Kuaishou Technology Announces Fourth Quarter and Full Year 2023 Financial Results
F ourth Quarter 2023 Key Highlights
- Average DAUs on Kuaishou APP were 382.5 million, representing an increase of 4.5% from 366.2 million for the same period of 2022.
- Average MAUs on Kuaishou APP were 700.4 million, representing an increase of 9.4% from 640.0 million for the same period of 2022.
-
Total e-commerce GMV(1) was
RMB403 .9 billion, representing an increase of 29.3% fromRMB312.4 billion for the same period of 2022. -
Total revenue increased by 15.1% to
RMB32 .6 billion fromRMB28.3 billion for the same period of 2022. Online marketing services and live streaming contributed 55.9% and 30.9%, respectively, to the total revenue. The other 13.2% came from other services. -
Gross profit increased by 34.3% to
RMB17 .3 billion fromRMB12 .9 billion for the same period of 2022. Gross profit margin in the fourth quarter of 2023 was 53.1%, improving from 45.5% for the same period of 2022. -
Profit for the period was
RMB3 .6 billion, compared to a loss ofRMB1.5 billion for the same period of 2022. Adjusted net profit(2)wasRMB4.4 billion , compared to adjusted net loss(2) ofRMB45 million for the same period of 2022. -
Operating
profit from the domestic segment
(3)
increased to RMB4.3 billion from
RMB1.3 billion for the same period of 2022. Operating loss from the overseas segment(3) decreased toRMB0.6 billion by 63.2% year-over-year.
Full Year 2023 Key Highlights
- Average DAUs on Kuaishou APP were 379.9 million, representing an increase of 6.8% from 355.7 million in 2022.
- Average MAUs on Kuaishou APP were 678.2 million, representing an increase of 10.7% from 612.7 million in 2022.
-
Total e-commerce GMV(1) was
RMB1,184 .4 billion, representing an increase of 31.4% fromRMB901.2 billion in 2022. -
Total revenue increased by 20.5% to
RMB113 .5 billion fromRMB94.2 billion in 2022. Online marketing services and live streaming contributed 53.1% and 34.4%, respectively, to the total revenue. The other 12.5% came from other services. -
Gross profit increased by 36.2% to
RMB57 .4 billion fromRMB42 .1 billion in 2022. Gross profit margin in 2023 was 50.6%, improving from 44.7% in 2022. -
Profit for the
year was
RMB6 .4 billion, compared to a loss ofRMB13.7 billion in 2022. Adjusted net profit(2)wasRMB10.3 billion , compared to adjusted net loss(2) ofRMB5.8 billion in 2022. -
Operating
profit from the domestic segment
(3)
increased to RMB11.4 billion from
RMB192.1 million in 2022. Operating loss from the overseas segment(3) decreased toRMB2.8 billion fromRMB6.6 billion in 2022.
Mr. Cheng Yixiao, Co-founder and Chief Executive Officer of
Fourth Quarter 2023 Financial Review
Revenue from our online marketing services increased by 20.6% to
Revenue from our live streaming business remained stable at
Revenue from our other services increased by 36.2% to
Other Key Financial Information for the Fourth Quarter of 2023
Operating profit was
Adjusted EBITDA
(4)
was
Full Year 2023 Financial Review
Revenue from our online marketing services increased by 23.0% to
Revenue from our live streaming business increased by 10.4% to
Revenue from our other services increased by 44.7% to
Other Key Financial Information for the Full Year of 2023
Operating profit was
Adjusted EBITDA
(4)
was
Total available funds(5) reached
Notes:
(1) Placed on or directed to our partners through our platform.
(2) We define "adjusted net profit/(loss)" as profit/(loss) for the year or period adjusted by share-based compensation expenses and net fair value changes on investments.
(3) Unallocated items, which consist of share-based compensation expenses, other income, and other gains/(losses), net, are not included.
(4) We define "adjusted EBITDA" as adjusted net profit/(loss) for the year or period adjusted by income tax expenses, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, and finance income, net.
(5) Total available funds included but not limited to cash and cash equivalents, time deposits, financial assets and restricted cash. Financial assets mainly included wealth management products and others.
Business Review
Despite the ongoing external macro challenges in 2023, we remained true to our long-term vision and commitment of creating value for our users and partners by building and maintaining a healthier and more inclusive content and commercial ecosystem. We supported good quality content and broadened recommendations for useful and entertaining content including short video and live streaming, cultivating a good quality content ecosystem. We also continuously deepened the construction of the entertainment live streaming ecosystem by supporting small and medium-level streamers and Chinese traditional cultural streamers to create a healthier and sustainable entertainment live streaming ecosystem. Moreover, we nurtured a more satisfactory e-commerce ecosystem for users by leveraging the scoring system for merchandise, store experience and KOLs' reputation in our e-commerce traffic distribution. We upgraded our traffic distribution mechanism by incorporating users' experience indicators into our recommendation algorithm. This better aligned our content quality and commercialization efficiency. Lastly, we further optimized our organization structure, strengthened the integration of content and commercial ecosystem, and enhanced overall organization efficiency.
As a result of these efforts, our user base repeatedly reached greater heights throughout the year. In the fourth quarter of 2023, average MAUs on the Kuaishou App exceeded 700 million, marking another new record. Additionally, a growing number of e-commerce merchants and marketing clients chose
User and content ecosystem
In the fourth quarter of 2023, we optimized our user growth strategies, built scenarios for user demand insight and explored user interests with refined algorithms. As a result, average DAUs and MAUs on the Kuaishou App reached 382.5 million and 700.4 million, representing a 4.5% and 9.4% year-over-year increase, respectively. The average daily time spent per DAU on the Kuaishou App was 124.5 minutes in the same period.
In terms of user growth, we prioritized acquiring high-value users with high retention potentials to achieve quality growth. By optimizing efficiency in growth from various channels, we continuously reduced the acquisition cost per new user year-over-year. Based on our refined operation strategy, the subsidy cost per DAU of Kuaishou Express declined year-over-year in the fourth quarter of 2023.
Content consumption is the core value provided by Kuaishou App for users. We have successfully built a sustainable content supply ecosystem that identifies and magnifies advantageous content featuring distinctive
For our search business, we improved the construction of the "search after watching" scenario and increased the weight of social relationships and useful content in the ranking of searching results. In this way, we enhanced search user penetration and search experience. In the fourth quarter of 2023,
Online marketing services
In the fourth quarter of 2023, revenue from online marketing services grew by 20.6% year-over-year to
In the fourth quarter of 2023, native marketing services remained the major driver of our online marketing revenue growth. We unveiled new features for our omni-platform marketing solution, including in-placement analysis, post-placement review and real-time material analysis. These enhancements further helped merchants leverage our high-quality traffic and maximize their GMV across our platform. In the fourth quarter of 2023, merchants' consumption on omni-platform marketing solutions soared by more than 200% quarter-over-quarter. In addition, our smart hosting products were broadly applied to various scenarios, including live streaming hosting, merchandise hosting and search hosting. These products lowered the placement threshold for small and medium-sized merchants, contributing to improvements in marketing consumption and performance. In the fourth quarter of 2023, merchants' consumption through live-streaming hosting leaped by over 150% quarter-over-quarter.
In the fourth quarter of 2023, the year-over-year revenue growth rate of our external performance marketing services continued to increase, compared with the third quarter of 2023. This was particularly evident in industries such as media information, education and training, and gaming. For example, for paid short plays in the media information industry, we consistently optimized our self-developed sales funnel conversion path, where we created a higher-quality short play ecosystem and enhanced user experience. Meanwhile, we improved our real-time forecasting model through algorithms, which fortified users' willingness to pay as well as stimulated marketing clients' inclination to place advertisements on our platform. In the fourth quarter of 2023, the marketing consumption of the paid short play vertical increased by more than three-fold year-over-year. To enhance our product capabilities, we rolled out the Universal Auto Ads for Leads (UAL, 線索全自動營銷產品) while leveraging AIGC to improve production efficiency and quality of marketing materials. This provided our clients with smart marketing capabilities for targeted demographics. To promote native marketing materials, we reinforced the integration of native marketing content and organic content in terms of underlying data and traffic synergy, achieving a true "marketing as content" approach. In the fourth quarter of 2023, the consumption of external native marketing materials increased by more than 50% quarter-over-quarter. The share of external marketing consumption from native marketing materials consistently increased.
Our brand marketing revenue grew by over 80% quarter-over-quarter in the fourth quarter of 2023, boosted by key promotion events, including the Double 11 Sales Promotion and our own marketing programs. We launched marketing solutions that integrated brand awareness, sales conversion, and marketing operations for marketing clients in the automotive industry. These solutions reached potential users and amplified conversion efficiency through optimal scenarios, operations and models. Driven by our distinctive brand portfolios and unique traffic, we established in-depth marketing collaborations with many leading automotive brands, including FAW-Volkswagen Audi and Nio. Moreover, we stimulated the growth in budget placement from brands by leveraging quality content. Kuaishou Astral
E-commerce
In the fourth quarter of 2023, our e-commerce GMV maintained a rapid growth rate of 29.3% year-over-year, reaching
On the user side, in the fourth quarter of 2023, the average number of MPUs reached a new high, exceeding 130 million, with the MAU penetration rate increasing to 18.6%. This was mainly due to our continuous enrichment of shopping scenarios such as shelf-based e-commerce, and the constant upgrade of our products and features. Meanwhile, we refined our smart subsidies and strengthened the governance of our e-commerce ecosystem. Bolstered by the Double 11 and Double 12 Sales Promotions, we maintained a year-over-year increase in both monthly purchasing frequency and ARPPU.
On the supply side, more than one million merchants participated in the Double 11 Sales Promotion. The high participation level accelerated growth in the number of monthly active merchants by over 50% year-over-year. To better help merchants grow on
Regarding brands, we maintained robust growth in the fourth quarter of 2023. During the sales promotion period, GMV from brands increased by 155% year-over-year, with nearly 2,500 brands doubling their GMV. In the fourth quarter of 2023, GMV from well-known brands' self-operated live-streaming maintained a more than two-fold year-over-year increase, primarily driven by brand-intensive industries including consumer electronics, home appliances, men's apparel and sports. Additionally, we strengthened the retrieval of brands with outperforming distribution products through the Stream Initiative (川流計劃) and encouraged them to focus on self-operated live streaming. With respect to KOLs, we continued to focus on the health of our KOL ecosystem. We encouraged new KOLs to live streaming through our Spark Initiative (花火計劃) . KOLs also leveraged short videos for product recommendations, adding shopping links, and optimizing shop window displays to synergize with their live streaming. On the distribution side, we stimulated KOLs' selling enthusiasm through precise matching services and promotional events.
In terms of e-commerce scenarios, we continued to fortify the infrastructure of our e-commerce ecosystem, laying a solid foundation for exploring and further meeting user demand. Meanwhile, we also made significant strides in the shelf-based and short video e-commerce realm.
In the fourth quarter of 2023, the growth of shelf-based e-commerce GMV outpaced that of our overall platform, accounting for more than 20% of total GMV. This was mainly driven by parallel growth in both supply and demand. Specifically, for the shopping mall, we provided full access to the shopping mall tab on our homepage during the promotional season to expand traffic. With a deep understanding of users' shopping preferences, we enriched the merchandise supply on our platform, complementing content e-commerce by expanding standard merchandise categories and brand merchandise. At the same time, we strengthened users' mindset for most value-for-money shopping through marketing initiatives, which also helped us unlock more shopping needs. In addition, we explored the diversity of users' shopping needs through algorithms and dynamically adjusted exploration traffic to incrementally reinforce users' shopping mindset at our shopping mall. In the search realm, users' search-induced e-commerce mentality was continuously strengthened. We enhanced the accuracy of users' intention identification and merchandise display, leading to a sustained increase in conversion efficiency. As a result, GMV expanded by more than 60% year-over-year.
Short video e-commerce GMV grew rapidly in the fourth quarter of 2023 and more than doubled year-over-year. This was mainly attributable to an enriched short video supply and improved content quality. During the pre-sale period of the Double 11 Sales Promotion, merchants expanded their exposure through short video, setting new pre-sale GMV records. Throughout the promotion period, merchants created blockbusters by leveraging both short video and live streaming. After the promotion, live-streaming highlights were used as steady and high-quality e-commerce content that was widely disseminated to convert more viewers into buyers.
With respect to the infrastructure of our e-commerce ecosystem, we strengthened our pricing capabilities in the fourth quarter of 2023. Incorporating pricing signals into short video and shelf-based e-commerce scenarios, we improved the display of highly cost-effective merchandise. This further boosted our platform's efficiency and optimized user experience. Meanwhile, we stepped up our efforts to refine labeling for new merchandise and blockbusters, and upgraded the three-score system, which heightened traffic allocation efficiency.
Live streaming
In the fourth quarter of 2023, revenue from our live streaming business remained stable year-over-year, increasing by 3.4% quarter-over-quarter to
We continued to explore and cultivate good quality live-streaming content and streamers, carving out
As a prime example of our "live streaming+" services empowering traditional industries,
Overseas
In the fourth quarter of 2023, we continued advancing our strategy focused on key overseas markets. DAUs and user time spent in core overseas markets such as
On the overseas online marketing services front, we focused on deep industry cultivation at the content level and fostered the development of key industries and localized capabilities. We continued to advance the development and enhance our product ecosystem with a focus on bid products, live streaming traffic and original content, stimulating rapid growth of revenue and consumption for clients across multiple industries, such as e-commerce and gaming. In the fourth quarter of 2023, online marketing revenue of our overseas business increased by over 300% year-over-year. Additionally, we continued to expand the scale of high-quality KOLs and create a carefully curated pool of KOLs, providing clients with a conducive environment and the creative capabilities to produce high-quality content, as well as enhancing marketing efficiency.
Corporate social responsibilities
The digital economy has become a key driver of high-quality growth in
As of the end of 2023, we facilitated over 40.2 million job opportunities. In addition, our
Looking ahead, we are committed to harnessing our evolving content and commercial ecosystem to promote the digital evolution and upgrade of traditional jobs. By embracing new business formats, we will introduce new professions, facilitating and solidifying high-quality employment. Through these efforts, we aim to meaningfully contribute to the development of the digital economy.
Business Outlook
As we move forward, our commitment to progress across our multiple growth engines remains steadfast. We will be dedicated to enhancing our infrastructure, algorithms, content and commercial scenarios.
Despite ongoing macro challenges, we are doubling down on internal efforts to optimize cost structure and improve our operating efficiency, gearing up for improved economic conditions that enable us to swiftly unlock potential and achieve faster development. Upholding our founding aspiration to enable everyone to be seen, we will continue to provide our users good content and valuable services. At the same time, we will strive to create greater economic value for our partners, thereby unleashing the energy and vitality of our unique, trust-based content and commercial ecosystem.
About
Forward-Looking Statements
Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this press release or those that might reflect the occurrence of unanticipated events.
For investor and media inquiries, please contact
Investor Relations
Email: ir@kuaishou.com
CONDENSED CONSOLIDATED INCOME STATEMENT |
||||||||||
|
||||||||||
|
|
Unaudited |
|
Audited |
||||||
|
|
Three Months Ended |
|
Year Ended |
||||||
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
RMB'Million |
|
RMB'Million |
|
RMB'Million |
|
RMB'Million |
|
RMB'Million |
Revenues |
|
32,561 |
|
27,948 |
|
28,293 |
|
113,470 |
|
94,183 |
Cost of revenues |
|
(15,269) |
|
(13,495) |
|
(15,417) |
|
(56,079) |
|
(52,052) |
Gross profit |
|
17,292 |
|
14,453 |
|
12,876 |
|
57,391 |
|
42,131 |
Selling and marketing expenses |
|
(10,198) |
|
(8,939) |
|
(9,740) |
|
(36,496) |
|
(37,121) |
Administrative expenses |
|
(752) |
|
(898) |
|
(1,034) |
|
(3,514) |
|
(3,921) |
Research and development expenses |
|
(3,296) |
|
(2,967) |
|
(3,446) |
|
(12,338) |
|
(13,784) |
Other income |
|
379 |
|
434 |
|
450 |
|
978 |
|
1,547 |
Other gains/(losses), net |
|
197 |
|
128 |
|
(349) |
|
410 |
|
(1,410) |
Operating profit/(loss) |
|
3,622 |
|
2,211 |
|
(1,243) |
|
6,431 |
|
(12,558) |
Finance income, net |
|
135 |
|
135 |
|
107 |
|
539 |
|
166 |
Share of losses of investments |
|
(23) |
|
(26) |
|
(27) |
|
(81) |
|
(139) |
Profit/(loss) before income tax |
|
3,734 |
|
2,320 |
|
(1,163) |
|
6,889 |
|
(12,531) |
Income tax expenses |
|
(122) |
|
(138) |
|
(384) |
|
(490) |
|
(1,158) |
Profit/(loss) for the period |
|
3,612 |
|
2,182 |
|
(1,547) |
|
6,399 |
|
(13,689) |
Attributable to: |
|
|
|
|
|
|
|
|
|
|
— Equity holders of the Company |
|
3,608 |
|
2,181 |
|
(1,547) |
|
6,396 |
|
(13,690) |
— Non-controlling interests |
|
4 |
|
1 |
|
0 |
|
3 |
|
1 |
|
|
3,612 |
|
2,182 |
|
(1,547) |
|
6,399 |
|
(13,689) |
CONDENSED CONSOLIDATED BALANCE SHEET |
||||
|
|
|
|
|
|
|
Audited |
|
Audited |
|
|
As of |
|
As of |
|
|
RMB'Million |
|
RMB'Million |
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
|
Property and equipment |
|
12,356 |
|
13,215 |
Right-of-use assets |
|
10,399 |
|
10,806 |
Intangible assets |
|
1,073 |
|
1,123 |
Investments accounted for using the equity method |
|
214 |
|
268 |
Financial assets at fair value through profit or loss |
|
5,245 |
|
3,626 |
Other financial assets at amortized cost |
|
283 |
|
670 |
Deferred tax assets |
|
6,108 |
|
5,095 |
Long-term time deposits |
|
9,765 |
|
7,870 |
Other non-current assets |
|
492 |
|
776 |
|
|
45,935 |
|
43,449 |
|
|
|
|
|
Current assets |
|
|
|
|
Trade receivables |
|
6,457 |
|
6,288 |
Prepayments, other receivables and other current assets |
|
4,919 |
|
4,106 |
Financial assets at fair value through profit or loss |
|
25,128 |
|
13,087 |
Other financial assets at amortized cost |
|
950 |
|
726 |
Short-term time deposits |
|
9,874 |
|
8,318 |
Restricted cash |
|
128 |
|
59 |
Cash and cash equivalents |
|
12,905 |
|
13,274 |
|
|
60,361 |
|
45,858 |
|
|
|
|
|
Total assets |
|
106,296 |
|
89,307 |
CONDENSED CONSOLIDATED BALANCE SHEET |
||||
|
|
|
|
|
|
|
Audited |
|
Audited |
|
|
As of |
|
As of |
|
|
RMB'Million |
|
RMB'Million |
EQUITY AND LIABILITIES |
|
|
|
|
Equity attributable to equity holders of the Company |
|
|
|
|
|
|
|
|
|
Share capital |
|
- |
|
- |
Share premium |
|
273,459 |
|
274,473 |
|
|
(88) |
|
- |
Other reserves |
|
33,183 |
|
29,239 |
Accumulated losses |
|
(257,491) |
|
(263,882) |
|
|
49,063 |
|
39,830 |
Non-controlling interests |
|
11 |
|
8 |
|
|
|
|
|
Total equity |
|
49,074 |
|
39,838 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-current liabilities |
|
|
|
|
Lease liabilities |
|
8,405 |
|
8,721 |
Deferred tax liabilities |
|
18 |
|
23 |
Other non-current liabilities |
|
21 |
|
16 |
|
|
8,444 |
|
8,760 |
|
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payables |
|
23,601 |
|
22,868 |
Other payables and accruals |
|
16,592 |
|
10,190 |
Advances from customers |
|
4,036 |
|
3,240 |
Income tax liabilities |
|
1,222 |
|
936 |
Lease liabilities |
|
3,327 |
|
3,475 |
|
|
48,778 |
|
40,709 |
|
|
|
|
|
Total liabilities |
|
57,222 |
|
49,469 |
|
|
|
|
|
Total equity and liabilities |
|
106,296 |
|
89,307 |
Financial Information by Segment |
||||||||||||
|
|
|
|
|||||||||
|
|
Unaudited Three Months Ended |
|
|||||||||
|
|
|
|
|||||||||
|
Domestic |
Overseas |
Unallocated items |
Total |
Domestic |
Overseas |
Unallocated items |
Total |
Domestic |
Overseas |
Unallocated items |
Total |
RMB'Million |
RMB'Million |
RMB'Million |
||||||||||
Revenues |
31,714 |
847 |
- |
32,561 |
27,296 |
652 |
- |
27,948 |
28,008 |
285 |
- |
28,293 |
Operating profit/(loss) |
4,250 |
(551) |
(77) |
3,622 |
3,155 |
(635) |
(309) |
2,211 |
1,267 |
(1,499) |
(1,011) |
(1,243) |
|
Audited Year Ended |
|||||||
|
2023 |
2022 |
||||||
|
Domestic |
Overseas |
Unallocated items |
Total |
Domestic |
Overseas |
Unallocated items |
Total |
RMB'Million |
RMB'Million |
|||||||
Revenues |
111,186 |
2,284 |
- |
113,470 |
93,558 |
625 |
- |
94,183 |
Operating profit/(loss) |
11,402 |
(2,789) |
(2,182) |
6,431 |
192 |
(6,638) |
(6,112) |
(12,558) |
Reconciliation of Non-IFRS Accounting Standards Measures to the Nearest IFRS Accounting Standards Measures |
|||||||||
|
|
|
|
||||||
|
Unaudited |
|
Unaudited |
||||||
|
Three Months Ended |
|
Year Ended |
||||||
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
RMB'Million |
|
RMB'Million |
|
RMB'Million |
|
RMB'Million |
|
RMB'Million |
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the period |
3,612 |
|
2,182 |
|
(1,547) |
|
6,399 |
|
(13,689) |
Add: |
|
|
|
|
|
|
|
|
|
Share-based compensation expenses |
653 |
|
871 |
|
1,112 |
|
3,570 |
|
6,249 |
Net fair value changes on investments(1) |
97 |
|
120 |
|
390 |
|
302 |
|
1,689 |
|
|
|
|
|
|
|
|
|
|
Adjusted net profit/(loss) |
4,362 |
|
3,173 |
|
(45) |
|
10,271 |
|
(5,751) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net profit/(loss) |
4,362 |
|
3,173 |
|
(45) |
|
10,271 |
|
(5,751) |
Add: |
|
|
|
|
|
|
|
|
|
Income tax expenses |
122 |
|
138 |
|
384 |
|
490 |
|
1,158 |
Depreciation of property and equipment |
1,018 |
|
1,029 |
|
891 |
|
3,989 |
|
3,212 |
Depreciation of right-of-use assets |
732 |
|
737 |
|
776 |
|
3,065 |
|
3,222 |
Amortization of intangible assets |
33 |
|
38 |
|
37 |
|
148 |
|
140 |
Finance income, net |
(135) |
|
(135) |
|
(107) |
|
(539) |
|
(166) |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
6,132 |
|
4,980 |
|
1,936 |
|
17,424 |
|
1,815 |
Note: |
|
|
(1) Net fair value changes on investments represents net fair value (gains)/losses on financial assets at fair value through profit or loss of our investments in listed and unlisted entities, net (gains)/losses on deemed disposals of investments and impairment provision for investments, which is unrelated to our core business and operating performance and subject to market fluctuations, and exclusion of which provides investors with more relevant and useful information to evaluate our performance.
View original content:https://www.prnewswire.com/news-releases/kuaishou-technology-announces-fourth-quarter-and-full-year-2023-financial-results-302094284.html
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