VNET Group reports Q4 EPS (RMB2.65) vs. (RMB0.07) last year

Q4 EPS expressed in USD was (37c). Reports Q4 revenue up 0.9% to RMB1.90B or $267.4M vs. RMB1.88B last year. “Throughout 2023, we strongly executed our effective dual-core strategy amid the steady economic recovery, ending the year on a solid note,” said CEO Jeff Dong. “We extended our track record of timely, high-quality deliveries with 8,321 self-built cabinets delivered, meeting our 2023 target, with our overall utilization rate increasing to 59.0% compared with 55.0% one year ago. We also effectively leveraged advanced technology and IDC resources to develop reliable solutions for the increasing demand driven by AI applications in various industries. Heading into 2024, we will continue to build on our core capabilities to capture opportunities arising from AI development and facilitate digital transformation across a broad spectrum of verticals.” CFO Qiyu Wang commented, “We delivered robust 2023 results through our strategic focus on high-quality revenues…For the full year, our net revenues increased by 4.9% year-over-year to RMB7.41B and adjusted EBITDA improved by 8.9% to RMB2.04B. We have also made meaningful strides in refinancing projects recently, completing the $299M strategic investment from SDHG in December, as well as the repurchase payment of $600M relating to our Convertible Senior Notes due 2026 in February 2024. Looking ahead, we will remain committed to creating long-term, sustainable value for all of our stakeholders.”