Kuaishou Technology revenues increased by 36.6% to RMB17.0 billion for the first quarter

The Board of Directors of Kuaishou Technology is pleased to announce the unaudited consolidated results of the Company for the three months ended March 31, 2021.These interim results have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” and reviewed by PricewaterhouseCoopers, the independent auditor of the Company (the “Auditor”), in accordance with International Standard on Review Engagements 2410 “Review of interim financial information performed by the independent auditor of the entity” issued by the International Auditing and Assurance Standards Board. These interim results have also been reviewed by the Audit Committee.

Kuaishou Technology revenues increased by 36.6% to RMB17.0 billion for the first quarter of 2021 from RMB12.5 billion for the same period of 2020. The increase was primarily attributable to our online marketing services and other services including e-commerce business.

Despite the first quarter of a year is traditionally known as the low season in the advertising industry, our revenues from online marketing services grew by 161.5% year-over-year to RMB8.6 billion in the first quarter of 2021, contributing over 50% of our total revenues for the first time. Revenues from other services including e-commerce showed explosive growth, reaching RMB1.2 billion, a rapid year-over-year increase of 589.1%. Total e-commerce GMV was equally impressive at RMB118.6 billion, representing a year-over-year increase of 219.8%. Our gross margin improved to 41.1% in the first quarter of 2021 from 34.2% in the same quarter of 2020, benefiting from a more favorable revenue mix.

In the first quarter of 2021, our average DAUs on our apps and mini programs in China reached 379.2 million, representing a year-over-year increase of 26.4% and a quarter-over-quarter increase of 20.0%. Average DAUs and average MAUs on Kuaishou App for the first quarter of 2021 reached 295.3 million and 519.8 million respectively, while average daily time spent per DAU further expanded to 99.3 minutes in the first quarter of 2021, representing a year-over-year increase of 16.5% and a quarter-overquarter increase of 10.5%.

Kuaishou‘s loss was RMB57.8 billion and RMB30.5 billion for the first quarter of 2021 and 2020, respectively.