By Yifan Wang
Kuaishou Technology said its third-quarter loss narrowed despite soft revenue growth, as the company stepped up cost-saving efforts amid China’s slowing economy.
The Chinese short-video platform operator on Tuesday posted net loss of 2.71 billion yuan ($378.2 million), compared with a loss of CNY7.09 billion a year earlier.
Revenue rose 13% to CNY23.13 billion, driven by the continued strength of its live-streaming business, Kuaishou said.
However, the company said its advertising revenue growth slowed due to “macroeconomic headwinds” in China.
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