Kuaishou Technology Announces First Quarter 2023 Unaudited Financial Results

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by Lindsey Francy May 22, 2023 News
Kuaishou Technology Announces First Quarter 2023 Unaudited Financial Results

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Kuaishou Technology, a leading content community and social platform, today announced its unaudited consolidated first quarter results.

The first quarter of the year.

  • The average number of Kuaishou APP users was 374.3 million, an increase of 8.3% from the previous year.

  • The average MAU on Kuaishou APP was 654.4 million, an increase of 9.4% from the previous year.

  • The total e- commerce GMV was up by 28.4% from the same period in the previous year

  • The total revenue increased to 25.2 billion dollars from 21 billion dollars. Live streaming and online marketing services contributed to the total revenue. Other services made up 11.2% of the total.

  • The gross profit increased from 8 billion dollars to 11 billion dollars. The gross profit margin was better in the first quarter of 2023 than it was in the second quarter of the previous year.

  • The adjusted net profit was 42% higher than the adjusted net loss for the same period.

  • The domestic segment had an operating profit of over a billion dollars compared to an operating loss of over a billion dollars.

"We delivered strong results in the first quarter of 2023 with positive adjusted net profit at the group level for the first time since our listing," said Mr. Cheng Yixiao, co- founder and chief executive officer of Kuaishou. On the back of record level user metrics, revenue growth and operating efficiency improvement, we were able to achieve a breakthrough in profitability. In the first quarter of the year, our revenue grew by 19.7% to reach a total of 25.2 billion dollars. The Kuaishou App has reached record highs in the number of users. We will leverage technology to deliver high-quality experiences and services to our users and empower content creators, advertisers and merchants while at the same timeunlocking monetization potential throughout our vast and vibrant ecosystems to ultimately create long-term value for our stakeholders and shareholders.

The financial review for the first quarter of the year.

The revenue from our online marketing services increased by 15.1% for the first quarter of 2023, mainly due to the growth in the number of advertisers and increased spending from advertisers.

The revenue from our live streaming business increased by 18.8% for the first quarter of 2023, as a result of a 6.4% year-over-year growth in the number of subscribers, which was supported by our enriched content supply.

The growth of our e-commerce business and continuous improvement in our business led to a 51.3% increase in revenue from our other services. The growth in e- commerce GMV was driven by increases in the number of monthly active users and average order price.

There are other key financial information for the first quarter.

The operating loss was more than halved from the previous year.

The adjusted earnings before interest, taxes, depreciation and amortization was 2.0 billion, compared to the negative adjusted earnings before interest, taxes, depreciation and amortization of 1.6 billion.

As of March 31, 2023, the total available funds stood at $44.8 billion.

There are notes.

We define adjusted net profit/loss as the loss for the period adjusted by share-based compensation expenses and net fair value changes on investments.

Cash and cash equivalents, time deposits, financial assets and restricted cash are included. Wealth management products were included in financial assets.

There is a business review.

In the first quarter of 2023, we recorded group level adjusted net profit for the first time since we were listed on the Stock Exchange in 2021. On the back of a strong first quarter performance, this milestone was achieved.

We continued to grow the number of content creators, advertisers and merchants on our platform while promoting a more integrated commercialization and trafficecosystem. We made a lot of progress with our store-wide ROI strategy in driving end-to-end sales funnel conversion. As a result of these and other factors, our revenue growth accelerated across all three business segments in the first quarter of the year.

While maintaining our pace of business growth, our success in enhancing monetization and operating efficiency helped us turn our fortunes around. Our domestic business delivered an operating profit for the fourth consecutive quarter, while the operating loss in our overseas segment narrowed, leading to an adjusted net profit at the group level.

There is a user and contentecosystem.

In the first quarter of 2023, we set a new record for the scale of our community by taking advantage of the growth opportunities from some seasonal festivals. The Kuaishou App has an average of 374.3 million and 654.4 million users. The average daily time spent per DAU on the Kuhouais App was 126.8 minutes, with total views of our short video and live streaming content increasing by over 10% year-over-year.

In the first quarter of 2023, we lowered our user acquisition and retention costs on both a quarter-over-quarter and year-over-year basis. This was the result of refined management and technological tools, as well as optimal placement strategies for original, high-quality live streaming content. The proportion of users with higher lifetime value has been improved by us.

In order to reinforce the cycle of content supply and consumption, we used an enhanced learning system to target different user groups. Key factors setting us apart from our competitors include our social attributes and community vitality. The cumulative number of pairs of mutual followers on the Kuaishou App grew by 57.6% over the course of the year.

The Chinese New Year period is an important time for user growth. Users were able to celebrate the new year on Kuaishou through a combination of content and interaction. We provided a wide range of choices, including online festival fairs, short plays and more. Kuaishou's program attracted more than 270 million viewers and received over 520 million likes in the first run. There were a lot of interactive features and social games.

In addition to our engaging event-driven content, we also continued to enrich our content supply across different industries. We increased the genres on offer while maintaining our ability to produce blockbuster short plays. A total of 55 short plays were produced by Project Astral. Within 40 hours of its launch, Donglan Snow had amassed 100 million views. Advertisers recognize our high quality short play content and growing brand awareness in this area. Revenue from advertising sponsorship of short plays increased by more than 300% in the first quarter of the year. We enriched our inclusive education program New Knowledge Open Class. We have collaborated with top notch institutions such as Tsinghua University and Peking University to offer courses covering a wide variety of fields such as history, science and technology, economics and fine arts.

The search function on our platform has been refined to make it easier for users to find content. The number of daily searches on our platform peaked at more than 650 million in the first quarter of the year. We have achieved continuous progress in commercializing our search function, as evidenced by a doubling of increase in search-generated e- commerce GMV year-over-year, as well as a year-over-year growth in search advertising revenue of over 50% in the first quarter.

There are online marketing services available.

A considerable number of advertisers remained cautiously optimistic towards the recovery of macro-economy and consumption trends despite the fact that our revenue from online marketing services grew by 15.1% year-over-year. Efforts to further strengthen our data infrastructure, improve our product capabilities and refine our management strategies were the main reasons for this. In the first quarter of 2023, the number of advertisers on our platform grew rapidly year over year and quarter over quarter.

The strong growth in the e- commerce GMV on our platform in the first quarter of the year propelled the growth of our advertising services. We pioneered the use of store-wide ROI as a key performance indicator and completed pilot runs for certain advertisers during the Women's Day shopping festivals. The effectiveness of our new system in end-to-end sales funnel conversion was proved in those trials. We launched a project to grow our small and medium-sized e-commerce merchant client base to take advantage of their advertising needs and maximize our merchant ecosystems. Enhancements to our client acquisition and marketing capabilities and the upgrade of our Magnetic Taurus platform for e- commerce marketing solutions on mobile devices were some of the things we did.

To facilitate our advertisers to capture this recovery trend and achieve their long-term goals, we are using performance-based advertising services that integrate with industry attributes. Advertisers can be given the power to achieve in-depth conversion of their users. External advertisements on our platform are monitored to ensure their penetration of high value users through our traffic allocation mechanism. We have established review standards for native advertisement materials to improve the quality of creative materials and reduce their negative impact on user experience. The growth of our external advertising services has been propelled by these efforts. In industries such as information services, medical care, finance and education, an encouraging recovery trend began to take shape.

Strengthening our product capabilities was one of the things we focused on. We established a rich advertising product portfolio, which included splash ads and sponsorships for our self-produced intellectual property, as well as the home pages and searches of the company. We designed and created solutions for brand advertisers. Increased recognition of our platform's value from a growing number of brand advertisers can be attributed to the creation of user assets and an end-to-end conversion path. As a result of these initiatives, our revenue from brand advertising increased with a year-over-year increase

E- commerce.

In the first quarter of the year, we continued to strengthen our trust-based e- commerce platform and execute our omni-domain operating strategy. We further satisfied our users' needs by enriching our merchandise, improving matching accuracy between buyers and sellers, and using high-quality streamer resources and e- commerce content, which in turn drove a year-over-year increase in GMV of 28.4%.

We continued to reinforce our merchandising capabilities, increasing the exposure of more high quality products for recommendation through product evaluations and ratings based on a broader array of metrics. Merchants were told to enhance product information quality and quantity as well as elevate their service abilities.

The cooperative mechanism between merchants andKOLs was upgraded. We looked into users' needs and established connections between users and merchants. More accurate product matching for KOLs engaged in product distributions through a more refined, tiered operation strategy led to an increase in GMV through the KOL distribution channel in this quarter. We started to make money from the distribution in the first quarter of the 21st century. It will contribute to e- commerce revenue growth. To build a bridge between merchants and KOLs, we have created a flywheel of merchandise and traffic on our platform.

The success of this segment depends on onboarding and development. Our users' increasing needs and consumption of branded merchandise prompted us to establish cooperation with more brand merchants. In the first quarter of 2023, the average number of brands onboarded per month increased by 30% thanks to our targeted on-boarding program. The increase rate of GMV from brands was much higher than the platform due to promotional events. We helped brands self-operated live streaming through creative content formats, such as press conferences, product launches and live streaming by bosses, to better cater to users' purchasing needs. The GMV of brands' self-operated live streaming grew in the first quarter. We want to help more brands expand their user base and achieve GMV ramp-up.

We improved our merchant empowerment system by working with service providers. The Gold Rush Initiative was launched in the first quarter of 2023. The number of both monthly onboarded business merchants and monthly active business merchants increased over the course of March. In order to foster GMV scale-up for small and medium merchants, we use promotion activities such as Spring Festival Goods Festivals and March 8 Women's Day.

We continued to improve our tiered operations for paying users. Through recommendations and promotions, we reinforced the conversions of new paying users and potential customers. Retention rates for new e-commerce paying users improved every month in the first quarter of the 20th century. We strengthened the identification and reactivation of users who are less active. In the first quarter of 2023, we launched our early warning and targeted anti-churn strategies to give better services to high value users. The number of monthly active e-commerce paying users and average order price increased year-over-year in the first quarter. We mitigated the impact of e- commerce on user time spent by modeling the relationship between e- commerce related user interactions and consumption time spent More effective recommendations and conversion can be achieved with an optimal e- commerce consumption experience.

Kuaishou's omni-domain e- commerce business strategy includes shelf-based e-Commerce. We started to test the new shopping mall entry button on the landing page in the first quarter of 2023 to better meet the intent-driven shopping needs of highly active paying users. As we improved our search function to better identify user intentions, we doubled the GMV generated from searches in the first quarter of 2019.

You can live stream.

In the first quarter of 2023, live streaming revenue grew by 18.8% year-over-year, driven by year-over-year increases in both averageMPU and monthlyARPAU. The average MPU increased by 6.4% year-over-year to 60.1 million. Our constant improvement of live streaming content quality and user-content matching efficiency has resulted in these achievements.

We focused on promoting the development of live streaming as a profession and constantly advanced our cooperation with top talent agencies and streamers. The number of streamers from talent agencies increased by more than a hundred percent in the first quarter. We provide traffic support to high-quality mid-level streamers in order to maximize the live streaming supply. To bring our users an endless flow of new types of live streaming content, we continued to explore knowledge-based live streaming and virtual person live streaming.

In the first quarter of the 21st century, our innovative "live streaming +" services made steady progress, with average daily resume submissions growing by over 300% year-over-year and peak daily resume submissions exceeding 500,000. The cumulative gross transaction value of Ideal Housing was more than 8 billion in the first quarter of the year.

It's overseas.

Our key country focus strategy was further deepened in the first quarter of 2019. In the first quarter of 2023, revenue from our overseas business grew at an accelerated pace, increasing by over six times year-over-year due to robust expansion of live streaming and online marketing services. In our core region markets such as Brazil and Indonesia, user time spent grew year-over-year and quarter-over-quarter thanks to effective customer acquisition methods. In the first quarter of 2023, we continued to narrow our operating loss in the overseas markets as we further enhanced operating efficiency and continued to reduce costs through an investment approach.

Adding a vast array of talent agencies to our partner roster and revitalizing our existing talent agency partners is how we improve our live streaming content. We rolled out a new iteration of the operational process and increased our exploration of live streaming revenue products. We improved the gross profit margin of our live streaming business through a number of measures. We achieved better-than- expected revenue growth due to our efforts to strengthen local operation capabilities, expand advertiser coverage to more industries, and improve our product portfolio and service capabilities. In order to test the waters and preliminarily verify our processes, we launched our e- commerce services in Brazil in the first quarter of 2023.

Social responsibilities for corporations.

Digital technology has changed the way people live, work and learn. Kuaishou is an important learning platform for enhancing the digital literacy and skills of the Chinese people. Over 26 million live streaming sessions were launched by Kuaishou to help farmers sell their agriculture products and improve their knowledge and skills. Kuaishou's live streaming sessions promoted online recruitment. Kuaishou was selected as one of the "Excellent Cases of Digital Work to Enhance Digital Literacy and Skills of the Chinese Population in 2022" due to our outstanding practices in strengthening the workforce's digital capabilities and competitiveness.

It's about Kuaishou.

Kuaishou aims to be the most customer-obsessed company in the world. Kuaishou has been focused on serving its customers and creating value for them through constant innovation. Users can chronicle and share their life experiences through short videos and live streams at Kuaishou. Kuais provides product and service offerings that address various user needs that arise naturally, including entertainment, online marketing services, e- commerce, online games, and more.

There are forward-looking statements.

Statements of historical fact are not forward-looking. The use of forward-looking terminology such as "may", "might", "can", "could", " will", "would", "believe", "continue", "estimate", "continue", "estimate", "continue", " Our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry are included in these forward-looking statements. This press release contains forward-looking statements that are based on information currently available to the group. Many of them are subjective or beyond our control. The statements may not be realized in the future. There are a lot of risks and uncertainties behind these statements. The inclusion of forward-looking statements in this press release should not be seen as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place too much reliance on such statements. We don't have to release any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this press release or those that might reflect the occurrence of unforeseen events.

Contact for investor and media inquiries.

The technology is called Kuaishou.

There is investor relations.

Ir@kuaishou.com is the email address.

There was a discrepancy in the income statement.

It was unaudited.

The last three months ended on March 31.

March 31st.

There will be a new year in 2023.

New Year's Day, January 1.

There will be a new year in 2022.

March 31st.

There will be a new year in 2022.

There is a million dollars.

There is a million dollars.

There is a million dollars.

There are revenues.

25,222.

28,289

21,069.

The cost of revenue.

There were 13,504.

A total of 15,700.

There were 12,335.

The gross profit is the amount of money.

10,712.

A total of 12,866.

8,782 people.

Marketing and selling expenses.

A total of 8,723.

The number is 9.

A total of 9,488 people.

There are administrative expenses.

It was 919).

A total of 1,029.

It was 871.

Expenses related to research and development.

A total of 2,920.

A total of 3,437.

A total of 3,523.

Other money.

450 is a conservative number.

There is a discrepancy between the number of items and the number of people.

Net other gains/losses.

A hundred.

The number is 349.

The number is 80.

The operating loss was large.

There is a minimum of 698).

A total of 1,243.

A total of 5,643.

Net expense is finance income.

A hundred and eleven.

There are 105

There are eleven

Share of losses of investments accounted

The equity method is used.

There are fourteen

There are 27 items.

There are 37 items.

There is a loss before income taxes.

Sixty-one.

A total of 1, 163.

There are five,691.

Expenses for income tax.

There are 75

There are 38

There are 56 results.

For the period, there was a loss.

The number is.

A total of 1,547.

There are 6,252.

It's attributable.

The company's equity holders.

It was 832.

A total of 1,547.

There are 6,252.

There are non-controlling interests.

There are three

Is that what it is?

Is that what it is?

The number is.

A total of 1,547.

There are 6,252.

There is a consolidated balance sheet.

It was unaudited.

The audit was done.

There was a date as of March 31, 2020.

There was a date as of December 31, 2022.

There is a million dollars.

There is a million dollars.

Assets

Current assets don't include non- current assets.

Equipment and property.

A total of 12,408.

13,225.

Assets that can be used right-of-use.

A total of 10,130.

10,808.

Assets that are intangible.

1,140.

A total of 1,123.

The equity method is used to account for investments.

260

258

Financial assets can be profit or loss.

4,095.

A total of 3,626.

Financial assets are at amortized costs.

699

The number is 670.

Tax assets that have not yet been taxed.

5,222.

There are 5,095 items.

Deposits for long periods of time.

7,776 people.

7,970.

There are other non- current assets.

Affirmative.

There is a number 776.

A total of 42,151.

A total of 43,450.

The current assets are current.

The trade receivables are outstanding.

5,118.

6,289.

Current assets include prepayments and receivables.

3,069.

4,108.

Financial assets can be profit or loss.

10,887.

13,095.

Financial assets are at amortized costs.

556 is a new number.

752

There are short term deposits.

11,029.

8,320.

Cash that is restricted

322

61

There are cash and cash equivalents.

A total of 12,474.

13,272.

A total of 43,454.

Forty-five,858.

The total assets are.

A total of 85,603.

89,302.

There is a consolidated balance sheet.

It was unaudited.

The audit was done.

There was a date as of March 31, 2020.

There was a date as of December 31, 2022.

There is a million dollars.

There is a million dollars.

There are equity andLIABILITIES.

The company's equity is attributable to its shareholders.

Capital can be shared.

Is that what it is?

Is that what it is?

The share premium is higher than usual.

There was a total of 277,000.

There was a total of 277,000.

There are other reserves.

29,955

29,235.

Losses were quantified.

The number is 263,755.

There are 263,884.

39,731 was the total number of people.

39,825.

There are no controlling interests.

It was 5.

A number 8.

It's the total equity.

39,760.

A total of 39,838.

There are airports.

Current liabilities don't include non- current ones.

There are lease liability.

8,095.

9,721.

There is a deferred tax liability.

The date is 22.

There are other non- current liabilities.

It was 5.

It was 16.

8,181.

8,760 were counted.

There are current liabilities.

There are accounts payable.

18,962.

22,866.

There are other payables.

10,734.

A total of 10,190.

Customers have advanced.

3,289.

3,270.

There are income tax liability.

A total of 1,233.

955

There are lease liability.

3,490.

3,450.

37,715

40,709 was the total number of people.

There are a lot of total liabilities.

45,866.

49,476 were counted.

Total assets and total debts.

A total of 85,603.

89,302.

Financial information is divided into segments.

The three months were unaudited.

March 31, 2020.

New Year's Day, December 31, 2020.

March 31, 2020.

It's domestic.

It's overseas.

There was a total.

It's domestic.

It's overseas.

There was a total.

It's domestic.

It's overseas.

There was a total.

There is a million dollars.

There is a million dollars.

There is a million dollars.

There are revenues.

24,887.

347

Is that what it is?

25,222.

A total of 28,008.

335

Is that what it is?

28,289

21,020.

48 was the final number.

Is that what it is?

21,069.

There is an operating profit/loss.

962

The number is 8.

The number is 8.

There is a minimum of 698).

1,270.

A total of 1,499.

A total of 1,012.

A total of 1,243.

A total of 1,543.

A total of 1,846.

There are 2,252.

A total of 5,643.

There is a reconciliation of non-IFRS measures to the Nearest IFRS measures.

It was unaudited.

The three months ended.

March 31st.

New Year's Day, January 1.

March 31st.

There will be a new year in 2023.

There will be a new year in 2022.

There will be a new year in 2022.

There is a million dollars.

There is a million dollars.

There is a million dollars.

For the period, there was a loss.

The number is.

A total of 1,547.

There are 6,252.

It was added.

Compensation expenses are based on share.

970

1,108.

A total of 1,711.

Investments have net fair value changes.

There are 7

395

822.

Net profit/loss is adjusted.

42 was the final number.

The number is 45.

There are 3,722.

Net profit/loss is adjusted.

42 was the final number.

The number is 45.

There are 3,722.

It was added.

Expenses for income tax.

260

Affirmative.

566

Property and equipment can beDepreciation.

962.

734

Right-of-use assetsDepreciation

782

There is a number 776.

825.

Improper treatment of assets.

38 was the final number.

38

35 is a good number.

Net finance is income/expense.

The number is 11

A total of 10

There are 11 people.

Earnings before interest, taxes, depreciation and amortization.

1,999.

1,962.

A total of 1,552.

There is a note.

Net fair value changes on investments include profit or loss on financial assets at fair value through profit or loss of our investments in listed and unlisted entities.

The first-quarter financial results were unaudited.

Kuaishou Technology is the source of the information.

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