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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.
