Kuaishou Technology (1024) reported its net profit for the first nine months of the year increased 16.7 percent year-on-year to 15.18 billion yuan (HK$16.63 billion), driven by its artificial intelligence empowerment.
Its revenue during the period rose 12.8 percent to 103.2 billion yuan.
For the third quarter alone, Kuaishou's net profit jumped 37.3 percent to 4.49 billion yuan, with revenue growing 14.2 percent to 35.55 billion yuan.
Revenue from online marketing services increased by 14 percent to 20.1 billion yuan, primarily powered by the use of AI technology to continuously upgrade marketing product solutions.
Its live streaming business generated 9.6 billion yuan, a growth of 2.5 percent.
Other services revenue rose 41.3 percent to 5.9 billion yuan, mainly due to the growth of e-commerce business and Kling AI business.
The short-video platform said revenue from Kling AI has exceeded 300 million yuan in the third quarter, as it continued to expand into a wider range of application scenarios.
The firm's e-commerce gross merchandise volume also grew 15.2 percent to 385 billion yuan.
Average daily active users and monthly active users on the Kuaishou App both reached a record high of 416.2 million and 731.1 million.
