On Tuesday, Chinese short video app Kuaishou reported RMB 21.1 billion ($3.16 billion) in revenue for the first quarter of 2022, up 24% from the same period last year. Online marketing represents 53.9% of the company’s total reported revenue, with livestreaming accounting for 37.2%. Other services, mainly e-commerce, brought in RMB 1.8 billion in revenue, or 8.9% of the total. Non-International Financial Reporting Standards (IFRS) net losses reached RMB 3.7 billion. Both the revenue and non-IFRS net loss figures bettered the expectations of investment bank Jefferies. The company’s daily active users grew 17% year-on-year to 345.5 million, while the average time spent per daily active user reached 128.1 minutes. [Kuaishou press release]