Kingsoft Corp Ltd

Kingsoft Cloud shares jumped 10.6% in Wednesday trading after the company reported second-quarter results that beat analyst expectations. The company posted break-even earnings on revenue of roughly $452.8 million, exceeding the average Wall Street estimate of a $0.12 per-share loss and beating revenue forecasts by more than $4 million. Revenue climbed approximately 31% year over year, while gross billings for its AI cloud business increased roughly 82% compared to the prior-year period. Non-GAAP gross margin improved to 15.4% from 14.9% a year earlier. The company's partnership with Xiaomi helped drive billings growth, and management sees continued momentum in AI compute services in the Chinese market.