Kingsoft’s net profit soars in Q3

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October 28, 2020

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Kingsoft’s net profit soars in Q3

By Zhu Shenshen | 00:00 UTC+8 October 28, 2020 |

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BEIJING Kingsoft Office Software Inc, which offers online office processing tools like Microsoft’s Office, said it’s net profit tripled in the third quarter, thanks to increased paid subscriptions and booming remote work demand during the COVID-19 pandemic, the STAR-listed firm said yesterday.

The company, which has more than 457 million monthly active users, is the second-biggest firm by market value on the Shanghai STAR Market.

In the third quarter, its revenue jumped 64.6 percent to 587 million yuan (US$86.3 million). Net profit reached 238 million yuan, a 313.6 percent growth from a year ago.

The company, with shareholders including tech tycoon Lei Jun, attributed the income jump to the increase in users, especially paid subscribers with new methods and environments such as “work in cloud” during the pandemic.

Kingsoft Office shares jumped 6.87 percent to close at 323.8 yuan yesterday, with the STAR 50 Index up 2.19 percent.

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Kingsoft’s net profit soars in Q3

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