Saturday, 2024 July 20

CHINA BRIEF | Kingsoft Cloud books USD 1.2 billion in Q1 revenue

Kingsoft Cloud Holdings (NASDAQ: KC), a spinoff of software firm Kingsoft Corporation, on Wednesday reported a revenue of RMB 1.2 billion (USD 196.4 million) for the first quarter, up 64.5% year-on-year (YoY). Meanwhile, it achieved a positive gross margin, according to the company’s first earnings report after making its Nasdaq debut in May.

For the first quarter, gross profit reached USD 10 million, or 5.1% gross margin, versus -5.3% from the same period in 2019. Net loss widened by 64.6% YoY to USD 46.8 million. It expects second-quarter revenue to be between RMB 1.50 billion (USD 210.49 million) and RMB 1.54 billion (USD 216.11 million), representing a YoY growth of 60% to 65%.

The Beijing-based company provides both public cloud services and enterprise cloud services. It raised USD 510 million in its US initial public offering and saw its stock surge by 40.2% to USD 23.8 per share on its first trading day, KrASIA wrote. The stock closed at USD 22.02 on June 3.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.

Wency Chen
Wency Chen
Wency Chen is a reporter KrASIA based in Beijing, covering tech innovations in&beyond the Greater China Area. Previously, she studied at Columbia Journalism School and reported on art exhibits, New York public school systems, LGBTQ+ rights, and Asian immigrants. She is also an enthusiastic reader, a diehard fan of indie rock and spicy hot pot, as well as a to-be filmmaker (Let’s see).

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