Remote working boost for Kingsoft Office

Beijing Kingsoft Office Software Inc, which offers online office processing tools like Microsoft’s Offices, said it's net profit tripled in the third quarter, thanks to increased paid subscriptions and booming remote work demand during the pandemic, the STAR-listed company said on Tuesday.

The company, which has with more than 457 million monthly active users, is the second-biggest firm by market value in 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, compared with a 2.19 percent increase of the STAR 50 Index on Tuesday.

Its market value reached 149.3 billion yuan, second only to SMIC of all STAR companies.