Stock Track | Kingsoft Soars 5.31% as Strong Q3 Results Boosted by AI Business Growth

Stock Track

Nov 20, 2024

Kingsoft's stock surged 5.31% on Wednesday during the trading session, outperforming the broader market. This significant rally came after the company reported impressive fiscal third-quarter 2024 results, bolstered by robust growth in its AI business segment.

The company's revenue grew by 16% year-over-year to 1.89 billion Chinese yuan ($268.7 million), beating analyst estimates. This accelerated growth was fueled by the strong performance of Kingsoft's high-quality businesses, particularly in the AI sector, which offset declines in the lower-margin CDN business.

Kingsoft's AI business expanded significantly, contributing 362 million Chinese yuan in revenue and representing 31% of the company's public cloud revenue. Additionally, revenues from the Xiaomi and Kingsoft Ecosystem surged by 36% year-over-year, capitalizing on opportunities in sectors like electric vehicles, large language models, and WPS AI.

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Additionally, revenues from the Xiaomi and Kingsoft Ecosystem surged by 36% year-over-year, capitalizing on opportunities in sectors like electric vehicles, large language models, and WPS AI.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"03888","symbol_name":"金山软件","start_time":0,"source_url":"","article_id":"1166422843","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1166422843","pubTimestamp":1732066386,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Kingsoft's stock surged 5.31% on Wednesday during the trading session, outperforming the broader market. 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