Kuaishou says it achieved first yearly profitability since IPO in 2023

In a quick letter to Kuaishou personnel from CEO Cheng Yixiao on Tuesday, the brief video platform operator revealed it had actually accomplished its very first annual success considering that listing, and was providing personnel coupons of approximately RMB 2,866 legitimate for purchases on Kuaishou as an expression of thankfulness for staff members’ efforts.

Why it matters: The competitor to ByteDance’s Douyin (China’s TikTok brother or sister) accelerated its money making efforts in realty and brief dramas after attaining its Quarterly success in the 2nd quarter of 2023. Fast development of these sectors in turn appears to have actually enhanced the Beijing-based business’s more achievement of quarterly earnings.

Information: China’s second-largest brief video platform, Kuaishou deepened its concentrate on the property market in a current restructuring following outstanding sales outcomes.

• The platform’s realty operations saw real estate representatives and expert residential or commercial property influencers engage possible property buyers by means of videos and livestreaming sessions, following up with on-site residential or commercial property watchings, and in many cases, remote agreement finalizings leading to the postal shipment of secrets for their brand-new home or house.
• According to information exposed by Kuaishou, throughout a one-month project in September, more than 5,500 homes were offered on the platform, valued at more than RMB 6.9 billion in overall. In 2022, over 100 million users on Kuaishou viewed property sales livestreams or associated videos; overall sales of the sector for that year went beyond RMB 10 billion.
• Mini web dramas, on the other hand, have actually functioned as another organization sector with development capacity for Kuaishou. As commonly popular brief video platforms have actually improved user choices for material providing fast fire stimulation, brief and low-cost to make series with episodes lasting bit more than 5 minutes, have actually gotten favor with big Chinese audiences.
• Kuaishou stated recently that daily active audiences of its brief dramas reached 270 million by the end of 2023, with 94 million individuals viewing more than 10 episodes each day.

Context: In the very first 9 months of 2023, Kuaishou reported a net revenue of RMB 2.79 billion compared to a loss of RMB 12.15 billion in the exact same duration of the year before.