Kingsoft Cloud Holdings Ltd. (KC) has released an update.
Kingsoft Cloud Holdings Ltd. reported a steady increase in fourth-quarter revenue for 2023, driven by AI customer growth and enterprise cloud projects, despite a year-over-year decrease due to scaling down CDN services and selective project engagement. The company highlighted a record profitability for the year, with a notable increase in adjusted gross margin and a doubled adjusted gross profit compared to 2022. With strategic adjustments in revenue mix and cost control, Kingsoft Cloud achieved significant improvements in both gross profit and operating expenses, leading to narrower operating and net losses.
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