Summary by Moomoo AI
Kingsoft Cloud (NASDAQ stock code: KC) announced the unaudited financial performance for the third quarter ending on September 30, 2024. The total revenue for the quarter reached RMB 1,885.6 million, a year-on-year increase of 16.0%, mainly benefiting from the accelerated growth of high-quality businesses such as ai. Gross profit increased significantly by 54.6% to RMB 303.4 million, and the non-GAAP EBITDA profit margin improved from -2.8% in the same period last year to 9.8%. Mr. Zou Tao, Executive Director, Vice Chairman, and Acting CEO of the company, stated that the company is on the right track and has the momentum to create more success in the future. Mr. He Haijian, CFO of Kingsoft Cloud, added that the company's revenue restructuring and ai strategic transformation have achieved significant results. Cash and cash equivalents at the end of the period were RMB 1,617.9 million. The management team will hold an earnings conference call on November 19, 2024, to discuss financial performance and the company's future outlook.
