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Kuaishou has announced that its AI-powered tools for creating videos and images, Kling AI, are projected to generate revenue of around $140 million this year, more than doubling its initial estimate of $60 million. The company plans to continue investing heavily in AI computing capabilities, with its total capital expenditure expected to grow significantly compared to last year.
In its latest quarterly report, the Beijing-based company reported a net profit increase of 37%, reaching approximately $633 million from the same period last year, while adjusted profit rose by 26% to about $790 million. Revenue also saw a 14% rise, totaling $5 billion.
The company will prioritize AI-driven video content creation, focusing on its multimodal interaction approach and the development of a multi-view learning foundation model, continuously enhancing its technology based on user feedback, according to the CEO. Despite ongoing strategic AI investments, the company has improved overall profitability, with AI advancements continuously enhancing its content and commercial platforms.
Its average daily active users reached 416 million over the past three months, with monthly active users exceeding 731 million. Revenue from online advertising increased by 14% to approximately $3 billion, while income from live streaming grew by 2.5% to about $1.4 billion. Other revenue streams, mainly e-commerce and Kelinable AI, surged by 41% to roughly $870 million, with the AI model alone contributing over $60 million.
E-commerce gross merchandise volume increased by 15%, reaching approximately $54 billion. During the first nine months, the company’s profit climbed by 35% to around $1.9 billion, with revenue rising 13% to approximately $15.2 billion. Adjusted profit for the period grew by 17%.
Kuaishou’s shares in Hong Kong rose 1.7%, trading at HKD 64.60 (about USD 8.30) as of mid-morning today, climbing from earlier gains of over 4%.
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