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Investing.com -- Kuaishou reported a 37% rise in third-quarter net profit, exceeding analyst expectations as the company successfully monetized its Kling AI video-generation tool and saw growth in its core businesses.
The Beijing-based company’s net profit reached 4.49 billion yuan ($631.7 million), surpassing the 4.18 billion yuan forecast by analysts polled by FactSet.
When adjusted for share-based compensation expenses and net fair-value changes on investments, net profit increased by 26%.
Revenue grew 14% year-over-year to 35.55 billion yuan, slightly above market expectations of 35.30 billion yuan.
The company’s other services segment, which includes e-commerce and Kling AI, was the strongest revenue growth driver with a 41% increase.
"As Kling AI continued to expand into a wider range of application scenarios, it has achieved further breakthroughs in revenue growth," Kuaishou stated.
The AI tool generated over 300 million yuan in revenue during the third quarter, following more than 400 million yuan in the first half of the year. This puts Kling AI on track to exceed the company’s previous full-year guidance of $100 million.
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