Kingsoft Cloud (NASDAQ:KC) Posts Quarterly Earnings Results, Misses Expectations By $1.24 EPS

Kingsoft Cloud (NASDAQ:KC) released its quarterly earnings results on Tuesday. The company reported ($1.50) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($1.24), Fidelity Earnings reports. The firm had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Kingsoft Cloud had a negative net margin of 10.68% and a negative return on equity of 10.07%. The firm’s quarterly revenue was up 39.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.07) EPS.

NASDAQ KC traded down $0.40 during trading hours on Thursday, hitting $19.31. 1,979,667 shares of the stock were exchanged, compared to its average volume of 1,521,916. The company has a market cap of $4.32 billion, a price-to-earnings ratio of -35.11 and a beta of 1.41. Kingsoft Cloud has a 12-month low of $17.37 and a 12-month high of $74.67. The stock has a 50-day moving average of $26.17 and a 200 day moving average of $30.35.

KC has been the topic of a number of research analyst reports. Nomura Instinet reissued a “neutral” rating and issued a $33.00 target price (down previously from $45.00) on shares of Kingsoft Cloud in a research report on Wednesday, September 29th. Citigroup lowered their target price on shares of Kingsoft Cloud from $50.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, October 26th. Nomura downgraded shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $45.00 to $33.00 in a research note on Wednesday, September 29th. Finally, Zacks Investment Research downgraded shares of Kingsoft Cloud from a “hold” rating to a “sell” rating in a research note on Thursday, October 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $51.00.

A number of institutional investors have recently modified their holdings of the business. Morgan Stanley boosted its position in Kingsoft Cloud by 269.2% during the second quarter. Morgan Stanley now owns 1,339,073 shares of the company’s stock worth $45,435,000 after acquiring an additional 976,378 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Kingsoft Cloud by 21.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 63,525 shares of the company’s stock valued at $1,799,000 after purchasing an additional 11,293 shares during the last quarter. Finally, Royal Bank of Canada acquired a new position in shares of Kingsoft Cloud in the 3rd quarter valued at $27,000. 29.16% of the stock is owned by institutional investors.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations in China. The company offers public cloud services to customers in various verticals, including game, video, AI, e-commerce, education, and mobile internet; enterprise cloud services to customers in financial service, public service, and healthcare business, and others.

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Earnings History for Kingsoft Cloud (NASDAQ:KC)

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