Why Kingsoft Cloud Stock Is Plummeting Today
Shares of Kingsoft Cloud Holdings (NASDAQ: KC) are falling in today's trading session. The China-based cloud services company's stock was down roughly 13.2% as of noon ET Friday.
The stock is losing ground in conjunction with a broader pullback for Chinese technology stocks. The earnings report the company published yesterday also appears to have created some selling pressure despite arriving with sales and earnings that topped the average analyst targets.
Kingsoft reported its fourth-quarter results before the market opened on Thursday, and the company's stock initially fell following the release, but then recovered in subsequent trading thanks to positive momentum for Chinese tech stocks. With Chinese tech stocks now losing ground in Friday's trading, it looks like some wind has been taken from Kingsoft's sails, and investors are moving out of the stock again.
Source Fool.com
