Kingsoft Cloud (KC, Financial) saw its stock rise by 13.75%, trading at $3.151. The jump comes in response to its latest financial report indicating a mixed performance for the first half of 2024. The company's total revenue during this period was approximately 3.667 billion CNY, representing a slight decline of 0.9% compared to the previous year. However, net losses narrowed to 717 million CNY, and gross profit improved significantly by 52.6% to reach 612 million CNY.
Despite the minor dip in revenue over the first half, Kingsoft Cloud reported a rebound in the second quarter. The company generated revenue of 1.89 billion CNY, marking a 3.1% year-over-year increase and showing consecutive quarterly improvements for three periods. Adjusted gross profit for the second quarter was 320 million CNY, a 56.4% increase from the same period last year. Additionally, the adjusted gross profit margin reached 17.1%, achieving steady growth over eight consecutive quarters and setting a new record high.
