Kingsoft Cloud Holdings Ltd. (KC), a prominent Chinese cloud service provider, reported a significant reduction in its first-quarter net loss for this year. The company disclosed a net loss attributable to shareholders amounting to RMB359.41 million ($49.78 million), compared to a deeper loss of RMB607 million recorded in the same period last year.
The net loss per share improved to RMB0.10 ($0.01), down from RMB0.17 in the first quarter of 2023.
On an adjusted basis, the net loss narrowed to RMB217.3 million ($30.1 million), from RMB412.5 million in the previous year. Significantly, the company's Adjusted EBITDA turned positive, reaching RMB33.2 million ($4.6 million), a notable turnaround from a negative RMB130.5 million recorded in the comparable period of the prior year.
However, total revenues saw a decline, falling to RMB1.78 billion ($245.93 million) from RMB1.86 billion year-on-year. Notably, there was a quarter-on-quarter revenue increase of 3.1 percent, primarily driven by growth in revenue from AI-related clients.
In pre-market trading on the Nasdaq, Kingsoft shares rose approximately 5 percent, reaching $3.35.
