VNET GROUP INC Stock Price, News & Analysis

VNET Group, Inc. reported a 16.3% year-over-year increase in net revenues for Q3 2022, totaling RMB1.81 billion (US$255 million). This growth was driven by demand in both wholesale and retail IDC sectors. However, the company faced a net loss of RMB425.2 million (US$59.8 million) due to a significant foreign exchange loss. Adjusted EBITDA slightly rose by 1.1% to RMB455.3 million (US$64 million), but adjusted EBITDA margin declined to 25.1%. Looking ahead, VNET expects full-year net revenues between RMB7,250 million and RMB7,550 million.

VNET Group, Inc. (Nasdaq: VNET) will report its unaudited financial results for the third quarter of 2022 on November 22, 2022, after U.S. market close. An earnings conference call is scheduled for 8:00 PM ET on the same day, with registration required for participants. VNET operates as a leading carrier- and cloud-neutral Internet data center services provider across China, serving over 6,500 enterprise customers with data center and cloud services.

VNET Group, Inc. (Nasdaq: VNET) announced on October 14, 2022, that its Board of Directors has formed a Special Committee to assess a non-binding acquisition proposal from founder Josh Sheng Chen, received on September 13, 2022, to acquire all outstanding shares. The Special Committee has retained Kroll Securities and Davis Polk & Wardwell as independent advisors. The Board cautions shareholders that no decisions have been made regarding the proposal or strategic alternatives, emphasizing uncertainty about future developments.

Nutanix (NASDAQ: NTNX) announced the general availability of Nutanix Cloud Clusters (NC2) on Microsoft Azure, facilitating seamless hybrid cloud environments. This development enables clients to deploy workloads in their own Azure account while utilizing Azure's dedicated bare metal nodes. The NC2 on Azure solution promises consistent management across public and private clouds, enhancing hybrid cloud adoption. Customers can benefit from license portability and Azure's capabilities, leading to optimized disaster recovery and reduced total ownership costs.

VNET Group, a leading Internet data center services provider in China, announced the resignation of Samuel Yuan-Ching Shen as CEO and Executive Chairman of Retail IDC Business Group due to personal reasons. He will continue as a senior advisor. Jeff Dong, previously president of the company, has been appointed as the new CEO. Dong brings over 15 years of experience in real assets investment and previously served at China Investment Corporation. The leadership change is aimed at driving VNET's growth strategy and delivering long-term shareholder value.

On September 13, 2022, VNET Group, Inc. (Nasdaq: VNET) announced it received a preliminary non-binding acquisition proposal from founder Josh Sheng Chen, offering $8.20 per American depositary share, approximately $1.3667 per ordinary share. The Board has formed a special committee of independent directors to evaluate the proposal and explore other strategic alternatives. The company advises shareholders that no decisions have been made regarding the proposal, and it may not result in any definitive offer or transaction.

On September 7, 2022, VNET Group, a top Internet data center services provider in China, appointed KPMG Huazhen LLP as its new independent registered public accounting firm, replacing Ernst & Young Hua Ming LLP, effective immediately. This decision follows a careful evaluation process and was approved by the company's audit committee. Notably, there have been no disagreements between VNET and E&Y during the transition. Since 2010, E&Y provided audit services without any adverse opinions. The company aims for a smooth transition, collaborating closely with both firms.

VNET Group, Inc. (Nasdaq: VNET) reported its Q2 2022 financial results, highlighting a 15.2% increase in net revenues to RMB1.72 billion (US$257.5 million) and a 14.5% rise in adjusted EBITDA to RMB486.9 million (US$72.7 million). The company experienced a net loss of RMB377.2 million (US$56.3 million), largely due to a foreign exchange loss. VNET's retail business thrived amid rising digital demand, while its wholesale segment saw contract expansions. The company anticipates 2022 net revenues between RMB7,250 million and RMB7,550 million, reflecting cautious optimism amid macro uncertainties.

On August 25, 2022, VNET Group, Inc. (NASDAQ: VNET) announced the resignation of board member Mr. Yao Li for personal reasons, with no disagreements noted concerning the company’s operations. Following this change, VNET's board now consists of six directors, including five independent members. VNET is a premier carrier- and cloud-neutral Internet data center service provider in China, serving over 6,500 enterprise customers across various sectors, including government and blue-chip companies, with operations in more than 30 cities.