Kingsoft's 2024 Q1 Performance Report

TapTechNews May 22nd news, Kingsoft released the performance announcement of the first quarter of 2024 today. The revenue was 2.1369 billion Chinese yuan, an 8% increase from the same period of the previous year and a 7% decrease from the previous quarter.

The revenues of office software and services, and online games and others accounted for 57% and 43% of the total revenue of the group in the first quarter of 2024 respectively. TapTechNews attaches the performance table as follows:

The revenue of the office software and services business in the first quarter of 2024 was 1.2253 billion Chinese yuan, a 17% increase from the same period of the previous year and a 5% decrease from the previous quarter. The year-on-year growth was mainly due to the growth of the domestic individual office subscription business, institutional subscription business and institutional licensing business of the Kingsoft Office Group, partially offset by the reduction of the Internet advertising business.

The revenue of the online games and other businesses in the first quarter of 2024 was 911.5 million Chinese yuan, a 1% decrease from the same period of the previous year and an 11% decrease from the previous quarter. The slight year-on-year decrease was mainly due to the natural decline in the revenue of several existing games, partially offset by the revenue contribution of the games released in the second half of 2023. The quarter-on-quarter decrease mainly reflected the natural decline of several existing games, partially offset by the positive operation growth of the二次元 shooting game Dusty White Exclusion Zone.

In the first quarter of 2024, the R & D cost of Kingsoft was 712.8 million Chinese yuan, an 8% increase from the same period of the previous year and a 4% increase from the previous quarter. The year-on-year growth was mainly due to the continuous investment of the Kingsoft Office Group in artificial intelligence AI and collaborative products and services.

In the first quarter of 2024, the net profit attributable to the owners of the parent company of Kingsoft was 284.6 million Chinese yuan, while the net profits in the first and fourth quarters of 2023 were 192.3 million Chinese yuan and 205.4 million Chinese yuan respectively, with a year-on-year increase of 48% and a quarter-on-quarter increase of 39%.