File Photo/NBD

Kuaishou, a leading short-video platform in China, released its financial results for the fourth quarter and full year of 2023 on March 20.

The company's revenue for the full year reached 113.47 billion yuan, a year-on-year increase of 20.5%, exceeding 100 billion yuan for the first time. Its adjusted net profit and net profit for the year both turned losses into profits, with adjusted net profit exceeding 10 billion yuan for the first time, reaching 10.27 billion yuan.

In terms of revenue contribution, advertising still accounts for half of Kuaishou's revenue. In 2023, online marketing services (advertising), live streaming and other services (including e-commerce) contributed 53.1%, 34.4% and 12.5% to the annual revenue respectively.

Specifically, in the fourth quarter, Kuaishou's advertising revenue increased by 20.6% year-on-year to 18.2 billion yuan, and the revenue of this segment increased by 23% year-on-year to 60.3 billion yuan for the whole year. The live streaming business segment saw its revenue increase by 3.4% quarter-on-quarter to 10 billion yuan in the fourth quarter, and increased from 35.4 billion yuan in 2022 to 39.1 billion yuan for the whole year. Driven by the growth of e-commerce business, Kuaishou's other service segment revenue increased by 44.7% from 9.8 billion yuan in 2022 to 14.1 billion yuan in 2023.

In terms of overseas business, Kuaishou's overseas business revenue reached 2.28 billion yuan for the whole year, a nearly three-fold year-on-year increase, by expanding into short dramas, mini-games, sports and other businesses.