Kingsoft reports $40m net profit

Business | Avery Chen 14 Nov 2019

Kingsoft Corporation (3888) reported a third-quarter net profit of 36.06 million yuan (HK$40.23 million), compared to last year's net loss of 59.26 million yuan.

Basic earnings per share were 0.03 yuan. Revenue for the three months ended September 30 rose 32 percent year-on-year to 2.02 billion yuan.

Revenue from the online games business dropped 2 percent year-on-year to 663.5 million yuan. Monthly average paying accounts fell 41 percent to 2.02 million and daily average peak concurrent users fell 22 percent to 571,992. Revenue from cloud services rose 62 percent year-on-year to 976.3 million yuan. Revenue from office software and other services increased 50 percent yearly but fell 1 percent quarterly to 383.1 million yuan.

Kingsoft shares closed 2.63 percent lower to HK$18.48 prior to the results.

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