VNET Group reports Q3 EPS 1c vs. (6c) last yearQ

Reports Q3 earnings per ADS 30c vs. (36c) last year. Reports Q3 revenue RMB2.12B or $302.2M vs. RMB1.89B last year. “We achieved strong Q3 results mainly driven by our wholesale IDC business,” said Interim CEO Josh Sheng Chen. “Our wholesale IDC business maintained its strong growth momentum as we capitalized on rising AI-driven demand. We also continued attracting high-quality customers during Q3, with six new order wins totaling 84MW.” CFO Qiyu Wang commented, “In Q3, we remained focused on high-quality revenue businesses with high margins. Our total net revenues increased by 12.4% year over year to RMB2.12B, mainly driven by remarkable wholesale revenue growth of 86.4% year over year. Our adjusted EBITDA also grew by 17.1% year over year to RMB594.8M in 3Q24. We previously reported adjusted EBITDA for 3Q23 at RMB507.9M…We also aim to enter a definitive agreement with one of China’s leading insurance companies by the end of 2024 to form a pre-REITs fund…Looking ahead, we will continue strengthening our core capabilities and capitalizing on AI-driven opportunities to create long-term shareholder value.”