Chinese short video operator Kuaishou significantly narrowed its losses by 82.5% to RMB 13.7 billion ($1.99 billion) in 2022, its latest financial results show. The total revenue of the company in 2022 grew 16.2% compared to a year prior and stood at RMB 94.18 billion. Kuaishou achieved its first domestic operating profit last year, hitting RMB 1.3 billion, but still lost money on its overseas products. The Beijing-based company set new records for average daily and monthly active users on its short video platform, with 366.2 million and 640 million respectively, in the quarter ended December. During the period, users spent an average of 133.9 minutes on the platform. Meanwhile, Kuaishou saw a 30% increase in total e-commerce sales completed through the platform to over RMB 900 billion. CEO Cheng Yixiao mentioned ChatGPT-style advances on an earnings call, saying generative AI has “rich scenarios and significant potential” for integration into Kuaishou’s businesses, with the firm committing to a long-term investment in the innovation and breakthrough of related technologies. [Kuaishou release]
Kuaishou cuts losses by over 80% in 2022, commits to investment in ChatGPT-related technology
