Why Kingsoft Cloud Stock Tanked Today

Shares of Kingsoft Cloud (NASDAQ: KC) have tanked today, down by 9% as of 12:45 p.m. EDT, after the company reported second-quarter earnings. Revenue was in line with expectations and Kingsoft lost less money than expected.

Revenue in the second quarter was 1.53 billion yuan ($217.2 million), which was right on target with Wall Street's expectations. The Chinese tech company, which provides cloud services, posted an adjusted net loss of 237.7 million yuan ($33.6 million), or 0.19 yuan ($0.03) per share. The consensus estimate had called for an adjusted net loss per share of 1 yuan.

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Source Fool.com