---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41156061.md"
description: "Kuaishou 1Q26 First Take: Results were broadly in line; the OP beat was mainly driven by other income unrelated to the core biz., which is not sustainable. 1) Revenue was RMB 33.7bn, up 3.4% YoY. This was slightly above the 2.5% guidance and market expectation. (1) Kolors was the bright spot, with Q1 revenue of RMB 650mn vs. RMB 500mn guided. ARR had reached $500mn as of Mar, and growth continued in Apr–May.Media had reported ARR could reach about $1.3bn by Q1 '27. Progress on a potential spin-off/IPO would have the largest impact on Kuaishou’s valuation, so watch for related disclosure on the call. (2) Growth in ads and commissions slowed, tied to pressure in the e-com biz. From this year, GMV is no longer disclosed; based on e-com revenue trends, take-rate changes and Street expectations, we estimate GMV growth at approx. 10%, a further slowdown vs. last year. 2) The user ecosystem expanded unexpectedly. Q1 user metrics were solid, likely boosted in the short term by CNY campaign programming. DAU rose 1.2% to 413mn, average time spent was said to be stable, but MAU accelerated by 5% (+31mn) to 770mn. These trends differ somewhat from third-party data. Listen for management’s detailed explanation of user growth on the call. 3) GPM fell 400bps QoQ, driven by AI compute investment and ad rev-share for IAA short dramas. Last quarter, management guided FY Capex of RMB 26bn (incl. PP&E and ROU assets), up RMB 11bn YoY, largely for AI with Kolors taking most of the compute. On a 5-yr depreciation schedule, we estimate Capex alone trims FY GPM by roughly 1–2ppt. 4) Higher marketing spend, tighter headcount costs. Q1 S&M rose 4% YoY, mainly on promotion/marketing, while sales employee costs fell 8%. G&A declined 7.5%, reflecting team optimization; R&D grew 10% with a clear deceleration, largely driven by bandwidth/server costs (+18%).$KUAISHOU-W(01024.HK) $KUAISHOU-WR(81024.HK)"
datetime: "2026-05-27T10:29:56.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41156061.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41156061.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41156061.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Kuaishou 1Q26 First Take: Results were broadly in …


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