GDS Holdings reports mixed 2024 results, revenue up

GDS Holdings Limited (HKEX: 9698) announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024, reporting a 5.5% year-over-year increase in net revenue to RMB10,322.1 million ($1,414.1 million) for the full year. However, the company reported a net loss from continuing operations of RMB770.9 million ($105.6 million) for 2024, compared to a loss of RMB3,926.0 million in 2023. The company recorded a gain on deconsolidation of subsidiaries of RMB4,475.5 million ($613.1 million) in the fourth quarter and full year. Adjusted EBITDA increased by 3.0% year-over-year to RMB4,876.4 million ($668.1 million) in 2024. The company expects total revenues for 2025 to be between RMB11,290 million and RMB11,590 million.