GDS' Q3 Loss Narrows; Upgrades 2024 Capex Guidance; Shares Plunge 17%

MT Newswires Live11-20

GDS' (HKG:9698) attributable loss narrowed to 192.3 million yuan in the third quarter from 421.2 million yuan in the year-ago period, according to a Wednesday filing with the Hong Kong Exchange.

Loss per share at the cloud service company shrank to 0.14 yuan from 0.30 yuan in the previous year.

Total net revenue grew 18% to 2.97 billion yuan from 2.52 billion yuan a year earlier.

GDS upgraded its capital expenditure guidance for 2024 to 11 billion yuan from 6.50 billion yuan. The company updated its China capex forecast to 3 billion yuan from 2.50 billion yuan and international capex is seen to reach 8 billion yuan from a previous 4 billion yuan forecast to reflect business expansion.

Revenue for the year is still seen to range between 11.34 billion yuan and 11.76 billion yuan while adjusted earnings before income, tax, depreciation, and amortization is still seen to range between 4.95 billion yuan and 5.15 billion yuan.

Shares plunged 17% during Wednesday's morning trading.

Price (HKD): $18.68, Change: $-4.2, Percent Change: -18.25%

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