Kuaishou Technology released its fourth-quarter and full-year performance for 2023. In 2023, Kuaishou’s total annual revenue reached 1134.7 billion yuan, a year-on-year increase of 20.5%. Adjusted net profit reached 102.7 billion yuan, exceeding 10 billion yuan for the first time.
Kuaishou stated that the significant increase in annual revenue was mainly driven by the growth of online marketing services, e-commerce business, and live streaming business. Specifically, revenue from online marketing services reached 603 billion yuan, a year-on-year increase of 23%; revenue from live streaming business reached 391 billion yuan, a year-on-year increase of 10.4%; and revenue from other services reached 141 billion yuan, a year-on-year increase of 44.7%.
The financial report shows that Kuaishou continued to advance in core markets such as Brazil and Indonesia in 2023, with the operating loss of its overseas business narrowing from 6.6 billion yuan in 2022 to 2.8 billion yuan, and revenue nearly tripling year-on-year.
In addition, Kuaishou’s GMV (Gross Merchandise Volume) for e-commerce in the full year of 2023 reached 11.8 trillion yuan, breaking the trillion-yuan mark for the first time. This was primarily driven by the fourth-quarter e-commerce GMV reaching 4.039 trillion yuan, a year-on-year increase of 29.3%, setting a new quarterly record.
Of note is Kuaishou’s establishment of a new inclusive digital community, connecting various industries through short videos and live streaming. By the end of 2023, Kuaishou’s platform had generated employment for a total of 40.22 million people, with nearly 5.5 million live streaming sessions hosted on Kuaishou Hiring throughout the year. The user base for local lifestyle payments continued to rise, making Kuaishou an increasingly popular gateway to digital living for many individuals.
Kuaishou Technology stated that it will continue to uphold its original intention of “letting everyone be seen,” striving to provide users with better content and service value, while also creating greater economic value for partners.
