Chinese short-video platform Kuaishou reported RMB 21.7 billion ($3.17 billion) in revenue on Tuesday, up 13.4% from last year. The company narrowed its net loss by 54.9% to RMB 3.18 billion in a year. The narrowed loss is mainly due to revenue growth and expense reduction in user acquisition. Revenue growth is mainly driven by growth in online marketing services and livestreaming, which account for 50.7% and 39.5% of the total revenue. Kuaishou’s domestic business also achieved quarterly operating profit ahead of schedule, bringing in RMB 93.6 million, compared to last year’s RMB 1 billion loss. The company’s selling and marketing expenses decreased by 22.2% to RMB 8.8 billion in a year. [Kuaishou]
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