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Kingsoft Cloud Holdings Limited (NASDAQ: KC) is an independent cloud service provider in China, offering a range of integrated cloud-based services including cloud computing, storage, and delivery. Established in 2012, it operates data centers across Beijing, Shanghai, Chengdu, Guangzhou, Hong Kong, and North America. The company boasts a large and experienced R&D team with over 400 personnel from prominent IT companies like Baidu, Alibaba, Tencent, and Microsoft.
Kingsoft Cloud delivers an array of products and services such as cloud safety, database management, AI solutions, and hybrid cloud options. These solutions cater to multiple industries including healthcare, government affairs, finance, media, education, gaming, transportation, logistics, and audio-video sectors. With over 20,000 servers and asset valuation exceeding 5 billion RMB, Kingsoft Cloud has transformed into one of China's leading third-party cloud service providers.
In recent news, Kingsoft Cloud has shown remarkable financial progress. As of the second quarter of 2023, the company reported a gross margin of 11.3%, a significant leap from the previous year's 3.4%. Total revenues reached RMB1,835.4 million (US$253.11 million), and operating cash inflow stood at RMB65.2 million, reflecting effective cost management and improved financial health. The Chief Executive Officer, Mr. Tao Zou, emphasized the company’s focus on sustainable development and agility in responding to AI trends, highlighting the launch of Model-as-a-Service solutions aimed at AI customers.
Kingsoft Cloud's recent achievements include the launch of an AI research center and the promotion of industry-specific solutions like the advanced medical cloud platform and the largest commercial cloud storage service in China. The company’s strategic alignment with Xiaomi and Kingsoft Corporation ecosystem is poised to leverage AI opportunities significantly. The firm also maintains a robust financial stance with cash reserves amounting to RMB4,286.7 million (US$591.2 million) as of June 30, 2023.
Kingsoft Cloud (NASDAQ: KC, HKEX: 3896) reported its unaudited Q2 2024 financial results, showcasing substantial growth and improvements. Total revenues hit RMB1,891.8 million, up 3.1% YoY and 6.5% QoQ, driven by AI-related revenues doubling to RMB326 million. Adjusted gross profit soared 56.4% YoY to RMB323.4 million with a margin of 17.1%, up from 11.3%.
Adjusted EBITDA turned profitable, reaching RMB60.6 million from a negative RMB61.4 million YoY. Costs of revenues decreased by 3.4%, notably due to a 15.4% reduction in IDC costs. Operating expenses rose 4.6% YoY to RMB595.9 million. The net loss narrowed to RMB353.7 million from RMB498.3 million YoY. Cash and equivalents stood at RMB1,837.8 million.
Kingsoft Cloud Holdings (NASDAQ: KC, HKEX: 3896), a leading independent cloud service provider in China, has announced it will release its unaudited financial results for the second quarter 2024 on August 20, 2024, before the U.S. markets open. The company's management will host an earnings conference call on the same day at 8:15 am U.S. Eastern Time (8:15 pm Beijing/Hong Kong Time).
Participants can pre-register for the conference call through a provided link. Upon registration, they will receive dial-in numbers, a passcode, and a unique access PIN. A live and archived webcast of the conference call will also be available on Kingsoft Cloud's investor relations website.
Kingsoft Cloud (NASDAQ: KC) reported its unaudited financial results for Q1 2024. Total revenues stood at RMB 1,775.7 million (US$245.91 million), showing a QoQ increase of 3.1% but a YoY decline of 4.8%. Adjusted EBITDA turned positive at RMB 33.2 million with a margin of 1.9%. Adjusted gross profit rose 53.8% YoY to RMB 299.1 million.
Revenues from public cloud services increased by 12.9% QoQ to RMB 1,187.4 million, driven by AI-related revenues contributing 13%. However, revenues from enterprise cloud services fell 12.3% QoQ to RMB 588.2 million.
Operating expenses decreased to RMB 567.4 million, leading to a reduced operating loss of RMB 274.2 million. The net loss was RMB 363.6 million, showing an improvement from the previous year.
The company announced the resignation of Vice President Yifeng Qian and reported cash and cash equivalents of RMB 1,811.7 million as of March 31, 2024.
Kingsoft Cloud Holdings , a prominent cloud service provider in China, will release its unaudited financial results for the first quarter of 2024 on May 22, 2024. The earnings conference call will be held the same day at 8:15 am U.S. Eastern Time. Participants can register for the conference call and access the webcast on the Company's investor relations website.
Kingsoft Cloud Holdings filed its annual report on Form 20-F for the fiscal year 2023, detailing its financial performance and operations. The company also released its 2023 Environmental, Social, and Governance (ESG) Report showcasing its progress in ESG practices, including initiatives like developing research centers, improving supply chain processes, and obtaining certifications for data governance.
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