Kingsoft Cloud Tops Q1 Aided By Growth In Gross Billings From Core Cloud Services; Issues Cautious Outlook

Kingsoft Cloud Holdings Limited KC reported first-quarter FY22 revenue growth of 19.9% year-on-year to $342.9 million, beating the consensus of $312.2 million.
Revenues from public cloud services remained stable Y/Y at $217.8 million, and enterprise cloud services increased 88.7% Y/Y to $125 million.
EPS loss was $(0.02) or RMB(0.15) versus EPS of RMB0.11 a year ago.
The non-GAAP gross margin contracted 290 bps to 3.8%. The non-GAAP EBITDA margin loss margin was (7)% versus (2.7)% last year.
Kingsoft held $884 million in cash and equivalents and used $(98.8) million in operating cash flow.
CFO Henry He added, "We are pleased to see that our gross billings from core cloud services, including computing, storage, and enterprise services, increased by 61.2% year-over-year."
Outlook: Kingsoft sees Q2 revenue of $315.5 million - $347 million, below the consensus of $360.5 million.
Price Action: KC shares traded higher by 3.23% at $5.11 in the premarket on the last check Wednesday.

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