VNET Group Shares Fall After 2Q Loss Widens

Dow Jones

Aug 19

VNET Group shares fell after the Chinese data-center operator reported a wider second-quarter loss and gave a full-year revenue outlook below analysts' expectations.

Shares were recently down 14% at $6.78.

VNET reported a loss of 135.6 million yuan ($20 million), or 0.09 yuan ($0.01) a share, compared with a loss of 11.9 million yuan, or 0.01 yuan a share, a year earlier.

The wider loss was primarily due to a 47.1 million yuan loss from changes in the fair value of financial instruments, compared with a 70.4 million yuan gain a year earlier.

The company had second-quarter revenue of 2.78 billion yuan, up 14.2% from 2.43 billion yuan a year earlier. Analysts polled by FactSet expected revenue of 2.73 billion yuan.

Wholesale revenue rose 29.3% to 1.1 billion yuan, while wholesale capacity in service increased 49.4% year-over-year to 1,007 megawatts as of June 30.

VNET forecast full-year revenue of 11.5 billion yuan to 11.8 billion yuan, compared with FactSet consensus of 11.7 billion yuan.

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