On May 18, Kingsoft Cloud (NASDAQ: KC) released its first quarter 2021 financial report. Kingsoft Cloud's revenue in the first quarter was CNY 1.81 billion, a year-on-year increase of 30.4% Among them, public cloud revenue reached CNY 1.39 billion, achieving steady growth for five consecutive quarters since listing; corporate cloud revenue reached CNY 420 million, an increase of 131.3% year-on-year. After the financial report was announced, Jinshan Cloud shares rose 0.03% in pre-market trading.
It recorded the highest adjusted gross profit of CNY 122 million in a single quarter, and the adjusted gross profit increased from 4.9% in the previous quarter to 6.7%.
The company has cash and cash equivalents and short-term investments totaling CNY 5.46 billion (as of the end of the first quarter).
The company expects Q2 revenue growth to increase significantly, with revenue guidance of CNY 2.13 billion to CNY 2.23 billion, a year-on-year growth rate of 39%-45%.
As of December 31, 2020, the enterprise cloud business has orders in hand of CNY 2.8 billion, and it continues to grow in Q1.
Regarding this financial report, Kingsoft Cloud CEO Wang Yulin said: “As the digital transformation of thousands of industries accelerates, cloud computing is ushering in broader development opportunities. Kingsoft Cloud will continue to increase technological innovation in cloud native and hybrid cloud fields. We will continuously improve product and service capabilities, strengthen cooperation and innovation; actively implement the concept of "carbon neutrality", based on long-term value, and better achieve corporate green, efficient, and sustainable and rapid development.”
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