CD - Why Chindata Stock Is Soaring Today
2023-05-31 12:42:43 ET
Shares of Chindata Group (NASDAQ: CD) are seeing a strong bullish upswing Wednesday. The Chinese data-center's share price was up roughly 10% as of 11:30 a.m. ET this morning, according to data from S&P Global Market Intelligence .
Chindata published its first-quarter results before the U.S. market opened today, posting earnings that beat the market's expectations. The company posted earnings per American depositary share of $0.10 on revenue of $210.2 million, while the average analyst estimate had guided for the business to post a profit of only $0.04 in the quarter.
Revenue climbed 56.8% year over year in the first quarter, and net income skyrocketed 167.5%. The company saw rising demand for its hyperscale data-center services, and margins for the quarter came in significantly above the market's expectations, even as it carried out new hyperscale construction projects.
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Why Chindata Stock Is Soaring Today