ByteDance rival Kuaishou narrows losses, boosts revenue at overseas operations amid gains made in domestic business
- Operating loss at Kuaishou’s overseas operations narrowed to US$234 million in the second quarter, compared with US$642 million a year ago
- At the end of June, the average time spent each day by Kuaishou’s overseas daily active users reached a record of more than 60 minutes
That development was highlighted by Beijing-based Kuaishou on Tuesday, when it reported domestic and overseas quarterly financial performance separately for the first time. As a result, the firm posted a 93.6 million yuan (US$13.7 million) domestic operating profit for the first time, compared with a 1 billion yuan loss in the same period last year.
“In the second quarter, we continued to create differentiated content … and explore more diverse content [for overseas users],” Kuaishou co-founder and chief executive Cheng Yixiao said in a conference call with analysts on Tuesday after the market closed. “At the same time, we further increased our investment in algorithms and products to optimise user experience.”
At the end of June, the average time spent each day by Kuaishou’s overseas daily active users reached a record of more than 60 minutes, according to the firm’s earnings report.
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Operating loss at Kuaishou’s overseas operations narrowed significantly to 1.6 billion yuan in the second quarter, compared with the 4.4 billion yuan loss in the same period last year. Revenue reached 103.4 million yuan, up 1,328 per cent from 7.2 million yuan a year earlier.