FAST NEWS: Kanzhun’s Revenue Falls as Paid Enterprise Customers Leave

The Latest: Online recruitment platform Kanzhun Ltd. (BZ.US) said on Tuesday its revenue fell 2.7% year-on-year in the third quarter to 1.18 billion yuan ($377 million), marking its second straight quarterly revenue decline. Its net income for the quarter dropped 26% to 211.7 million yuan. Looking Up: Kanzhun said its average monthly active users rose 12.5% year-on-year in the third quarter to 32.4 million. Take Note: The company’s paid enterprise customers, which tend to be higher spending and more lucrative than individual buyers, fell 7.5% to 3.7 million during the…

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FAST NEWS: Bilibili Loss Narrows but Forecasts Slowest-Ever Revenue Growth

The latest: Video-sharing platform Bilibili Inc. (BILI.US; 9626.HK) reported on Tuesday its revenue increased 11% to 5.8 billion yuan ($809 million) in the third quarter, while its net loss narrowed by 36% to 1.7 billion yuan. Looking up: Bilibili’s average daily and monthly active users both increased by 25% to 90.3 million and 332.6 million, respectively, and its average monthly paying users rose 19% to 28.5 million, contributing to revenue growth during the third quarter. Take Note: The company expects its fourth quarter revenue to range from 6 billion yuan…

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Full Speed Ahead? Xiaomi’s Soaring EV Costs Raise Red Flag

The smartphone maker has posted lower revenue and adjusted profit in the third quarter, hit by falling product sales and prices. But its spending on a move into EV production keeps rising Key Takeaways: Xiaomi’s revenue fell nearly 10% in the third quarter and its adjusted net profit tumbled 59% to 2.1 billion yuan Market analysts think profits from the smartphone business could have peaked and may not be enough to sustain a concerted push into electric vehicles  By Ken Lo China’s Xiaomi Corporation (1810.HK) is branching out from handsets…

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ATRenew Grows Outside the Smartphone Box with Luxury Bags, Watches and Liquor

The recycler that spent its first decade in electronics is finding early strong results with its recent expansion into new consumer categories Key Takeaways: ATRenew’s sales from non-smartphone categories are showing initial success, accounting for an extra 300,000 yuan in monthly sales per store and 0.5% of transaction volume The smartphone recycler reported its first non-GAAP net profit in the third quarter as its margins improved on cost controls and growing focus on direct sales to consumers By Doug Young In these increasingly difficult times, who needs an overpriced new…

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Stuck in Covid-Induced Hardship, Lufax Loan Portfolio Shrinks for First Time

The online loan facilitator is bearing more credit risk as its use of third parties to insure and guarantee the loans it brokers becomes costlier Key Takeaways: Lufax’s revenue and profit fell 17% and 67% in the third quarter, respectively, as it became more selective with borrowers to minimize potential loan losses The company’s total outstanding loan volume shrunk for the first time since its 2020 IPO, as its credit impairments surged 138% By Warren Yang Lufax Holding Ltd. (LU.US), the largest of China’s online loan facilitators, appears caught between…

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