Kingsoft Office (.SS)_ WPS AI new functions and longer trial period to drive adoption; 3Q24 Rev_ NI weaker-than-expected
2024-10-31 02:40
27 October 2024 | 8:22PM HKT _ Kingsoft Office (688111.SS): WPS AI new functions and longer trial period to drive adoption; 3Q24 Rev/ NI weaker-than-expected Kingsoft Office (KO) reported weaker-than-expected 3Q24 results on slower subscription business (ToC subscription +17% YoY/ ToB subscription +0%YoY), showing AI monetization and ToB business model migration take time to see effect. We expect KO 4Q24 revenues to grow 24%YoY, supported by the growing MAU (Monthly Active Users) and conversion to paying us ...