Summary by Futu AI
Kuaishou Technology (stock code: 01024) announced its unaudited consolidated results for the three months and nine months ending September 30, 2024. During this period, the company's revenue grew by 11.4% year-on-year, reaching 31.1 billion yuan; gross profit increased by 17.0% year-on-year, amounting to 16.9 billion yuan; operating profit rose by 41.1% year-on-year, reaching 3.1 billion yuan; and profit for the period increased by 49.9% year-on-year, amounting to 3.3 billion yuan. Under non-IFRS, adjusted net profit grew by 24.4% year-on-year, reaching 3.9 billion yuan; adjusted EBITDA increased by 12.0% year-on-year, amounting to 5.6 billion yuan. In terms of business, the average daily active users of the Kuaishou app reached 407.5 million, while the average monthly active users reached 714.1 million. E-commerce GMV grew by 15.1% year-on-year, reaching 334.2 billion yuan. The company stated that despite facing challenges in the macro environment, it achieved an expansion in user scale and increases in revenue and profit through its business philosophy of "technology-driven and user-oriented."
