Kuaishou beats estimates as Kling AI video generator revenue jumps 300%
Kuaishou reported a 300% surge in revenue from its Kling AI video generator to 650 million yuan in the latest quarter, contributing to an overall revenue growth of 3.4%. The AI unit now has an annual recurring revenue run rate of roughly US$500 million. The company posted a quarterly profit of 3.4 billion yuan, up 26% year-on-year and beating estimates of 3 billion yuan. Kuaishou stated that AI technologies continue to drive content prosperity and business growth, noting that Kling topped the App Store in 42 markets including Brazil and Germany. Shares of Hong Kong-listed Kuaishou fell 1.1% to HK$45.30 before the earnings announcement on Wednesday.
Key facts
- Kling AI video generator revenue surged over 300% to 650 million yuan.
- Kuaishou's AI unit has an annual recurring revenue run rate of roughly US$500 million.
- Overall revenue grew 3.4%.
- Quarterly profit was 3.4 billion yuan, up 26% year-on-year, beating estimates of 3 billion yuan.
- Kling claimed the top position in the App Store across 42 markets, including Brazil and Germany.
- Shares of Kuaishou dropped 1.1% to HK$45.30 on Wednesday before earnings announcement.
- Kuaishou attributed growth to AI technologies driving content prosperity and business efficiency.
- Earnings were reported on Wednesday.
Entities
Institutions
- Kuaishou
- Kling
- App Store
Locations
- Hong Kong
- China
- Brazil
- Germany