Caixin
Nov 23, 2022 05:27 AM
BUSINESS

Kuaishou Revenue Beats Estimates Amid Rivalry With ByteDance

Kuaishou is struggling with sluggish consumer spending and strict Covid restrictions amid intensifying competition
Kuaishou is struggling with sluggish consumer spending and strict Covid restrictions amid intensifying competition

(Bloomberg) — Kuaishou Technology’s revenue beat estimates, holding its own against a slowing Chinese economy and competition from TikTok owner ByteDance Ltd.

Revenue was 23.13 billion yuan ($3.2 billion) for the three months ended September, compared with the average analyst projection for 22.6 billion yuan. The net loss came in at 2.7 billion yuan, versus the estimated loss of 3.7 billion yuan.

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