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Kingsoft Cloud Holdings Ltd (NASDAQ:KC) reported third-quarter FY21 revenue growth of 39.6% year-on-year to $374.6 million (RMB2.4 billion), missing the consensus of $397.2 million. EPS loss was $(0.02).
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- Revenues from public cloud services rose 28.7% Y/Y to $261.7 million, and enterprise cloud services increased 77.7% Y/Y to $112.8 million.
- The non-GAAP gross margin contracted 280 bps to 3.8% due to lower than expected utilization of its underlying public cloud infrastructure. The non-GAAP EBITDA margin loss was (5.8)% versus (1.5)% last year.
- Kingsoft held $930.4 million in cash and equivalents and generated $2.2 million in operating cash flow.
- Kingsoft won Pinduoduo Inc (NASDAQ:PDD), a Chinese e-commerce platform, as a new customer this quarter.
- Kingsoft started working with Shouqi, an emerging ride-hailing application.
- Kingsoft is on track to integrate Camelot to build out its enterprise cloud services business.
- Outlook: Kingsoft sees Q4 revenue of RMB2.63 billion - RMB2.83 billion, implying 37% - 47% Y/Y growth.
- Price Action: KC shares traded lower by 3.09% at $19.1 in the premarket session on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.