(Yicai) Aug. 23 -- Kuaishou Technology, the main video streaming site competing with Douyin, China's version of TikTok, reported its first quarterly net profit since listing more than two years ago, boosted by advertising and e-commerce.

Second-quarter net profit was CNY1.5 billion (USD208.5 million), compared with a net loss of CNY3.2 billion a year ago, the Beijing-based firm said in a financial report released yesterday. Revenue jumped 28 percent to CNY27.7 billion (USD3.9 billion), with online marketing services and live streaming contributing 52 percent and 36 percent, respectively.

“We are proud to have achieved another key profitability milestone in the second quarter of 2023, recording our first-ever group-level net profit since our listing,” said co-founder and Chief Executive Cheng Yixiao.

Kuaishou began trading on the Hong Kong Stock Exchange in February 2021. The stock [HKG: 1024] climbed 3 percent today to close at HKD64.40 (USD8.21), after earlier dropping by as much as 3.4 percent.

In the three months ended June 30, Cheng said Kuaishou “continued to scale our vibrant user and content ecosystem, optimize our monetization models, and enhance our operating efficiency.”

Income from online marketing services surged 30 percent to CNY14.3 billion, driven by a growing number of e-commerce merchants. Revenue from livestreaming rose 16.4 percent to CNY10 billion, while that from other services, such as e-commerce, soared 61 percent to CNY3.4 billion. Overseas business income skyrocketed four times to CNY447 million (USD62.1 million).

Kuaishou's daily active users total 376 million, while monthly active users reached 673.3 million, according to the firm.

Kuaishou also noted that its self-developed large language model, KwaiYii, has begun internal testing. The company is developing solutions for artificial intelligence-generated content to provide users with various technical capabilities, including creating text, images, three-dimensional materials, audio, and video, it added.

Editor: Martin Kadiev