Why Kingsoft Cloud Stock Crashed Today

Shares of Kingsoft Cloud (NASDAQ: KC) crashed by as much as 13% this morning after the company reported fourth-quarter earnings. The results were mixed relative to analyst expectations. As of 11:30 a.m. EDT, Kingsoft Cloud shares were down 9%.

Revenue in the fourth quarter was 1.9 billion yuan ($294.7 million), which was shy of the $297.2 million in sales that analysts were modeling for. That resulted in a net loss per share of 0.03 yuan ($0.00), which was slightly better than the consensus estimate of a net loss per share of $0.09. The Chinese technology company, which provides cloud services to enterprise customers, said EBITDA in the fourth quarter was negative 17.5 million yuan (negative $2.7 million).

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Source Fool.com