Xunlei Announces Unaudited Financial Results for the First Quarter Ended March 31, 2024

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Xunlei Limited
Xunlei Limited

SHENZHEN, China, May 16, 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 first quarter ended March 31, 2024.

First Quarter 2024 Financial Highlights:

  • Total revenues were US$80.4 million, representing a decrease of 19.0% year-over-year.

  • Cloud computing revenues were US$30.2 million, representing a decrease of 7.8% year-over-year.

  • Subscription revenues were US$33.1 million, representing an increase of 12.9% year-over-year.

  • Live streaming and other internet value-added services (“Live streaming and other IVAS”) revenues were US$17.1 million, representing a decrease of 54.1% year-over-year.

  • Gross profit was US$42.8 million, representing an increase of 8.2% year-over-year, and gross profit margin was 53.3% in the first quarter, compared with 39.9% in the same period of 2023.

  • Net income was US$3.6 million in the first quarter, compared with US$1.2 million in the same period of 2023.

  • Non-GAAP net income was US$4.5 million in the first quarter, compared with US$5.5 million in the same period of 2023.

  • Diluted earnings per ADS was approximately US$0.06 in the first quarter, compared with US$0.02 in the same period of 2023.

Mr. Jinbo Li, Chairman and Chief Executive Officer of Xunlei, stated that, “We had a good start to the year delivering Q1 revenue in line with our expectations and quarterly profitability, driven by a higher gross margin and an increased gross profit. In particular, our subscription revenue grew by 12.9% year-over-year as a result of a larger premium subscriber base and our continuing efforts on user acquisition. I am deeply grateful to our team for their unwavering efforts to manage and grow our existing businesses while exploring growth opportunities.”

"During 2024, we will accelerate our efforts to transform our business. Among our initiatives, we intend to proactively embrace decentralized and AI-driven technologies and harness their capabilities to strengthen our operations, enrich user experience and gain a competitive edge as large language models (LLMs) are emerging as a revolutionary technology that will profoundly change our lives. Although we expect it to be an uphill task, we have strong confidence that we can make progress given Xunlei's rich heritage of innovation and entrepreneurial spirit. In addition, we will consider all options to make our Company more nimble and focused to pursue growth opportunities," concluded Mr. Li.