This article only represents the author's own views.

Shares of Kuaishou Technology (1024.HK) have come a long way since their trading debut in Hong Kong last year. Unfortunately, that’s not a good thing for China’s No. 2 short video platform operator. The stock has lost more than 80% of its value from its post-IPO high, leaving early investors with huge losses as they await the day when Kuaishou will be profitable. But that day doesn’t appear to be coming anytime too soon, at least based on its latest quarterly financials announced on Tuesday.

The company certainly isn’t hurting for revenue. It registered 21.07 billion yuan ($315 million) for the quarter, up 23.8% year-on-year but down by 13.8% quarter-on-quarter, according to its first quarter report. Its non-GAAP net loss was 3.72 billion yuan, narrowing by 34.1% year-on-year and similar to the level from last year’s fourth quarter. Like many other companies in China, Kuaishou’s greatest challenges are coming in the current quarter as China’s economy takes a major hit from strict pandemic control measures, including a citywide lockdown stretching back to April 1 in Shanghai, China’s largest city and financial hub.