator Kuaishou Technology reported on Monday a 37 per cent gain in first-quarter revenue, after TikTok-owner ByteDance’s biggest Chinese rival delved deeper into e-commerce and advertising.
The Beijing-based company’s revenue surged to 17 billion yuan (US$2.65 billion) for the three months ended March, compared with the 16.9 billion yuan projected by China Renaissance. Its net loss, however, widened to 57.8 billion yuan, compared with 30.5 billion yuan a year earlier.
Kuaishou, which operates China’s second-largest short video-sharing platform behind ByteDance’s Douyin, is trying to establish its place among a generation of mega-start-ups like food delivery giant Meituan and ride-hailing leader Didi Chuxing.
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Shares in Tencent Holdings-backed Kuaishou have more than doubled since its February coming-out party, the top performer among recent major Chinese tech listings in Hong Kong.
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What is Kuaishou? Understanding China’s video-sharing app
What is Kuaishou? Understanding China’s video-sharing app
But the company co-founded by young entrepreneurs Su Hua and Cheng Yixiao is grappling with an influx of rivals, from up-and-comers like Bilibili to super app WeChat, even as it expands beyond its roots in video content.
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