Kingsoft Cloud Holdings Ltd

Latest Results (14.08.2024):

Revenue Growth

Kingsoft Cloud Holdings Ltd reported total revenues of RMB1,775.7 million (US$245.91 million) for the first quarter of 2024. This represents a steady increase of 3.1% quarter-over-quarter from RMB1,722.5 million in the fourth quarter of 2023. The growth was primarily driven by expanded revenue from AI-related customers.

Public Cloud Services

Revenues from public cloud services for Kingsoft Cloud Holdings Ltd in the first quarter of 2024 increased by 12.9% from the previous quarter, reaching RMB1,187.4 million (US$164.4 million). This growth was mainly attributed to the revenue contribution from AI customers, reflecting a year-over-year increase of 2.9% compared to the same quarter in 2023.

Gross Profit and Margin

Kingsoft Cloud Holdings Ltd achieved a gross profit of RMB293.3 million (US$40.6 million) in the first quarter of 2024, marking a significant increase of 51.0% from RMB194.2 million in the same period in 2023. The gross margin improved to 16.5%, up from 10.4% in the same period last year, demonstrating enhancements in revenue quality and cost control measures.

Operating Expenses

Total operating expenses for Kingsoft Cloud Holdings Ltd in the first quarter of 2024 were RMB567.4 million (US$78.6 million), a notable decrease from RMB792.1 million in the same period in 2023. This reduction was achieved through strict control over administrative expenses and a decrease in credit loss provisions.

Net Loss

Kingsoft Cloud Holdings Ltd reported a net loss of RMB363.6 million (US$50.4 million) for the first quarter of 2024, compared to a net loss of RMB608.8 million in the same quarter of 2023. The improvement in profitability aligns with the company's strategy of focusing on high-quality, sustainable development and strict cost control.