Stock Track | Kingsoft Cloud Shares Tumble Over Widening Net Loss
Stock Track08-21
Shares of Kingsoft Cloud Holdings Ltd. (03896.HK) plunged more than 5% on Tuesday morning after the company reported a larger net loss for the first half of 2024.
The Chinese cloud computing company said in a regulatory filing that its net loss attributable to shareholders widened to RMB1.11 billion ($154 million) in the first six months of the year, from a loss of RMB712.6 million in the same period last year.
Revenue for the period rose 11% to RMB3.70 billion, but the increase failed to offset higher expenses. Kingsoft Cloud has been investing heavily in expanding its cloud infrastructure and services amid intensifying competition in China's cloud market.
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