Xunlei Ltd ( (XNET) ) has released its Q3 earnings. Here is a breakdown of the information Xunlei Ltd presented to its investors.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Xunlei Limited is a technology company based in China, providing distributed cloud services and digital entertainment solutions. In its latest earnings report for the third quarter of 2024, Xunlei reported total revenues of $80.1 million, a decrease of 4.9% year-over-year. The results showed mixed performance across its business lines, with a notable 15.6% increase in subscription revenues contrasting with declines in cloud computing and live streaming revenues.
The report highlighted key financial metrics, such as a gross profit of $40.5 million, marking a 7.8% increase from the previous year, and a steady net income of $4.4 million. Subscription services emerged as a strong performer, with growth driven by an increase in subscriber numbers and higher average revenue per subscriber. Despite challenges in cloud computing and live streaming sectors, Xunlei managed to maintain an operating loss of only $0.2 million, an improvement from the same quarter last year.
Xunlei’s strategic focus included implementing a share repurchase program, which saw the company buy back $1.5 million worth of shares. The company also reported a healthy cash balance of $272.0 million, reflecting positive operating cash flows and ongoing financial management efforts.
Looking forward, Xunlei’s management remains optimistic about future prospects, emphasizing continued innovation and value creation for shareholders. The company projects total revenues for the fourth quarter to be between $77 million and $82 million, indicating a cautious yet steady approach amid a challenging market environment.
