BEIJING, March 30 (TMTPOST) — Chinese short video service provider Kuaishou (01024.HK) released its 2021 Q4 and annual earnings report on Tuesday.

The earnings report shows that the company’s revenues reached 81 billion yuan in 2021, registering a year-on-year increase of 37.9%. Loss in 2021 was 78 billion yuan. The company saw a net loss of 18.85 billion yuan in 2021.

Kuaishou’s CFO Jin Bing said at the press release of the earnings report that the company has confidence in achieving profitability this year.

It is worth noting that this is the first annual earnings report that Kuaishou has released since its internal organizational adjustment that took place in September 2021.

Kuaishou believes that its organizational adjustment helped it acquire more market share in the online marketing and e-commerce business, which is the biggest income source for Kuaishou. Revenues from the online marketing and e-commerce business grew year-on-year by 95.2% to 42.7 billion yuan.

In addition, Kuaishou’s GMV (Gross Merchandise Volume) reached 680 billion yuan, registering year-on-year growth of 78.4%. At the earning report meeting, the management team at Kuaishou said that the transaction volume in the e-commerce livestream business might reach 6 trillion yuan.

The earnings report shows that Kuaishou’s main income sources in 2021 include online marketing, livestreaming and other services. Revenues growth in 2021 was mainly driven by revenues from online marketing service and other services (including e-commerce).

Revenues from online marketing service grew by 95.2% from 21.9 billion yuan to 42.7 billion yuan in 2021. The revenues growth was mainly attributed to user growth and advertisement client growth.

Revenues from Kuaishou’s other businesses grew by 99.9% year-on-year to 7.4 billion yuan, which was driven by improvements on content, service, technology and user experience. Revenues from livestreaming slumped year-on-year by 6.7% to 31 billion yuan in 2021.