Kingsoft Cloud Holdings Ltd (NASDAQ: KC) saw a remarkable pre-market surge of 25.49% on Wednesday, following its impressive third-quarter 2024 earnings release that showcased robust growth in its high-margin AI and enterprise cloud businesses.
The company reported better-than-expected earnings for the third quarter, with revenue increasing 16% year-over-year to 1.89 billion Chinese yuan ($268.7 million), surpassing analysts' consensus estimate of $247.46 million. This growth was primarily driven by the accelerated demand for AI services, which offset the decline in the low-margin CDN business due to strategic adjustments.
Kingsoft Cloud's adjusted gross profit margin expanded by a substantial 420 basis points to 16.3%, reflecting the company's strategic revenue mix adjustments, optimized enterprise cloud project selection, and efficient cost control measures. The company's adjusted EBITDA margin also saw a significant improvement, reaching 9.8%, up from a loss of 8.6% in Q2 2022, indicating progress towards profitability.
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