Xunlei Announces Unaudited Financial Results for the Third Quarter Ended September 30, 2024

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Xunlei Limited
Xunlei Limited

SHENZHEN, China, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Xunlei Limited ("Xunlei" or the "Company") (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third quarter 2024 Financial Highlights:

  • Total revenues were US$80.1 million, representing a decrease of 4.9% year-over-year.

  • Cloud computing revenues were US$25.3 million, representing a decrease of 14.4% year-over-year.

  • Subscription revenues were US$33.2 million, representing an increase of 15.6% year-over-year.

  • Live streaming and other internet value-added services (“Live streaming and other IVAS”) revenues were US$21.6 million, representing a decrease of 16.7% year-over-year.

  • Gross profit was US$40.5 million, representing an increase of 7.8% year-over-year, and gross profit margin was 50.8% in the third quarter, compared with 44.6% in the same period of 2023.

  • Net income was US$4.4 million in the third quarter, same as US$4.4 million in the same period of 2023.

  • Non-GAAP net income1 was US$4.9 million in the third quarter, compared with US$5.5 million in the same period of 2023.

  • Diluted earnings per ADS was approximately US$0.07 in the third quarter, same as US$0.07 in the same period of 2023.

“We achieved continued profitability and positive operating cash flows in the third quarter of 2024, while the revenue performance from each business line was mixed. The third quarter performance was led by double-digit growth in subscription business. While the total revenues decreased year-over-year due to the downsizing of our domestic audio live streaming business last year and lower cloud computing sales, we have successfully carried out diversified measures to mitigate their impact,” said Mr. Jinbo Li, Chairman and CEO of Xunlei.

“We are confident in our business outlook and have been actively implementing our new share repurchase plan announced in June this year. Looking ahead, we will continue to push boundaries, explore untapped potential and ultimately create values for our shareholders,” concluded Mr. Li.

Third Quarter 2024 Financial Results

Total Revenues

Total revenues were US$80.1 million, representing a decrease of 4.9% year-over-year. The decrease in total revenues was mainly attributable to the decrease in our revenues from live streaming and cloud computing businesses.

Revenues from cloud computing were US$25.3 million, representing a decrease of 14.4% year-over-year. The decrease in cloud computing revenues was mainly due to the reduced sale of our cloud computing services and a decline in sales of cloud computing hardware devices as a result of heightened competition and evolving regulatory environment.


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