Summary by Futu AI
Global Data Holdings Limited (GDS) announced unaudited financial results for the first quarter ended March 31, 2024. Net income for the quarter increased 9.1% year-on-year to RMB2,627.4 million and a net loss of RMB344.9 million, a decrease from the net loss in the same period last year. Adjusted EBITDA grew 4.7% year-over-year to RMB1,183.4 million. The Company's operating area increased by 12.5% year-over-year and billed area increased by 16.0% year-over-year, showing steady growth in business. Mr. Wong Wai, Chairman and Chief Executive Officer of the Company, said that the company will continue to execute its business strategy and obtain new orders in China and international markets. Chief Financial Officer Dan Newman said the growth in revenue and adjusted EBITDA demonstrated the company's ability to fund international expansion. In addition, the company confirmed that financial guidance for 2024 remained unchanged. The announcement of the results has been published on the HKEX website and on the company website.