Summary by Futu AI
Kingsoft Cloud (KINGSOFT CLOUD) announced unaudited financial results for the three months ending on June 30, 2024 on August 20, 2024. The company's revenue for the quarter reached 189.18 million yuan, an increase of 3.1% year-on-year and 6.5% quarter-on-quarter. Public cloud service revenue increased by 6.5%, while industry cloud service revenue decreased by 2.7% from the same period last year. Gross margin increased significantly by 54.1%, from 11.3% in the same period in 2023 to 16.8%. Adjusted EBITDA turned positive from a negative 6.14 million yuan in the same period last year to a positive 6.06 million yuan. The net inflow of operating cash was 151.2 million yuan, indicating an improvement in the company's operating condition. Mr. Zou Tao, CEO of Kingsoft Cloud, said that the company's "high-quality, sustainable development" strategy continued to achieve results, especially in the field of ai revenue growth. Mr. He Haijian, CFO, expressed satisfaction with the growth of revenue and profits. Shareholders and potential investors are reminded not to rely too much on unaudited financial performance.