Kingsoft Cloud Holdings Ltd. ( (KC) ) has released its Q4 earnings. Here is a breakdown of the information Kingsoft Cloud Holdings Ltd. presented to its investors.
Kingsoft Cloud Holdings Limited is a prominent cloud service provider in China, offering extensive cloud infrastructure and industry-specific solutions across various verticals. The company recently announced its unaudited financial results for the fourth quarter and fiscal year ending December 31, 2024, highlighting significant growth and strategic advancements.
In the fourth quarter of 2024, Kingsoft Cloud reported a total revenue of RMB2,232.1 million, marking a 29.6% increase from the same period in 2023. The company achieved a gross profit of RMB426.0 million, a 68.3% rise year-over-year, and for the first time, reported a positive non-GAAP operating profit of RMB24.4 million. The company’s focus on AI applications and strategic partnerships with Xiaomi and Kingsoft Group contributed to this robust performance.
Key financial metrics for the fiscal year 2024 include total revenues of RMB7,785.2 million, a 10.5% increase from 2023, and a gross profit of RMB1,340.9 million, up by 57.7%. The company also narrowed its net loss to RMB1,979.0 million from RMB2,183.6 million in 2023. The impressive growth in AI-related business and enterprise cloud services played a pivotal role in these results.
Looking forward, Kingsoft Cloud is optimistic about its growth trajectory, driven by the increasing demand for AI applications and cloud services. The company remains committed to enhancing its cloud infrastructure and expanding its presence in the AI industry, aiming for sustainable and high-quality development in the coming years.
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