Stock Track | Kingsoft Cloud Soars 14.70% on Narrower-Than-Expected Q3 Loss

Stock Track11-21 09:30

Kingsoft Cloud Holdings Ltd. shares surged 14.70% in the pre-market trading session on Thursday, as the Chinese cloud services provider reported a narrower-than-anticipated loss for the third quarter.

The company posted a loss of 0.29 Chinese yuan per share, which was significantly lower than the LSEG's mean analyst estimate of a 1.06 Chinese yuan per share loss. Kingsoft Cloud attributed the better-than-expected performance to the accelerated growth of high-quality business segments like Artificial Intelligence (AI), offsetting the decline in the low-margin content delivery network (CDN) business.

The narrower loss and the company's strategic focus on AI and other high-growth areas seem to have boosted investor confidence, leading to the sharp rally in Kingsoft Cloud's stock price.

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