Xunlei Ltd (XNET) has released an update.
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Xunlei Ltd reported a mixed first quarter for 2024 with total revenues down by 19% year-over-year to $80.4 million, amidst a 54.1% drop in live streaming and other IVAS revenues. However, subscription revenues climbed by 12.9%, contributing to a net income rise to $3.6 million compared to $1.2 million the previous year, and a jump in gross profit margin to 53.3%. The company also highlighted its strategic shift towards decentralized and AI-driven technologies for future growth.
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