Kingsoft Cloud (KC, Financial) saw its stock rise nearly 13% in pre-market trading, reaching $7.55. The company recently announced its third-quarter results, reporting total revenue of RMB 1.886 billion, marking a 16% year-over-year increase. Notably, its non-GAAP EBITDA turned profitable at approximately RMB 185 million. Goldman Sachs highlighted that Kingsoft Cloud's performance largely met expectations, with adjusted EBITDA surpassing forecasts.
Kingsoft Cloud also revealed new framework agreements with Xiaomi and Kingsoft Software, anticipating a compound annual growth rate of 38% in revenue from these partnerships between 2023 and 2026. By 2026, these partnerships are expected to contribute 30% to Kingsoft Cloud's revenue.
Additionally, Kingsoft Cloud signed a strategic cooperation agreement with Anheng Information in Beijing. This partnership aims to enhance collaboration in cloud security, data security, network security, commercial encryption, and privacy computing.
