Kuaishou Technology 2021 Loss CNY78.08B Vs. Loss CNY116.64B >1024.HK

Kuaishou Technology’s revenue jumped in the fourth quarter, helped by continued growth in the Chinese technology giant’s online-marketing services.
The company, which owns a popular short-video platform that competes with TikTok operator ByteDance Ltd., said Tuesday that total revenue rose 35% from a year earlier to 24.43 billion yuan ($3.83 billion), helped by a nearly 56% jump in revenue from online-marketing services and a 12% rise in revenue from its live-streaming business.
Total traffic on its Kuaishou app rose 58%, it said.
The company’s loss narrowed to CNY6.20 billion from CNY19.26 billion, helped by the lack of a fair-value loss on convertible redeemable preferred shares it booked a year ago. Research and development expenses rose 65% to about CNY4.0 billion mainly due to higher employee-benefit expenses amid a personnel expansion in big data and other advanced technologies, it said.
For the full year, Kuaishou’s loss narrowed to CNY78.08 billion from CNY116.64 billion in 2020, while revenue rose 38% to CNY81.08 billion.
Kuaishou’s stock began trading in Hong Kong in February 2021 following an offering in which it raised about $5.4 billion. Shares have plunged since then amid Beijing’s continuing crackdown to rein in China’s powerful tech companies. Kuaishou’s shares have fallen more than 70% over the past 12 months.
Write to Ben Otto at ben.otto@wsj.com
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