Kingsoft Cloud reports Q3 revenue up 16% to RMB1.89 billion, driven by AI and ecosystem growth.

Kingsoft Cloud, a major Chinese cloud service provider, reported a 16% rise in Q3 2024 revenues to RMB1.89 billion, with a 54.6% increase in gross profit to RMB303.4 million. Non-GAAP EBITDA margin improved to 9.8%, up from -2.8% last year, driven by growth in AI business and the Xiaomi and Kingsoft Ecosystem. Kingsoft Corporation, a software and internet services firm, saw its Q3 revenue jump 42% year-over-year to RMB2.91 billion, with strong growth in office software, services, and online games.

November 19, 2024
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