Kingsoft Cloud jumps on higher Q1 revenue, gross billings

Kingsoft Cloud Holdings

08/06/2022 14:29

** U.S.-listed shares of Kingsoft Cloud Holdings  KC.O  rise
5.1% to $5.2 premarket
    ** KC posts Q1 revenue of 2.17 billion yuan ($324.73
million), up ~20% from a year earlier  urn:newsml:reuters.com:*:nGNXbNkW4Q
    ** Co says gross billings from core cloud services,
including computing, storage and enterprise, jumped 61.2%
    ** "Even though we are still amid the challenging
macro-economic environment, we believe we are on track to
achieve adjusted EBITDA breakeven in Q4 2022" - CFO
    ** Co's board authorized a stock buyback of up to $100 mln
of its ordinary shares in the form of American depositary shares
    ** However, Q1 net loss widened to 554.8 mln yuan from a 
loss of 382.2 mln yuan 
    ** Up to last close, stock down over 68% YTD


($1 = 6.6825 Chinese yuan renminbi)

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))