Kingsoft Cloud Announces Unaudited Third Quarter 2024 Financial Results with Accelerated Revenue Growth and Robust Expansion of Gross and EBITDA profit
Kingsoft Cloud Holdings Limited - American Depositary Shares (KC)
Company Research
Source: GlobeNewswire
BEIJING, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2024. Financial Highlights Total Revenues reached RMB1,885.6 million (US$268.71 million), increased by 16.0% year-over-year from RMB1,625.2 million in the same quarter of 2023. The accelerated growth of high-quality business, such as AI, has offset the decline in the low-margin CDN business due to strategic proactive adjustments.Gross profit was RMB303.4 million (US$43.2 million), representing a significant increase of 54.6% from RMB196.2 million in the same quarter of 2023. Our profitability has been fundamentally improved.Non-GAAP EBITDA2 was RMB185.4 million (US$26.4 million), compared with RMB-45.4 million in the same quarter of 2023. Non-GAAP EBITDA margin was 9.8%, compared with -2.8% in the same quarte
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News
- Kingsoft Cloud Holdings Limited (NASDAQ: KC) was upgraded by analysts at UBS Group AG from a "neutral" rating to a "buy" rating. They now have a $12.50 price target on the stock, up previously from $4.20.MarketBeat
- Kingsoft Cloud Holdings (KC): A Rising Star in AI and Cloud Computing [Yahoo! Finance]Yahoo! Finance
- Kingsoft Cloud Holdings Limited (NASDAQ: KC) was upgraded by analysts at Nomura Securities from a "hold" rating to a "strong-buy" rating.MarketBeat
- Kingsoft Cloud Holdings Limited (NASDAQ: KC) was upgraded by analysts at Nomura from a "neutral" rating to a "buy" rating. They now have a $6.70 price target on the stock, up previously from $2.30.MarketBeat
- Kingsoft Cloud Holdings Limited (KC) Reports 16% YoY Revenue Growth in FQ3 2024, Fueled by AI Demand and Ecosystem Services [Yahoo! Finance]Yahoo! Finance
KC
Earnings
- 3/20/24 - Beat
KC
Sec Filings
- 12/9/24 - Form 144
- 12/5/24 - Form 6-K
- 11/29/24 - Form 6-K
- KC's page on the SEC website