VNET Earnings Reports

VNET delivered solid revenue growth in Q1 2025 driven by wholesale IDC momentum, improving margins and utilization rates, although net losses increased due to changes in the fair value of financial instruments.

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.