Kuaishou finally achieved a yearly profit in 2023, driven by the short video app’s booming e-commerce business and online marketing fees paid by merchants to advertise within the platform. Fourth quarter revenue amounted to RMB 32.6 billion ($4.5 billion), rose 15.1% from a year earlier, while net profit hit RMB 10.3 billion, putting the company into the black for the first time. The Douyin competitor sold over a trillion yuan worth of goods last year, according to its earnings report. Short dramas, an emerging content form that is making waves worldwide, also boosted vital figures for Kuaishou such as users who watch over 10 episodes a day, which reached 94 million in the fourth quarter, a growth of more than 50% year-on-year. The platform’s average monthly active users hit at 700.4 million during the period, a rise of 9.4% year-on-year. [Kuaishou]
