Summary by Futu AI
Kingsoft Cloud (NASDAQ stock code: KC) announced the unaudited financial performance for the third quarter ending on September 30, 2024. The total revenue for the quarter reached 1885.6 million RMB, a 16.0% year-on-year increase, mainly driven by the accelerated growth of high-quality businesses such as artificial intelligence. The gross profit significantly increased by 54.6% to 303.4 million RMB, and the non-GAAP EBITDA profit margin increased from -2.8% in the same period last year to 9.8%. Mr. Zou Tao, the executive director, vice chairman, and acting CEO of the company, stated that the company is on the right track and has the momentum to create more success in the future. Mr. He Haijian, the CFO of Kingsoft Cloud, added that the company's revenue structure adjustment and AI strategic transformation have achieved significant results. The cash and cash equivalents at the end of the period amounted to 1617.9 million RMB. The company's management will hold an earnings conference call on November 19, 2024, to discuss the financial performance and future outlook of the company.