Zhihu-W (02390.HK)'s third-quarter revenue exceeded 1 billion yuan and continued to grow, and paid membership revenue increased 39.2% year over year

Gelonghui Finance ·  11/29/2023 16:47

Gelonghui November 29丨Zhihu-W (02390.HK) reported unaudited financial results for the third quarter of 2023. Total revenue for the third quarter of 2023 was RMB 1,022.2 million, up 12.1% from the same period in 2022; net loss was RMB 278.4 million, down 6.5% from the same period in 2022; and adjusted net loss (non-GAAP) was RMB 225.3 million, down 10.1% from the same period in 2022. The average monthly active users (MAUs) in the third quarter of 2023 reached 110.5 million people. The average number of monthly subscription members in the third quarter of 2023 reached 14.8 million, an increase of 35.9% over the same period in 2022.

Mr. Zhou Yuan, Chairman and CEO of Zhihu, said, “In the third quarter of 2023, the significant progress we have made in commercialization and the active atmosphere of the Zhihu community have once again promoted sustainable business growth. Driven by the rapid development of paid membership and vocational training businesses, total revenue continued to grow year over year this quarter. We will invest more resources in the medium to long term to achieve a multi-engine commercialization strategy. This strategy has enabled us to achieve resilient revenue growth this year in the face of macroeconomic uncertainty. I will improve the execution of my strategy and make every effort to narrow my losses. Zhihu will continue to promote the integration of cutting-edge AI technology with products and business operations to improve content quality and user experience.”

Mr. Sha Dachuan, Chief Financial Officer of Zhihu, added, “This quarter achieved another good performance, with total revenue increasing 12.1% year over year. Among the various revenue sources, paid membership revenue increased 39.2% year on year, while vocational training revenue increased rapidly by 85.6% year on year. We continue to improve cost efficiency and further increase gross profit margin. Despite the challenging economic situation, we are fully prepared to pursue our growth strategy and achieve our financial goals.”

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