Investing.com - Kingsoft Cloud reported on Tuesday third quarter earnings that beat analysts' forecasts and revenue that fell short of expectations.
Kingsoft Cloud announced earnings per share of -0.22 on revenue of 1.91B. Analysts polled by Investing.com anticipated EPS of -1.8 on revenue of 2.15B.
Kingsoft Cloud shares are down 83% from the beginning of the year, still down 93.00% from its 52 week high of 36.31 set on September 7, 2021. They are under-performing the Nasdaq which is down 26.42% from the start of the year.
Kingsoft Cloud shares lost 15.73% in intra-day trade following the report.
Kingsoft Cloud follows other major Information Technology sector earnings this month
Kingsoft Cloud's report follows an earnings beat by NVIDIA on August 24, who reported EPS of 0.51 on revenue of 6.7B, compared to forecasts EPS of 0.4991 on revenue of 6.7B.
Broadcom had beat expectations on Thursday with third quarter EPS of 9.73 on revenue of 8.46B, compared to forecast for EPS of 9.56 on revenue of 8.41B.
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