Shares of Kingsoft Cloud Holdings Ltd (NASDAQ: KC) surged 5.67% during Wednesday's trading session, driven by the company's impressive third-quarter 2024 earnings release and optimism surrounding its thriving AI business.
The Chinese cloud services provider reported better-than-expected earnings for Q3 2024, with revenue increasing 16% year-over-year to 1.89 billion Chinese yuan ($268.7 million). This growth was primarily fueled by the accelerated demand for AI services, which offset the decline in the low-margin CDN business due to strategic adjustments.
Kingsoft Cloud's AI business continues to gain momentum, accounting for a remarkable 31% of public cloud revenues, positioning the company as an industry leader in AI. Additionally, the company is capitalizing on strong growth opportunities within the Xiaomi and Kingsoft ecosystem, with revenue from these customers increasing 36% year-over-year.
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