Kingsoft Cloud Q4 Beats Earnings, AI Cloud Business Sees Triple-Digit Growth

Kingsoft Cloud Holdings (NASDAQ:KC) shares are trading higher on Wednesday after the company reported fourth-quarter 2024 revenue of CNY2.23 billion, up by 29.6% year-on-year (Y/Y).

In USD terms, revenues of $305.8 million beat the consensus of $269.6 million. 

The revenue growth was led by increased contributions from Xiaomi, Kingsoft Ecosystem and AI-related customers, along with higher demand and more enterprise cloud project deliveries toward year-end.

Revenues from public cloud services increased by 34.0% Y/Y to CNY1.41 billion ($193.1 million), mainly led by higher AI demands.

Revenues from enterprise cloud services were CNY822.3 million ($112.7 million), an increase of 22.7% Y/Y.

The adjusted gross profit was CNY427.7 million ...