KC - Why Kingsoft Cloud Stock Was Up Today
Shares of Kingsoft Cloud Holdings (NASDAQ: KC) were up 9.6% as of 1:28 p.m. ET on Wednesday after the company reported earnings results for the first quarter. The largest independent cloud service provider in China reported revenue growth of 20% year over year. However, this represented a deceleration over the previous quarter's 38% growth rate.
Moreover, the company guided for second-quarter revenue to be roughly flat over the year-ago quarter.
On a positive note, Kingsoft said it continued to sign new customers in the quarter. The company recently signed Genki Forest, a growing beverage brand in China. Overall, Kingsoft's gross billings grew 61% year over year for cloud services, including computing, storage, and enterprise services.
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Why Kingsoft Cloud Stock Was Up Today