Kingsoft Cloud (NASDAQ:KC) released its earnings results on Tuesday. The company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($1.24), Fidelity Earnings reports. The business had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.44 billion. Kingsoft Cloud had a negative net margin of 10.68% and a negative return on equity of 10.07%. The business’s revenue was up 39.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.07) earnings per share.
Shares of KC stock traded down $0.40 on Thursday, reaching $19.31. The company’s stock had a trading volume of 1,979,667 shares, compared to its average volume of 1,521,916. Kingsoft Cloud has a 12-month low of $17.37 and a 12-month high of $74.67. The company has a market capitalization of $4.32 billion, a P/E ratio of -35.11 and a beta of 1.41. The stock’s 50 day simple moving average is $26.17 and its 200-day simple moving average is $30.35.
Several hedge funds have recently modified their holdings of KC. Royal Bank of Canada bought a new position in Kingsoft Cloud in the third quarter valued at $27,000. Bank of New York Mellon Corp increased its stake in Kingsoft Cloud by 21.6% in the third quarter. Bank of New York Mellon Corp now owns 63,525 shares of the company’s stock valued at $1,799,000 after acquiring an additional 11,293 shares during the last quarter. Finally, Morgan Stanley increased its stake in Kingsoft Cloud by 269.2% in the second quarter. Morgan Stanley now owns 1,339,073 shares of the company’s stock valued at $45,435,000 after acquiring an additional 976,378 shares during the last quarter. Institutional investors own 29.16% of the company’s stock.
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.
See Also: What is FinTech?
Receive News & Ratings for Kingsoft Cloud Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kingsoft Cloud and related companies with MarketBeat.com's FREE daily email newsletter.