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KEY STAT | Douyin rival Kuaishou sees increased profits, users in Q1

Written by Julianna Wu Published on     2 mins read

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Kuaishou shares plunged more than 10% in Hong Kong on Tuesday as livestreaming sales disappoint.

Content community and social platform Kuaishou Technology on Monday reported USD 2.6 billion in revenue for the first quarter of 2021, up 36.6% compared to the same period last year. Its gross profit amounted to USD 1.1 billion, according to the announcement.

The company’s blockbuster short video app Kuaishou saw a 16.6% increase in average daily active users, bringing the total to 295.3 million. Domestic rival Douyin reached 600 million DAUs in August 2020, ByteDance CEO Kelly Zhang announced during an event, as reported by Xinhua.

On average, an active user spends more than 1.5 hours per day on the Kuaishou app, said the company. But monthly average revenue per paying livestreaming user dropped to USD 7 from USD 8.10 in the previous quarter. Kuaishou’s total gross merchandise volume, meanwhile, reached USD 18.4 billion in Q1 2021, more than three times higher year-on-year.

“By promoting the cultivation of social trust in content creators’ private domains, we have been able to effectively encourage active content creation and in-depth interactions, which further enhanced creators’ monetization capabilities,” said co-founder and CEO Su Hua.

The company further announced that it has over 100 million monthly active users in overseas markets, where Douyin’s sibling TikTok remains the most downloaded non-game app worldwide as of April 2021, according to SensorTower. Kuaishou’s stock dropped more than 10% on Tuesday morning in Hong Kong.

Read this: Kuaishou now sells EVs via livestreaming

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

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