VNET Group, Inc. Sponsored ADR ( (VNET) ) has released its Q4 earnings. Here is a breakdown of the information VNET Group, Inc. Sponsored ADR presented to its investors.
VNET Group, Inc. is a prominent carrier- and cloud-neutral internet data center services provider in China, offering hosting, cloud, and VPN services to enhance internet infrastructure reliability and performance. The company recently reported its unaudited financial results for the fourth quarter and full year of 2024, showcasing significant growth driven by its wholesale IDC business. VNET’s fourth quarter of 2024 was marked by a substantial increase in net revenues, reaching RMB2.25 billion, a rise of 18.3% compared to the same period in 2023. The wholesale IDC business was a key growth driver, with revenues surging by 125.4% year-over-year. Additionally, the company reported a net income of RMB3.5 million for the quarter, a significant improvement from a net loss of RMB2.42 billion in the same period of the previous year. For the full year 2024, VNET achieved total net revenues of RMB8.26 billion, an 11.4% increase from 2023. The wholesale IDC business continued to excel, with revenues growing by 90.4% year-over-year. The company’s adjusted EBITDA also saw a notable rise, reaching RMB2.43 billion, up 19.1% from the previous year. Looking ahead, VNET remains optimistic about the growth potential in China’s market, particularly with the increasing demand for high-performance data centers driven by AI advancements. The company plans to continue executing its dual-core strategy and investing in future growth to sustain its development and create long-term shareholder value.