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October 28, 2020

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Kingsoft’s net profit soars in Q3

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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