Sales at the company’s live streaming business unit, which constitute 42.6% of total revenues generated during the first quarter, declined 19.5% to 7.3 billion yuan ($1.1 billion) from the same period a year ago. Its selling and marketing expenses jumped 44% year-over-year to 11.7 billion yuan, which accounted for 68.5% of total revenues. Its first quarter revenues grew 37% to 17 billion yuan, thanks to ad sales that more than doubled to 8.6 billion yuan. This business grew 589% to generate 1.2 billion yuan in revenue. Losses for the period widened to 57.8 billion yuan, up from 30.5 billion yuan a year ago.

Source: Forbes May 25, 2021 10:41 UTC