- Kingsoft Cloud Holdings Limited (NASDAQ:KC) reported first-quarter FY22 revenue growth of 19.9% year-on-year to $342.9 million, beating the consensus of $312.2 million.
- Revenues from public cloud services remained stable Y/Y at $217.8 million, and enterprise cloud services increased 88.7% Y/Y to $125 million.
- EPS loss was $(0.02) or RMB(0.15) versus EPS of RMB0.11 a year ago.
- The non-GAAP gross margin contracted 290 bps to 3.8%. The non-GAAP EBITDA margin loss margin was (7)% versus (2.7)% last year.
- Kingsoft held $884 million in cash and equivalents and used $(98.8) million in operating cash flow.
- CFO Henry He added, "We are pleased to see that our gross billings from core cloud services, including computing, storage, and enterprise services, increased by 61.2% year-over-year."
- Outlook: Kingsoft sees Q2 revenue of $315.5 million - $347 million, below the consensus of $360.5 million.
- Price Action: KC shares traded higher by 3.23% at $5.11 in the premarket on the last check Wednesday.
