Summary by Moomoo AI
VNET Group reported solid Q2 2024 results with total net revenues increasing 9.4% YoY to RMB1.99 billion ($274.4 million), driven by 81% growth in wholesale IDC revenues to RMB402 million. The company achieved a significant turnaround with net income of RMB71.8 million ($9.9 million), compared to a net loss of RMB237.6 million in Q2 2023.Operational highlights include wholesale IDC capacity in service of 332MW with 75.9% utilization rate, and retail IDC business maintaining 63.7% cabinet utilization. The company secured three new wholesale orders totaling 235MW for its Ulanqab IDC Campus, demonstrating strong market demand for its high-quality services.For full year 2024, VNET maintains its guidance of total revenues between RMB7.8-8.0 billion (5.2-7.9% YoY growth) and adjusted EBITDA of RMB2.22-2.28 billion (8.9-11.8% YoY growth). The company continues to focus on strengthening its innovative service offerings and AI-related capabilities while enhancing operational efficiency.
