The short video giant said it was confident of a turnaround in earnings this year
Kuaishou Technology (1024:HK) (Chinese: 快手科技), the Chinese short-form video giant, reported revenue of CNY 81.08 billion (USD 12.77 billion) and an adjusted net loss of 18. 8 billion CNY for the year 2021.
According to the financial report filed on March 29, Kuaishou reported gross profit of 34 billion yuan in 2021, up 42.9 percent year on year. The loss for the year narrowed 33.1% to 78.08 billion yuan.
Among total revenue, online marketing services increased 95.2% to CNY 42.7 billion from CNY 21.9 billion in 2020, which Kuaishou attributed to internal organizational restructuring throughout the year. year.
Online marketing services contributed 52.6% of total revenue, while live streaming generated 38.2%. The remaining 9.2% came from other services.
The average number of daily active users (DAU) and monthly active users (MAU) on the Kuaishou app was 308.2 million (up 16.5%) and 544.2 million (13.1 %), respectively.
The closed-loop e-commerce marketplace Kwai Shop (快手小店) has become the main driver of its robust growth. According to the report, the new service collected 98.8% of Kuaishou’s total e-commerce gross merchandise value, which jumped 78.4% to 680 billion yuan.
Kuaishou’s main expenses came from sales and marketing. The report showed that they cost 44.18 billion yuan in 2021, up 66% year on year, and rose from 45.3% in 2020 to 54.5% of total revenue. last year.
At press time, shares of Kuaishou closed at HKD 75 each with a market capitalization of HKD 319.27 billion. Its biggest rival, the Chinese version of TikTok Douyin (Chinese: 抖音) is expected to rack up 835 million users by 2025. Other domestic short-video players include Bilibili (BILI: NASDAQ) and Huya (HUYA: NYSE) .
