KC - Why Kingsoft Cloud Holdings Stock Was Falling Earlier Today
Shares of Kingsoft Cloud Holdings (NASDAQ: KC) were down 18.7% as of 1:17 p.m. ET on Tuesday after the company delivered its second-quarter results. The Beijing-based cloud services provider reported that its revenues had decreased by 12% year over year, mostly due to weakening demand.
The company also reported a non-GAAP (adjusted) loss of $67 million on adjusted revenue of $285 million. Tuesday's drop brings the stock's year-to-date decline to around 84%.
Kingsoft is a leading cloud services provider in China -- the second-largest cloud market behind the U.S. Its revenues from public cloud services fell 17% over the year-ago quarter, while its enterprise segment reported a less than 1% decline.
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Why Kingsoft Cloud Holdings Stock Was Falling Earlier Today