Following a significant surge of over 19%, Kingsoft Cloud (KC, Financial) opened higher and continued to rise, increasing 11.63% to $3.695. The growth is supported by a white paper from the China Academy of Information and Communications Technology, highlighting the annual increase in the SaaS market penetration in China.
A recent report by CCID Consulting places Kingsoft Cloud in the leader quadrant of China's central and state-owned enterprises cloud market for 2024. Financially, despite a 0.9% year-over-year revenue dip to 36.675 billion yuan in the first half of 2024, Kingsoft Cloud reduced its net loss to 7.17 billion yuan and achieved a 52.6% increase in gross profit to 6.12 billion yuan.
In the second quarter, Kingsoft Cloud's revenue rose to 18.9 billion yuan, marking a 3.1% increase year-over-year and the third consecutive quarterly improvement. The adjusted gross profit reached 3.2 billion yuan, a 56.4% rise compared to the previous year, with an adjusted gross margin of 17.1%, achieving eight consecutive quarters of steady growth and a record high.
