Kuaishou's Strong Q1 2024 Results

TapTechNews May 22nd news, Kuaishou released its financial report for the first quarter of 2024 as of March 31 today: Revenue was 29.4 billion yuan, an increase of 16.6% year-on-year; Net profit was 4.1 billion yuan, while it was a loss of 876 million yuan in the same period last year. The adjusted net profit was 4.388 billion yuan, an increase of 10347.6% year-on-year, setting a new single-quarter historical high.

TapTechNews noted that in the first quarter of 2024, the average daily active users and average monthly active users of the Kuaishou app reached 394 million and 697 million respectively, increasing by 5.2% and 6.6% year-on-year respectively. The daily usage time per daily active user of the Kuaishou app was up to 129.5 minutes, and the total usage time of users in the first quarter of 2024 increased by 8.6% year-on-year.

In the first quarter, the GMV of Kuaishou's e-commerce business increased by 28.2% year-on-year to 288.1 billion yuan.

Kuaishou announced that the company can repurchase company B-class ordinary shares worth no more than 16 billion Hong Kong dollars within the next 36 months.