CD - Why Chindata Stock Topped the Market on Thursday
China-based specialty tech company Chindata Group Holdings (NASDAQ: CD) did better than many of its American counterparts on Friday. The data center operator's shares rose by over 2% to eclipse the gain of the S&P 500 index, thanks to an estimates-beating quarter it reported that morning.
Chindata published its unaudited results for both the second quarter and the first half of this year. For the quarter, the company managed to lift its revenue 51% higher year over year to just under 1.04 billion yuan ($147 million). Net income saw a much higher gain, rising at a 206% clip to land at slightly below 200 million yuan ($29 million). That shakes out to 0.54 yuan ($0.08) per each of Chindata's American Depositary Shares (ADSes).
Both headline figures topped analyst expectations. On average, prognosticators following the stock were anticipating 1.01 billion yuan ($147 million) on the top line, and only 0.30 yuan ($0.04) per ADS for net income.
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Why Chindata Stock Topped the Market on Thursday