Kingsoft Cloud 3Q24 Results:

Revenue +16% to $268.7 million (BEAT vs. $268.3 est.)
Adjusted EPS -$0.62 (MISS vs. -$0.15 est.)

Metrics:

Gross profit +54.6% to $43.2 million
Non-GAAP EBITDA of $26.4m vs. -$6.4m YoY
Non-GAAP EBITDA margin of 9.8% vs. -2.8%
AI accounted for 31% of public cloud revenue
Public cloud rev +15.6% to $167.5m
Enterprise cloud rev +16.7% to $101.2m

Outlook:

For the fourth quarter of 2024, thanks to the parallel two drivers of both public cloud and enterprise cloud, we will continue to deliver healthy growth during such quarter. We expect to achieve accelerated growth rate for the total revenues in the fourth quarter of 2024. We expect our profitability will continue to improve. For the operating profit and adjusted operating profit, we expect to deliver accelerated improvement in the fourth quarter.

** Management is touting its cooperation with Xiaomi for cloud opportunities in EV, LLM.
** Outlook was light on numbers but full of positive wording, with management alluding to "accelerated growth" compared to the current quarter.