GDS Holdings Q2 Revenue Surge 39%, Reiterates FY21 Outlook

  • GDS Holdings Ltd GDS reported second-quarter FY21 revenue growth of 38.9% year-on-year to $288.7 million (RMB 1.86 billion).
  • Service revenue increased 39.6% Y/Y to $288.5 million.
  • Margins: The adjusted gross margin grew 30 bps to 54%.
  • The adjusted EBITDA rose 41.4% Y/Y to $138.8 million (RMB895.9 million), and the margin expanded by 90 bps to 48.1%.
  • Loss per share was $(0.03), and loss per ADS was $0.28.
  • GDS held $1.9 billion in cash and equivalents. It generated $56.3 million in operating cash flow.
  • Outlook: GDS reiterated FY21 revenue guidance of $1.193 billion - $1.239 billion (RMB7.7 billion – RMB8 billion).
  • It affirmed the adjusted EBITDA of RMB3.66 billion – RMB3.80 billion.
  • Price Action: GDS shares closed lower by 3.47% at $55.89 on Monday.
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