NASDAQ$VNET
VNET Group Inc · Q4 2024 earnings
Q4 2024 earnings · · Before market open · Investor relations
Briefing
VNET reported strong revenue growth in Q4 2024, driven by its wholesale IDC business, and returned to profitability with a net income of $0.47 million.
VNET Group delivered a solid Q4 2024, with total revenue increasing by 18.3% year-over-year to $307.8 million. The company's wholesale IDC business was the main growth driver, surging 125.4%. Net income improved significantly compared to the prior-year period's large loss. The company also secured several major capacity expansion agreements, positioning itself for future growth.
- Total revenue increased 18.3% year-over-year to $307.8 million.
- Wholesale IDC business revenue surged 125.4% to $91.1 million.
- Net income improved to $0.47 million from a net loss of $332 million in Q4 2023.
- Adjusted EBITDA rose 63.8% year-over-year to $98.8 million.
Headline financials
Revenue & EPS history
VNET · Revenue · Quarterly
$308M
Revenue by segment
VNET · $2.69B total across 3 segments · Q1 2026
- Wholesale IDC$1.06B—39.5%
- Retail IDC$1.02B—38.0%
- Non-IDC$607M—22.6%
Forward guidance
VNET expects strong growth in 2025, driven by AI-driven demand for high-performance data centers. The company forecasts total revenue growth of 10% to 13% and adjusted EBITDA growth of 11% to 14%.
Tailwinds
- Total net revenue expected to grow by 10% to 13% in 2025.
- Adjusted EBITDA projected to rise by 11% to 14%.
- AI-driven demand expected to drive further IDC growth.
- Strong new capacity commitments secured for future expansion.
- Company remains confident in the long-term growth of the China market.
Headwinds
- Retail IDC segment showed a slight decline in revenue.
- Utilization rate of ramp-up wholesale capacity remains low at 34.0%.
- Net cash from operations declined compared to Q4 2023.
- Increased general and administrative expenses impacted margins.
- High competition in the IDC sector could pressure pricing.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2024
-2.1%
Avg return
Earnings day
-0.7%
Avg return
5 days after
-0.8%
Avg return
30 days after
35%
17 / 49 earnings
Positive
+24.2%
Q2 2021
Best reaction
-22.8%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | -9.5% | -16.1% | -14.3% | |
| Q3 2025 | -1.0% | +7.5% | +5.2% | |
| Q2 2025 | -8.0% | -2.1% | +20.7% | |
| Q1 2025 | -10.8% | -8.6% | +15.6% | |
| Q4 2024 | -7.6% | -4.5% | -53.5% | |
| Q3 2024 | +17.0% | -0.3% | -3.8% | |
| Q2 2024 | +13.5% | +33.7% | +73.1% | |
| Q4 2023 | -4.9% | +1.2% | -3.1% | |
| Q3 2023 | -22.8% | -18.6% | -14.8% | |
| Q2 2023 | +6.6% | +14.6% | +6.0% | |
| Q1 2023 | -8.0% | -4.3% | +4.3% | |
| Q4 2022 | -2.9% | +3.6% | +0.3% | |
| Q3 2022 | -3.6% | -6.9% | +8.4% | |
| Q2 2022 | +8.1% | +0.4% | +7.5% | |
| Q1 2022 | -14.1% | +0.4% | +14.3% | |
| Q4 2021 | -19.9% | -4.0% | -18.0% | |
| Q3 2021 | -20.7% | -26.7% | -45.3% | |
| Q2 2021 | +24.2% | +9.1% | +10.7% | |
| Q1 2021 | +5.4% | +6.6% | +8.5% | |
| Q4 2020 | -14.9% | -3.7% | -13.4% | |
| Q3 2020 | +20.8% | +20.9% | +30.5% | |
| Q2 2020 | -4.2% | -10.3% | -12.2% | |
| Q1 2020 | +0.9% | -9.5% | -11.8% | |
| Q4 2019 | +0.1% | -3.9% | -13.2% | |
| Q3 2019 | -6.4% | -6.9% | -10.0% | |
| Q2 2019 | +13.9% | +11.9% | +23.5% | |
| Q1 2019 | +12.8% | +10.4% | -16.2% | |
| Q4 2018 | -1.2% | +3.2% | -6.6% | |
| Q3 2018 | -8.4% | -8.3% | -18.8% | |
| Q2 2018 | +0.2% | +16.5% | -1.0% | |
| Q1 2018 | -1.8% | +13.2% | +26.7% | |
| Q4 2017 | -0.7% | -5.2% | -20.2% | |
| Q3 2017 | -3.2% | -11.0% | +26.0% | |
| Q2 2017 | -4.0% | +1.5% | +33.8% | |
| Q1 2017 | -4.8% | -3.9% | -0.4% | |
| Q4 2016 | -19.9% | -18.9% | -23.0% | |
| Q3 2016 | +1.4% | -1.8% | -8.0% | |
| Q2 2016 | -15.7% | -17.5% | -23.6% | |
| Q1 2016 | +5.3% | +11.9% | -14.6% | |
| Q4 2015 | +1.6% | — | — | |
| Q3 2015 | -0.7% | — | — | |
| Q2 2015 | +4.0% | — | — | |
| Q1 2015 | -9.6% | — | — | |
| Q4 2014 | -0.3% | — | — | |
| Q2 2014 | — | — | — | |
| Q4 2013 | -3.9% | — | — | |
| Q4 2012 | +0.9% | — | — | |
| Q4 2009 | -1.7% | — | — | |
| Q4 2010 | -1.7% | — | — | |
| Q4 2011 | -1.7% | — | — |
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