Kuaishou Shares Surge After Revenue Growth Defies China Crackdown

A man walks past Kuaishou Technology advertisements at a Beijing subway station in Feb. Photo: Bloomberg

(Bloomberg) — Kuaishou Technology Co. Ltd. soared 15% after reporting better-than-expected 33% growth in quarterly revenue, defying China’s tech crackdown and intensifying competition with ByteDance Ltd.

The social video giant delivered better-than-projected numbers in its first quarterly report since co-founder Su Hua stepped down as chief executive. Sales rose to 20.5 billion yuan ($3.2 billion) for the three months ended September, while its 7.1 billion yuan net loss was also narrower than expected thanks to more moderate marketing particularly abroad.