05:11 PM EDT, 05/29/2024 (MT Newswires) -- VNET Group ( VNET ) Wednesday night reported a Q1 net loss of 0.72 renminbi ($0.12) per diluted American depository share compared with net income of 0.42 renminbi a year earlier.

Two analysts polled by Capital IQ expected a net income of 0.02 renminbi.

Revenue for the quarter ended March 31 was 1.9 billion renminbi, up from 1.81 billion renminbi a year earlier.

Analysts expected 1.91 billion renminbi.

For 2024, the company is projecting revenue of 7.8 billion to 8 billion renminbi.

Analysts are looking for 7.98 billion renminbi.