WFH - Kingsoft Cloud's Strong Performance Drives Stock Surge After Q4 Earnings Report | Benzinga
Kingsoft Cloud Holdings Ltd (NASDAQ:KC) shares are trading higher after the company reported a fourth-quarter fiscal 2023 revenue of $242.6 million, marginally beating the consensus of $242.4 million. Revenues fell 19.2% Y/Y.
Adjusted earnings per ADS was $(0.05), beating the analyst consensus of $(0.16) loss. The stock price soared after the results.
The decrease in revenue was mainly due to the proactive scale-down of services for content delivery network (CDN) customers and the phasing-out of loss-making clients.
Revenues from public cloud services decreased by 21.7%, and enterprise cloud services ...