Kuaishou Technology Clocks Strong Q1 Revenue, DAU Growth - Kuaishou Tech (OTC:KSHTY)

Kuaishou Technology KUASF reported first-quarter FY21 revenue growth of 36.6% year on year to RMB 17 billion.
Online marketing services revenue rose 161.5% Y/Y to RMB8.6 billion, and Live streaming revenue declined 19.5% Y/Y to RMB7.3 billion.
Revenues from other services, including e-commerce, rose 589.1% Y/Y to RMB1.2 billion.
Average DAUs on its apps and mini-programs in China rose 26.4% Y/Y to 379.2 million, while Average DAUs on Kuaishou APP rose 16.6% Y/Y to 295.3 million.
Average daily time spent per DAU rose 16.5% Y/Y to 99.3 minutes.
Average online marketing services revenue per DAU rose 124.8% Y/Y to RMB29.
Total GMV of e-commerce transactions facilitated on the platform rose 219.8% Y/Y to RMB118.6 billion.
Gross margin expanded 690 basis points to 41.1% due to decline in live streaming revenue as a proportion of revenue and growth in online marketing services and e-commerce business. Operating margin loss expanded 250 basis points to (42.8%).
Adjusted net loss rose 13.2% Y/Y to RMB(4.9 billion), and EPS loss was RMB(20.21).
Adjusted EBITDA loss margin contracted 510 basis points to (24.7%).
Kuaishou used RMB1.4 billion in operating cash flow and held RMB57.1 billion in cash and equivalents.
Price Action: KUASF shares closed at $29.05 on Friday.