- Kingsoft Cloud Holdings Limited KC reported a third-quarter FY22 revenue decline of 18.4% year-on-year to $276.8 million, missing the consensus of $313.2 million.
- Revenues from public cloud services decreased 20.2% Y/Y to $189.2 million, and enterprise cloud services declined 14.4% Y/Y to $87.5 million.
- Adjusted loss per ADS of $(0.28) missed the consensus loss of $(0.23).
- Non-GAAP gross margin expanded 250 bps to 6.3%. Non-GAAP EBITDA loss margin was (8.1)% versus (5.8)% last year.
- Kingsoft held $749.1 million in cash and equivalents and generated $14.2 million in operating cash flow.
- Outlook: Kingsoft sees Q4 revenue of $281.2 million - $309.3 million, below the consensus of $350.2 million.
- Price Action: KC shares closed lower by 4.88% at $2.73 on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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