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Xunlei Ltd (XNET) specializes in cloud-based acceleration technology and digital content distribution solutions. This resource provides centralized access to official company announcements, financial disclosures, and strategic developments.
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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.
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