Shares of Chinese cloud-service provider Kingsoft Cloud Holdings Ltd. (KC) are trading down 5 percent on Wednesday as the company posted wider loss in the third quarter, despite recording higher revenue growth during the period.
The company posted net loss of 0.15 yuan or $0.02 per share, compared to net loss of 0.03 yuan in the same quarter of 2020. Adjusted loss was 363.7 million yuan or $56.4 million, compared to adjusted loss of 169.1 million yuan last year.
Total revenues reached 2.41 billion yuan or $374.61 million, a growth of 39.6 percent from 1.73 billion yuan a year ago, due to the growth in both public cloud services and enterprise cloud services for premium customers.
Looking ahead for the fourth quarter, the company expects total revenues to be between 2.63 billion yuan and 2.83 billion yuan, representing a year- over-year growth of 37 percent to 47 percent.
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