Xunlei Limited - XNET STOCK NEWS

Xunlei (XNET) reported mixed Q3 2024 financial results with total revenues of US$80.1 million, down 4.9% year-over-year. While subscription revenues grew 15.6% to US$33.2 million, cloud computing and live streaming revenues declined by 14.4% and 16.7% respectively. The company maintained profitability with net income of US$4.4 million and diluted EPS of US$0.07. Gross profit increased 7.8% to US$40.5 million, with improved margin of 50.8%. The company's cash position strengthened to US$272.0 million and continued its share repurchase program, spending US$1.0 million to buy back 588,025 ADSs in Q3.

Xunlei (NASDAQ: XNET), a leading technology company providing distributed cloud services in China, has scheduled to release its unaudited financial results for the third quarter ended September 30, 2024, before market opens on Thursday, November 14, 2024. The company will host a conference call at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time) on the same day to discuss quarterly results and recent business developments. The earnings release will be available on the company's investor relations website, along with a live audio webcast of the conference call.

Xunlei (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, has announced the appointment of Mr. Hui Duan and Mr. Xiaosong Li as new members of its board of directors, effective September 23, 2024. Mr. Duan, who previously served as a director from April 2020 to September 2023, is currently the Chief Technology Officer of Beijing Itui Technology Co., Mr. Li has been serving as the Vice President of AGI Business at Xunlei since December 2023.

Both appointees bring extensive experience in technology and management. Mr. Duan has a background in SaaS and held various management positions at Xunlei from 2008 to 2015. Mr. Li has expertise in artificial intelligence and previously worked at Baidu Search Ads. Jinbo Li, Chairman and CEO of Xunlei, expressed confidence that their industry expertise and management experience will contribute to creating value for shareholders.

JX Luxventure (Nasdaq: JXJT), a technology company focused on integrated tourism services, has appointed Mr. Zhang Chun Sheng as Director of Marketing on August 29, 2024. Mr. Zhang brings over 15 years of experience in brand promotion and marketing, having previously held a senior role at Xunlei (NASDAQ: XNET). CEO Sun "Ice" Lei expressed excitement about the appointment, stating that it confirms Mr. Zhang's confidence in the company's management and future prospects.

The company expects Mr. Zhang's expertise to be instrumental in elevating the Luxventure brand, deepening partnerships with major corporations, and expanding market presence. This strategic hire aligns with JX Luxventure's focus on enhancing its position in integrated tourism services, duty-free cross-border goods, and comprehensive e-commerce technology solutions.

Xunlei (NASDAQ: XNET) reported its Q2 2024 financial results, showing mixed performance. Total revenues decreased by 23.7% year-over-year to $79.6 million, primarily due to a significant decline in live streaming revenues. However, subscription revenues increased by 10.8% to $32.9 million, driven by subscriber growth. The company remained profitable with a net income of $2.5 million, down from $5.0 million in Q2 2023. Gross profit margin improved to 51.1% from 44.0% year-over-year. Xunlei's focus on product innovation, including the successful launch of Xunlei Browser, aims to drive future growth. The company maintains a strong balance sheet with $263.4 million in cash and short-term investments as of June 30, 2024.

Xunlei (NASDAQ: XNET), a leading technology company providing distributed cloud services in China, has announced plans to release its unaudited financial results for the second quarter ended June 30, 2024 before market opens on Tuesday, August 13, 2024. The company will host a conference call at 8:00 a.m. U.S. Eastern Time on the same day to discuss the quarterly results and recent business developments.

Participants can preregister for the conference call online and will receive personal PIN and dial-in information via email. The company will also broadcast a live audio webcast of the conference call, which will be available on their investor relations website. An archive of the call will be made available after the event.

Xunlei announced a new share repurchase program worth up to US$20 million, to be executed over the next 12 months. This decision follows the previous program from June 2023, under which US$4.7 million had been spent by March 31, 2024. The repurchase will be funded from Xunlei’s cash balance, which stood at US$272.5 million as of March 31, 2024. The company will utilize various methods including open market purchases, algorithmic trading, and block trades, depending on market conditions. CEO Jinbo Li expressed confidence in the business operations and stated that this move aims to enhance future business development.

Xunlei (Nasdaq: XNET) announced its unaudited financial results for Q1 2024, ending March 31. Total revenues decreased by 19% year-over-year, totaling US$80.4 million. Cloud computing revenues dropped by 7.8% to US$30.2 million, whereas subscription revenues increased by 12.9% to US$33.1 million. Live streaming and other internet value-added services (IVAS) revenues fell significantly by 54.1% to US$17.1 million.

Gross profit rose by 8.2% to US$42.8 million, with a gross profit margin of 53.3%, compared to 39.9% in Q1 2023. Net income was US$3.6 million, up from US$1.2 million in the same period last year, while non-GAAP net income decreased from US$5.5 million to US$4.5 million. Diluted earnings per ADS were US$0.06, up from US$0.02 in Q1 2023.

R&D expenses decreased to US$17.6 million, while sales and marketing expenses rose to US$10.1 million. General and administrative expenses dropped to US$11.1 million. Xunlei's cash, cash equivalents, and short-term investments were US$272.5 million, slightly up from US$271.9 million at the end of 2023.

For Q2 2024, the company anticipates revenues between US$79 million and US$84 million. The company also highlighted continued investments in AI-driven technologies and potential business transformation initiatives.

Xunlei , a leading technology company in China, is set to release its unaudited financial results for the first quarter of 2024 on May 16, 2024. The conference call to discuss the results and recent business developments will be held on the same day.