Kuaishou Technology’s revenue narrowly beat estimates, as China’s No. 2 short-video platform defied a weakening economy and competition with TikTok-owner ByteDance Ltd.
Revenue rose to 21.07 billion yuan ($3.16 billion) for the three months ended March, versus the 20.6 billion yuan projected by analysts. Growth decelerated to the slowest pace since the company went public in February last year. Net loss came at 6.25 billion yuan, compared with the estimated 6.4 billion yuan loss.