On May 24, the leading Chinese video-sharing platform, Kuaishou, released its unaudited consolidated results for Q1 2021, along with solid revenue growth, narrowed losses, higher user stickiness and a surging e-commerce business.
According to its unaudited financials:
- Total revenue was CNY 17.0 billion, up 36.6% on a year-on-year basis.
- Among the total revenues, online marketing services increased by 161.5% year-on-year to CNY 8.6 billion.
- As a percentage of the total revenue, online marketing services contributed 50.3%, while livestreaming contributed 42.6%. The remaining 7.1% came from other services.
- Cost of revenue escalated by 22.3% to CNY 10.0 billion for Q1 2021, from CNY 8.2 billion for the same period of 2020.
- The loss was CNY 57.751 billion, and the adjusted net loss was CNY 4.918 billion, with a net loss rate of 28.9%, compared with 34.9% in the same period of 2020.
- Gross profit rate reached CNY 7.0 billion, denoting a rapid growth of 64.1% from the same period last fiscal year.
- Average DAUs on apps and mini-programs in China was 379.2 million, increasing by 26.4% year on year.
- Average daily time spent per DAU rose to 99.3 minutes, from 85.2 minutes for the same period of 2020.
- Total GMV of e-commerce transactions jumped 219.8% year-on-year to CNY 118.6 billion.