Kingsoft Cloud Holdings Ltd (NASDAQ: KC) saw its stock surge 6.32% in Tuesday's trading session, following the release of its Q3 2024 earnings results that exceeded analysts' expectations and showcased robust growth in its AI and high-margin businesses.
The company reported a 16% year-over-year increase in revenue to 1.89 billion Chinese yuan ($268.7 million), surpassing the consensus estimate of $247.46 million. This impressive growth was fueled by the accelerated demand for AI services, which offset the decline in the low-margin CDN business due to strategic adjustments.
Kingsoft Cloud's adjusted loss per ADS of 14 cents aligned with analyst estimates, reflecting a significant improvement in profitability. The company's gross profit margin expanded by a remarkable 420 basis points to 16.3%, driven by strategic revenue mix adjustments, optimized enterprise cloud project selection, and efficient cost control measures.
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