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Kingsoft Cloud Reports Mixed Q1 Earnings

Kingsoft Cloud Reports Mixed Q1 Earnings
  • Kingsoft Cloud Holdings Ltd (NASDAQ: KCreported first-quarter FY21 revenue growth of 30.4% year-on-year to $276.8 million (RMB1.8 billion), missing the analyst consensus of $291.33 million.
  • Revenues from public cloud services rose 15.2% Y/Y to $212.4 million (RMB1.4 billion), and Enterprise cloud services increased 131.3% Y/Y to $64.1 million (RMB420 million).
  • Other revenues rose 93.4% Y/Y to $0.3 million (RMB1.7 million).
  • Non-GAAP gross margin expanded 140 basis points to 6.7% from continued leverage on economies of scale and higher margin contribution from enterprise cloud.
  • Non-GAAP net loss declined 10.3% Y/Y to $33.3 million (RMB218.4 million), translating to EPS loss of $(0.02) beating the analyst consensus loss of ($0.15).
  • Non-GAAP EBITDA loss margin remained stable at (2.7%).
  • Kingsoft held $832.7 million (RMB5.5 billion) in cash and equivalents as of March 31, 2021.
  • Guidance: The company sees Q2 revenue guidance of RMB2.13 billion - RMB2.23 billion.
  • Price action: KC shares traded higher by 1.59% at $37.63 on the last check Tuesday.

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