(Yicai Global) Nov. 24 -- Shares in Kuaishou Technology soared as much as 14.8 percent today after the Chinese short video platform logged higher-than-expected revenue and lower-than-anticipated losses for the third quarter.

Kuaishou’s stock price [HKG:1024] was trading up 6.6 percent today at 2:30 p.m. China time at HKD101 (USD13). Earlier in the day it had hit HKD108.80.

Kuaishou reported a 33.4 percent jump in revenue in the three months ended Sept. 30 from the same period last year to CNY20.5 billion (USD3.2 billion), according to its latest earnings report. Market expectations had put the figure at CNY20.1 billion.

Losses for the period shrunk 75 percent to CNY7.09 billion, much lower than the predicted CNY8.63 billion loss.

Online ads were the Beijing-based firm’s biggest source of revenue, raking in CNY10.9 billion (USD1.7 billion), a leap of 76.5 percent from a year ago thanks to rising internet traffic and more advertising clients.

Other services did well, with revenue up 53 percent year on year to CNY1.9 billion (USD297.5 million), mainly due to its rapidly growing e-commerce business. Online shopping transactions were up 86.1 percent to CNY175.8 billion (USD27.5 billion).

The platform had 320.4 million daily active users in the third quarter, a gain of 17.9 percent from a year ago, and 572.9 million monthly active users, an increase of 19.5 percent. Each DAU used Kuaishou for nearly two hours a day on average, 35 percent longer than a year ago.

Livestreaming brought in CNY7.7 billion (USD1.2 billion), up 7.4 percent from the previous quarter. The penetration rate of livestreaming DAUs rose to 78 percent from 66 percent.

Cost of sales climbed 37.1 percent from a year earlier to CNY12 billion on high marketing fees. Expenditure on sales and marketing jumped 79.9 percent to CNY11 billion.

Editor: Kim Taylor