21Vianet Group Inc. (NASDAQ: VNET) stock gained by 11.25% at last close while the VNET stock price rises by 7.69% in the pre-market trading. In China, the 21Vianet Group is a prominent carrier and cloud-neutral Internet data center provider. 21Vianet offers hosting and associated services to increase the stability, security, and speed of its customers’ Internet infrastructure, providing IDC solutions, cloud services, and business VPN services.
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VNET stock’ Financial Highlights
21Vianet Group announced its unaudited financial results for second quarter 2021. Given below is the summary:
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- For the second quarter 2021, net revenue was calculated as RMB1.50 billion as compared to RMB1.14 billion for the second quarter 2020, this is an increase of nearly 30.8%.
- In the second quarter of 2021, adjusted cash gross profit (non-GAAP) grew by 36.9% to RMB640.2 million, up from RMB467.6 million in the same period of 2020.
- In the second quarter of 2021, adjusted cash gross margin (non-GAAP) was 42.8 percent, compared to 40.9 percent in the same period of 2020.
- In the second quarter of 2021, adjusted EBITDA (non-GAAP) grew by 38.7% to RMB425.1 million (US$65.8 million), up from RMB306.4 million in the same period of 2020.
- For the second quarter of 2021, adjusted EBITDA margin (non-GAAP) was 28.4 percent, up from 26.8 percent in the same period of 2020.
- 3 million (US$5.9 million) in research & development costs in the second quarter of 2021, relative to RMB23.7 million in the second quarter 2020 and RMB33.6 million in the first quarter of 2021.
- In the second quarter of 2021, general and administrative costs were RMB154.2 million (US$23.9 million) an increase from RMB119.5 million in the same period of 2020 and RMB135.2 million in the Q1 2021.
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Future Outlook
- The Company anticipates net revenues of RMB1.53 billion to RMB1.55 billion in the third quarter of 2021. The adjusted EBITDA is projected to be between RMB420 and RMB440 million. However 21Vianet Group is expecting the net revenues of RMB6.10 billion to RMB6.30 billion for the full year of 2021. The adjusted EBITDA is projected to be between RMB1.68 and RMB1.78 billion.
- The projection represents the Company’s current and initial views on the market and its operating parameters, and is subject to change. It does not take into account any potential future consequences from the continuing COVID-19 epidemic.