On Wednesday, Kingsoft Cloud released its financial report for the third quarter of 2021, disclosing total Q3 revenue of 2.41 billion yuan ($377.39 million), up nearly 40% year-on-year. Its two core businesses, public cloud and industrial cloud, maintained strong growth potential in the period.
The report shows net losses of 506.7 million yuan ($78.6 million), compared with 105.3 million yuan in the same period last year. If calculated by non-GAAP, the net losses were 363.7 million yuan ($56.4 million), compared with 169.1 million yuan in the same period last year.
During the reporting period, public cloud services earned 1.686 billion yuan ($261.7 million), a year-on-year increase of 28.7%. Meanwhile, enterprise cloud services earned 726.9 million yuan ($112.8 million), up 77.7% year-on-year.
Regarding customers, the financial report discloses that during the reporting period, Kingsoft Cloud added a new customer, Pinduoduo. It maintains the service providers of Meituan, ByteDance, Xiaomi, Shouqi and Qunar. It also provides a guarantee for CCTV’s live-streaming Tokyo Olympic Games, provided second-level response, and made no failures in more than 300 live events across 23 days.
In the financial field, about 50% of state-owned big banks and joint-stock banks, and 60% of the top ten banks in China are Kingsoft Cloud‘s customers.
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As of September 30, 2021, Kingsoft Cloud has cash equivalents and short-term investment of 5.99 billion yuan. In the fourth quarter, it expects earn 2.63 billion and 2.83 billion yuan, up 37% to 47% year-on-year.
Public information shows that Kingsoft Cloud was founded in 2012, with Lei Jun as its chairman. It was officially listed on the NASDAQ on May 8, 2020. It focuses on industries such as games, video and finance, provides cloud service solutions, relies on WPS to quickly occupy the government and enterprise markets, and benefits from the Xiaomi ecosystem.