China ByteDance Rival Kuaishou says loss quadrupled in fourth quarter as Covid creates uncertainty

Kuaishou Technology, a Chinese video and e-commerce platform that rivals its biggest local rival ByteDance, said on Tuesday that its operating loss quadrupled in the fourth quarter of 2021 to 5790 million yuan, or about $904 million from $1370 million a year earlier. marketing and costs. The COVID-19 outbreak in China added uncertainty to the outlook, he noted. Revenue for the last 3 months of 2021 rose 35% to 24. 4 billion yuan from 18. 1 billion yuan thanks to gains in online advertising, e-commerce and streaming. Kuaishou shares traded in Hong Kong have lost 70% of their price over…