Nucor earnings beat by $0.08, revenue fell short of estimates
BEIJING -On Wednesday, VNET Group, Inc. (NASDAQ:VNET) reported fourth quarter 2024 results that exceeded revenue expectations.
The company’s shares were up 1.43% in premarket trading following the release.
The Chinese internet data center services provider posted revenue of RMB2.25 billion ($307.8 million) for the quarter, surpassing analyst estimates of RMB2.06 billion. This represents an 18.3% increase compared to RMB1.90 billion in the same period last year.
However, adjusted earnings per share came in at RMB0.06, missing the consensus forecast of RMB0.11.
"We closed 2024 with a strong fourth quarter, highlighted by our wholesale IDC business’s remarkable performance as we continued to capitalize on AI-driven demand," said Josh Sheng Chen, Founder, Executive Chairperson and interim Chief Executive Officer of VNET.
The company’s wholesale IDC business saw revenues surge 125.4% YoY to RMB665.2 million ($91.1 million). Retail IDC revenues dipped slightly by 1.1% to RMB964.8 million ($132.2 million).
Adjusted EBITDA rose 63.8% YoY to RMB721.3 million ($98.8 million), including a RMB87.7 million disposal gain from a data center sale. Adjusted EBITDA margin expanded to 32.1% from 23.2% in Q4 2023.
For the full year 2025, VNET projects revenue between RMB9.1-9.3 billion, above the analyst consensus of RMB9.07 billion. This outlook represents 10-13% YoY growth.
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