Stock Alert: Kingsoft Cloud Holdings Down 8% Despite Better-than-expected Q4 Results

Shares of Chinese cloud service provider Kingsoft Cloud Holdings Limited (KC) are falling more than 8% Wednesday morning despite reporting better-than-expected fourth-quarter earnings.

The company reported net loss was RMB105.2 million or $16.1 million in the fourth quarter compared with net loss of RMB239.5 million in the same quarter a year ago.

Net loss per share was RMB0.03 or $0.00, compared with RMB0.32 in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report loss of $0.09 per share. Analysts’ estimates typically exclude special items.

Revenues for the quarter increased 63.8% year-over-year to RMB1,922.7 million or $294.7 million. The consensus estimate was for $297.23 million.

Looking forward to the first quarter, the Company expects total revenues to be between RMB1.83 billion and RMB1.93 billion.

KC, currently at $45.99, has traded in the range of $17.01- $74.67 in the last one year.

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