GDS-SW(09698) released its third quarter results, with revenue and adjusted EBITDA increasing by 18% and 15% respectively compared to the same period last year.

GDS-SW (09698) released its performance for the third quarter of 2024, with the group achieving a net income of 2.966 billion yuan (in the same unit), a year-on-year increase of 17.7%; a net loss of 231 million yuan, a year-on-year decrease of 45.08%; and an adjusted EBITDA of 1.296 billion yuan, a year-on-year increase of 15%; with a loss of 0.14 yuan per share. Mr. Huang Wei, Chairman and CEO of GDS, stated: "In the third quarter of 2024, we achieved solid performance in our key strategic areas. In China, the trend of customers accelerating migration continues, as we executed our strategy of selectively securing new orders while delivering signed but unbilled areas. On the international front, our recent equity financing is an important step forward for us, enabling us to seize the significant growth opportunities in the international market." Mr. Dan Newman, CFO, stated: "In the third quarter of 2024, our revenue and adjusted EBITDA increased by 18% and 15% respectively on a year-on-year basis. GDSI's $1 billion equity financing will support our ambitious international expansion plans, further confirming the potential value that GDSI brings to our shareholders." The company confirmed its previous guidance for a total revenue of 11.34 billion to 11.76 billion yuan for 2024, and for adjusted EBITDA of 4.95 billion to 5.15 billion yuan to remain unchanged. The company revised its previous capital expenditure guidance of 6.5 billion yuan (including 2.5 billion yuan for China operations and 4 billion yuan for international operations) to 11 billion yuan, including 3 billion yuan for China operations to support migration needs and 8 billion yuan for international operations, reflecting an accelerated pace of business expansion. This forecast reflects the company's preliminary views on the potential changes in the current business and market conditions.