Benzinga | May 18, 2021 12:01PM EDT

Kingsoft Cloud Reports Mixed Q1 Earnings

* Kingsoft Cloud Holdings Ltd (NASDAQ: KC) reported first-quarter FY21 revenue growth of 30.4% year-on-year to $276.8 million (RMB1.8 billion), missing the analyst consensus of $291.33 million.

* Revenues from public cloud services rose 15.2% Y/Y to $212.4 million (RMB1.4 billion), and Enterprise cloud services increased 131.3% Y/Y to $64.1 million (RMB420 million).

* Other revenues rose 93.4% Y/Y to $0.3 million (RMB1.7 million).

* Non-GAAP gross margin expanded 140 basis points to 6.7% from continued leverage on economies of scale and higher margin contribution from enterprise cloud.

* Non-GAAP net loss declined 10.3% Y/Y to $33.3 million (RMB218.4 million), translating to EPS loss of $(0.02) beating the analyst consensus loss of ($0.15).

* Non-GAAP EBITDA loss margin remained stable at (2.7%).

* Kingsoft held $832.7 million (RMB5.5 billion) in cash and equivalents as of March 31, 2021.

* Guidance: The company sees Q2 revenue guidance of RMB2.13 billion - RMB2.23 billion.

* Price action: KC shares traded higher by 1.59% at $37.63 on the last check Tuesday.