Kuaishou's performance in the second quarter of 2023 is gratifying: revenue reached 27.74 billion yuan, a year-on-year increase of 27.9%, successfully achieving profitability

Kuaishou today released its second quarter financial report as of June 30, 2023. The following is this site’s summary of the financial report:

• Kuaishou’s revenue in the second quarter was 27.74 billion yuan, which was estimated to be 27.29 billion yuan, a year-on-year increase of 27.9%. This is mainly due to the growth of online marketing services, live broadcast and e-commerce business

• Adjusted net profit was 2.69 billion yuan, estimated at 1.43 billion yuan, and net loss in the same period last year was 1.31 billion yuan ;

• Adjusted EBITDA was 4.32 billion yuan, a year-on-year increase of 957.8%;

• The average number of monthly active users was 670 million, and is expected to reach 6.5 100 million

Kuaishou officials stated that in the second quarter of 2023, the company continued to grow and achieved another important profitability milestone. For the first time since listing on the Stock Exchange in 2021, Quarterly net profit

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In the second quarter of 2023, the average daily active users and monthly active users of Kuaishou applications reached 376 million and 673.3 million,increased 8.3% and 14.8% respectively year-on-year, and the scale of the user community reached a record high

. In the second quarter of 2023, the average daily usage time per daily active user of the Kuaishou app was 117.2 minutes. Thanks to the rapid growth of daily active users, the total user time of Kuaishou applications continues to achieve year-on-year growth.

In the second quarter of 2023, the average monthly number of Kuaishou search users exceeded 440 million, and the average daily number of searches on the platform increased by 30% year-on-year. At the same time, benefiting from the increase in search traffic, product upgrades and matching efficiency improvements brought by advertising algorithm iterations, Kuaishou continues to make progress in the commercialization of search functions, with search advertising revenue doubling year-on-year in the second quarter of 2023. In addition, Kuaishou is also internally testing Kuaishou’s intelligent search question and answer product, using the technical capabilities of large language models to improve the intelligence of search

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In the second quarter of 2023, Kuaishou’s online marketing service revenue reached RMB 14.3 billion, a year-on-year increase of 30.4%, accounting for 51.7% of total revenue. In the second quarter of 2023, the number of active advertisers on the platform almost doubled compared to the same period last year.

In the second quarter of 2023, Kuaishou live broadcast revenue increased by 16.4% year-on-year to approximately RMB 10 billion, and the average revenue contribution of monthly paying users achieved double-digit year-on-year growth.

Overseas, in the second quarter of 2023, Kuaishou’s total overseas business revenue reached RMB 447 million, a year-on-year increase of more than 300%. At the same time, Kuaishou continues to focus on reducing costs and increasing efficiency. In the second quarter of 2023, its overall overseas operating losses fell by 51.4% year-on-year, and its quarter-on-quarter losses also narrowed further.

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