KC - Kingsoft Cloud stock surges 22% after strong Q4 guidance

2023-03-29 12:44:06 ET

• Kingsoft Cloud Holdings ( NASDAQ: KC ) shares surged 22% on Wednesday after the Beijing-based software company reported fourth-quarter results and guidance for the upcoming quarter that topped analysts' expectations.
• Looking ahead, Kingsoft ( KC ) said it expects revenue to be between 1.85B and 2.05B yuan, compared to expectations of 1.99B yuan.
• For the recently reported fourth-quarter, Kingsoft ( KC ) said it generated 2.13B yuan, or $308.97M, including 1.34B yuan from its public cloud service unit. Kingsoft ( KC ) also generated 785.9M yuan from its enterprise cloud services unit.
• During the period, Kingsoft ( KC ) lost 2 cents per share on a GAAP basis, or 14 RMB cents.
• In addition, Kingsoft ( KC ) said it repurchased approximately 12.3M ADS during its fiscal year at a cost of approximately $29.2M .

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