Short video platform operator Kuaishou on Watch Private Video Magazine 7Tuesday posted revenue growth of 27.9% as it took in RMB 27.74 billion ($3.8 billion) in the second quarter, as the company’s online advertising and other services showed robust growth during the period, increasing 30.4% and 61.4%, respectively. Kuaishou categorizes e-commerce under its other services. The quarter marks “the first-ever group-level net profit in a quarter since our listing in Hong Kong in 2021,” Kuaishou said in its financial report, with operating profit reaching RMB 1.3 billion, compared to a loss of RMB 3.06 billion in the June quarter last year. While Kuaishou’s domestic operations have been profitable for five consecutive quarters, its overseas business is still in the red, though its loss narrowed by almost half year-on-year to RMB 780 million according to the results. [Kuaishou]
