VNET Surges Over 7% on Improved Profitability and Expansion in Data Centers

Dec 30, 2024

Shares of VNET Group (VNET, Financial) rose over 7% in pre-market trading, reaching $4.58. The company reported significant improvement in profitability for the third quarter of 2024, reversing previous losses. VNET is accelerating its transition to Artificial Intelligence Data Centers (AIDC) and operates over 50 data centers across more than 30 cities in China. The company manages 52,250 urban IDC cabinets, a base IDC capacity of 358MW, and port capacity exceeding 4T, with high-speed cloud lines surpassing 1T. This expansion positions VNET as a critical player in supporting clients' digital transformation. Both revenue and adjusted EBITDA are steadily increasing, with expectations for continued growth.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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