Xunlei Announces Unaudited Financial Results for the Third Quarter Ended September 30, 2026
Revenue growth was accompanied by lower gross margin and an operating loss, while a new buyback permits further capital returns.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Xunlei (Nasdaq: XNET) reported third-quarter 2026 revenue of US$101.3 million, with growth accompanied by a loss from continuing operations. Revenue rose 12.9% year over year, with subscription revenue up 8.5% to US$44.1 million and live-streaming and other services up 16.6% to US$57.2 million. Gross profit increased 1.6% to US$56.5 million, but gross margin fell to 55.7% from 62.0%.
The continuing-operations net loss was US$235.8 million, versus US$550.4 million income a year earlier. Other losses, primarily linked to fair-value changes in its Arashi Vision investment, and higher operating expenses drove the reversal. Cash, cash equivalents and short-term investments fell to US$265.1 million from US$276.9 million at June 30. The board authorized a new up to US$20 million, 12-month buyback after the previous program reached its authorized share limit. Results exclude discontinued Shenzhen Onething operations.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQ3 revenue rose 12.9% year over year to US$101.3 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.New buyback authorization permits up to US$20 million in ADS or common-share repurchases over 12 months. 9% of market cap
- Moderate pointApproximately 2.7 million ADSs repurchased for about US$13.8 million during Q3. 6.2% of market cap
- Minor pointSubscription revenue increased 8.5% year over year to US$44.1 million.
- Minor pointLive-streaming and other services revenue increased 16.6% year over year to US$57.2 million.
3 minor points
- Minor pointGross profit rose 1.6% year over year to US$56.5 million.
- Minor pointInterest income increased to US$884,000 from US$639,000 in Q3 2025.
- Minor pointInterest expense decreased to US$395,000 from US$574,000 in Q3 2025.
Negative
- Major pointContinuing-operations net loss reached US$235.8 million, versus US$550.4 million income in Q3 2025.
- Moderate pointGross margin declined to 55.7% from 62.0% in Q3 2025.
- Minor pointOther losses were US$219.2 million, versus US$547.5 million income a year earlier, primarily reflecting investment fair-value changes.
- Minor pointOperating loss reached US$14.8 million, versus US$3.3 million operating income in Q3 2025.
- Minor pointDiluted continuing-operations loss per ADS was US$3.74, versus US$8.61 earnings in Q3 2025.
10 minor points
- Minor pointNon-GAAP continuing-operations net loss was US$16.4 million, versus US$5.6 million income in Q3 2025.
- Minor pointNon-GAAP diluted continuing-operations loss per ADS was US$0.26, versus US$0.09 earnings in Q3 2025.
- Minor pointCost of revenues rose to US$44.4 million from US$33.7 million in Q3 2025.
- Minor pointResearch and development expenses rose to US$25.6 million from US$18.3 million in Q3 2025.
- Minor pointSales and marketing expenses rose to US$33.3 million from US$24.5 million in Q3 2025.
- Minor pointGeneral and administrative expenses rose to US$12.4 million from US$9.4 million in Q3 2025.
- Minor pointCash, cash equivalents and short-term investments fell to US$265.1 million from US$276.9 million at June 30, 2026.
- Minor pointQ3 revenue declined sequentially to US$101.304 million from US$102.717 million in Q2 2026.
- Minor pointIncome tax expense increased to US$2.274 million from US$468,000 in Q3 2025.
- Minor pointNear-term momentum is softer, Xunlei said, citing intensifying competition and evolving market conditions.
News Explained
Xunlei reports that it bought back approximately 2.7 million ADSs for about
Key Figures
- Total revenue
- US$101.3 million; up 12.9% year-over-year
- Third quarter 2026
- Gross profit
- US$56.5 million; up 1.6% year-over-year
- Third quarter 2026
- Gross profit margin
- 55.7% vs. 62.0%
- Third quarter 2026 vs. same period in 2025
- Net result from continuing operations
- US$235.8 million loss vs. US$550.4 million income
- Third quarter 2026 vs. same period in 2025
- Non-GAAP net result from continuing operations
- US$16.4 million loss vs. US$5.6 million income
- Third quarter 2026 vs. same period in 2025
- Other losses, net
- US$219.2 million loss vs. US$547.5 million income
- Third quarter 2026 vs. same period in 2025
- New share repurchase authorization
- Up to US$20 million over the next 12 months
- Approved November 12, 2026
- Cash, cash equivalents and short-term investments
- US$265.1 million vs. US$276.9 million
- September 30, 2026 vs. June 30, 2026
Previous Earnings Reports
-
Investment fair-value losses contributed to a continuing-operations net loss despite revenue growth.
-
Revenue growth accompanied GAAP net income largely driven by an investment fair-value gain.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap financial
fair value financial
ads financial
discontinued operations financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SHENZHEN, China, Nov. 12, 2026 (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, 2026.
Third Quarter 2026 Financial Highlights (results presented herein exclude Shenzhen Onething, discontinued operations, unless specified otherwise1)
- Total revenues were US
$101.3 million , representing an increase of12.9% year-over-year.
- Subscription revenues were US
$44.1 million , representing an increase of8.5% year-over-year.
- Live-streaming and other services revenues were US
$57.2 million , representing an increase of16.6% year-over-year.
- Gross profit was US
$56.5 million , representing an increase of1.6% year-over-year, and gross profit margin was55.7% in the third quarter, compared with62.0% in the same period of 2025.
- Net loss from continuing operations was US
$235.8 million in the third quarter, compared with net income of US$550.4 million in the same period of 2025.
- Non-GAAP net loss2 from continuing operations was US
$16.4 million in the third quarter, compared with non-GAAP net income of US$5.6 million in the same period of 2025.
- Diluted loss per ADS from continuing operations was US
$3.74 in the third quarter, compared with diluted earnings per ADS of US$8.61 in the same period of 2025.
- Non-GAAP diluted loss per ADS3 from continuing operations was US
$0.26 in the third quarter, compared with non-GAAP diluted earnings per ADS of US$0.09 in the same period of 2025.
“We delivered continued top-line growth in the third quarter of 2026, building on our ToC strategic foundation established earlier this year. Total revenues increased by
“We launched our share repurchase program in July 2026, and bought back approximately 2.7 million ADSs for about
“Looking ahead, we will stay focused on our user-centric roadmap. We will refine product features, sharpen our localized overseas operations, and balance growth investments with operational discipline to steadily strengthen our profitability profile and unlock operating leverage. We will remain selective about new spending, prioritizing initiatives that can deliver sustainable monetization. Through this balanced approach, we aim to navigate the competitive landscape and continue creating lasting value for our users and shareholders,” Mr. Li concluded.
Third Quarter 2026 Financial Results (results presented herein exclude Shenzhen Onething, discontinued operations, unless specified otherwise)
Total Revenues
Total revenues were US
Revenues from subscription were US
Revenues from live-streaming and other services were US
Cost of Revenues
Cost of revenues was US
Gross Profit and Gross Profit Margin
Gross profit for the third quarter of 2026 was US
Research and Development Expenses
Research and development expenses for the third quarter of 2026 were US
Sales and Marketing Expenses
Sales and marketing expenses for the third quarter of 2026 were US
General and Administrative Expenses
General and administrative expenses for the third quarter of 2026 were US
Operating (Loss)/Income
Operating loss was US
Other (Losses)/Income, Net
Other losses, net was US
Net (Loss)/Income and (Loss)/Earnings Per ADS
Net loss from continuing operations was US
Diluted loss per ADS from continuing operations in the third quarter of 2026 was US
Cash Balance
As of September 30, 2026, the Company had cash, cash equivalents and short-term investments of US
Share Repurchase Programs
On June 26, 2026, Xunlei announced that its board of directors (the “Board”) authorized a plan for the repurchase of up to US
To enable continued share buybacks, on November 12, 2026, the Board approved a new share repurchase program, under which the Company may repurchase up to US
According to the terms of the New 2026 Share Repurchase Program, share repurchases may be conducted through various legally permissible means, including open market purchases at prevailing prices and algorithmic trading, privately negotiated transactions, block trades, or other methods depending on market conditions and in compliance with applicable rules and regulations. Both ADSs and common shares are eligible for repurchase. The repurchase plan will be funded from the Company’s cash balance.
Conference Call Information
Xunlei's management will host a conference call at 7:00 a.m. U.S. Eastern Time on November 12, 2026 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company's quarterly results and recent business developments.
Participant Online Registration: https://register-conf.media-server.com/register/BIc2330d7a779c458bb50fe65ca3a3d5f6
Please register to join the conference using the link provided above and dial in 10 minutes before the call is scheduled to begin. Once registered, the participants will receive an email with personal PIN and dial-in information, and participants can choose to access either via Dial-In or Call Me. A kindly reminder that "Call Me" does not work for China number.
The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com. Following the earnings conference call, an archive of the call will be available at https://edge.media-server.com/mmc/p/okinc6yv
About Xunlei
Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration and digital entertainment to deliver an efficient, smart and safe internet experience.
Safe Harbor Statement
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "future," "intends," "plans," "estimates" and similar statements. Among other things, the management's quotations in this press release, as well as the Company's strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company's ability to continue to innovate and provide attractive products and services to retain and grow its user base and advertisers; the Company's ability to keep up with technological developments and users' changing demands in the internet industry; the Company's ability to convert its users into subscribers of its premium services; the Company’s ability to integrate and grow its acquired business; the Company's ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company's ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
About Non-GAAP Financial Measures
To supplement Xunlei's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Xunlei uses the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) non-GAAP operating (loss)/income, (2) non-GAAP net (loss)/income from continuing operations, (3) non-GAAP basic and diluted (loss)/earnings per share for common shares from continuing operations, and (4) non-GAAP basic and diluted (loss)/earnings per ADS for common shares attributable to continuing operations. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
Xunlei believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding the Company's operating performance by excluding share-based compensation expenses, and fair value changes of long-term investments, which are not expected to result in future cash payments, may recur from period to period but are subject to significant market volatility, and which are not indicative of our core operating results and business outlook. These non-GAAP financial measures also facilitate management's internal comparisons to Xunlei's historical performance and assist the Company's financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a recurring expense in Xunlei's results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented, excluding discontinued operations.
| XUNLEI LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
| (Amounts expressed in thousands of USD, except for share, per share (or ADS) data) | ||||
| Sep 30, | Dec 31, | |||
| 2026 | 2025 | |||
| US$ | US$ | |||
| Assets | ||||
| Current assets: | ||||
| Cash and cash equivalents | 101,659 | 144,559 | ||
| Short-term investments | 163,448 | 138,895 | ||
| Accounts receivable, net | 26,519 | 26,136 | ||
| Inventories | 505 | 384 | ||
| Due from related parties | 34,086 | 11,152 | ||
| Prepayments and other current assets | 15,685 | 11,397 | ||
| Assets of discontinued operations | - | 71,354 | ||
| Total current assets | 341,902 | 403,877 | ||
| Non-current assets: | ||||
| Restricted cash | 841 | 806 | ||
| Long-term investments | 454,604 | 1,070,596 | ||
| Deferred tax assets | 24,902 | 10,083 | ||
| Property and equipment, net | 50,408 | 50,662 | ||
| Intangible assets, net | 31,819 | 32,717 | ||
| Goodwill | 40,872 | 39,164 | ||
| Due from a related party, non-current portion | 19 | 19,826 | ||
| Long-term prepayments and other assets | 2,198 | 2,315 | ||
| Operating lease assets | 2,574 | 1,877 | ||
| Total assets | 950,139 | 1,631,923 | ||
| Liabilities | ||||
| Current liabilities: | ||||
| Accounts payable | 18,753 | 18,837 | ||
| Lease liabilities | 460 | 487 | ||
| Due to related parties, current | 436 | 8 | ||
| Contract liabilities, current portion | 42,688 | 42,817 | ||
| Accrued liabilities and other payables | 75,806 | 75,367 | ||
| Income tax payable | 4,825 | 3,975 | ||
| Short-term bank borrowings and current portion of long-term bank borrowings | 33,939 | 30,095 | ||
| Liabilities of discontinued operations | - | 36,872 | ||
| Total current liabilities | 176,907 | 208,458 | ||
| Non-current liabilities: | ||||
| Contract liabilities, non-current portion | 1,169 | 1,624 | ||
| Lease liabilities, non-current portion | 1,819 | 1,243 | ||
| Deferred tax liabilities | 5,798 | 6,138 | ||
| Due to related parties, non-current portion | 134 | - | ||
| Bank borrowings, non-current portion | 25,983 | 38,413 | ||
| Other long-term payables | 816 | 3,530 | ||
| Total liabilities | 212,626 | 259,406 | ||
| Equity | ||||
| Common shares (US | 77 | 78 | ||
| Additional paid-in-capital | 463,481 | 480,133 | ||
| Accumulated other comprehensive loss | (6,415 | ) | (17,413 | ) |
| Statutory reserves | 9,692 | 9,687 | ||
| Treasury shares (60,724,939 shares and 68,233,064 shares as at December 31, 2025 and September 30, 2026, respectively) | 17 | 15 | ||
| Retained earnings | 272,148 | 900,991 | ||
| Total Xunlei Limited's shareholders' equity | 739,000 | 1,373,491 | ||
| Non-controlling interests | (1,487 | ) | (974 | ) |
| Total liabilities and shareholders' equity | 950,139 | 1,631,923 | ||
| XUNLEI LIMITED Unaudited Condensed Consolidated Statements of (Loss)/Income (Amounts expressed in thousands of USD, except for share, per share (or ADS) data) | |||||||
| Three months ended | |||||||
| Sep 30, | June 30, | Sep 30, | |||||
| 2026 | 2026 | 2025 | |||||
| US$ | US$ | US$ | |||||
| Revenues, net of rebates and discounts | 101,304 | 102,717 | 89,719 | ||||
| Business taxes and surcharges | (480 | ) | (608 | ) | (388 | ) | |
| Net revenues | 100,824 | 102,109 | 89,331 | ||||
| Cost of revenues | (44,365 | ) | (44,796 | ) | (33,739 | ) | |
| Gross profit | 56,459 | 57,313 | 55,592 | ||||
| Operating expenses | |||||||
| Research and development expenses | (25,636 | ) | (21,397 | ) | (18,316 | ) | |
| Sales and marketing expenses | (33,311 | ) | (27,927 | ) | (24,537 | ) | |
| General and administrative expenses | (12,446 | ) | (12,700 | ) | (9,392 | ) | |
| Credit loss write-back/(expenses), net | 146 | (60 | ) | (33 | ) | ||
| Total operating expenses | (71,247 | ) | (62,084 | ) | (52,278 | ) | |
| Operating (loss)/income | (14,788 | ) | (4,771 | ) | 3,314 | ||
| Interest income | 884 | 907 | 639 | ||||
| Interest expense | (395 | ) | (413 | ) | (574 | ) | |
| Other (losses)/income, net | (219,199 | ) | (213,759 | ) | 547,451 | ||
| (Loss)/income before income taxes from continuing operations | (233,498 | ) | (218,036 | ) | 550,830 | ||
| Income tax expenses | (2,274 | ) | (477 | ) | (468 | ) | |
| Net (loss)/income from continuing operations | (235,772 | ) | (218,513 | ) | 550,362 | ||
| Discontinued operations | |||||||
| Loss from discontinued operations before income taxes | - | - | (311 | ) | |||
| Income tax expenses | - | - | (1 | ) | |||
| Net loss from discontinued operations | - | - | (312 | ) | |||
| Net (loss)/income | (235,772 | ) | (218,513 | ) | 550,050 | ||
| Less: net income/(loss) attributable to non-controlling interest | 4 | (89 | ) | (202 | ) | ||
| Net (loss)/income attributable to common shareholders | (235,776 | ) | (218,424 | ) | 550,252 | ||
| (Loss)/earnings per share for common shares, basic | |||||||
| Continuing operations | (0.7480 | ) | (0.6861 | ) | 1.7579 | ||
| Discontinued operations | - | - | (0.0010 | ) | |||
| Total (loss)/earnings per share for common shares, basic | (0.7480 | ) | (0.6861 | ) | 1.7569 | ||
| (Loss)/earnings per share for common shares, diluted | |||||||
| Continuing operations | (0.7480 | ) | (0.6861 | ) | 1.7214 | ||
| Discontinued operations | - | - | (0.0009 | ) | |||
| Total (loss)/earnings per share for common shares, diluted | (0.7480 | ) | (0.6861 | ) | 1.7205 | ||
| (Loss)/earnings per ADS, basic | |||||||
| Continuing operations | (3.7400 | ) | (3.4305 | ) | 8.7895 | ||
| Discontinued operations | - | - | (0.0050 | ) | |||
| Total (loss)/earnings per ADS, basic | (3.7400 | ) | (3.4305 | ) | 8.7845 | ||
| (Loss)/earnings per ADS, diluted | |||||||
| Continuing operations | (3.7400 | ) | (3.4305 | ) | 8.6070 | ||
| Discontinued operations | - | - | (0.0045 | ) | |||
| Total (loss)/earnings per ADS, diluted | (3.7400 | ) | (3.4305 | ) | 8.6025 | ||
| Weighted average number of common shares used in calculating: | |||||||
| Basic | 315,208,746 | 318,378,628 | 313,202,000 | ||||
| Diluted | 315,208,746 | 318,378,628 | 319,827,505 | ||||
| Weighted average number of ADSs used in calculating: | |||||||
| Basic | 63,041,749 | 63,675,726 | 62,640,400 | ||||
| Diluted | 63,041,749 | 63,675,726 | 63,965,501 | ||||
| XUNLEI LIMITED | |||||||
| Reconciliation of GAAP and Non-GAAP Results (Excluding discontinued operations) 4 | |||||||
| (Amounts expressed in thousands of USD, except for share, per share (or ADS) data) | |||||||
| Three months ended | |||||||
| Sep 30, | June 30, | Sep 30, | |||||
| 2026 | 2026 | 2025 | |||||
| US$ | US$ | US$ | |||||
| GAAP operating (loss)/income | (14,788 | ) | (4,771 | ) | 3,314 | ||
| Share-based compensation expenses | 1,411 | 1,169 | 1,037 | ||||
| Non-GAAP operating (loss)/income | (13,377 | ) | (3,602 | ) | 4,351 | ||
| GAAP net (loss)/income from continuing operations | (235,772 | ) | (218,513 | ) | 550,362 | ||
| Share-based compensation expenses | 1,411 | 1,169 | 1,037 | ||||
| Fair value changes of long-term investments | 217,924 | 215,234 | (545,835 | ) | |||
| Non-GAAP net (loss)/income from continuing operations | (16,437 | ) | (2,110 | ) | 5,564 | ||
| GAAP (loss)/earnings per share for common shares attributable to continuing operations: | |||||||
| Basic | (0.7480 | ) | (0.6861 | ) | 1.7579 | ||
| Diluted | (0.7480 | ) | (0.6861 | ) | 1.7214 | ||
| GAAP (loss)/earnings per ADS attributable to continuing operations: | |||||||
| Basic | (3.7400 | ) | (3.4305 | ) | 8.7895 | ||
| Diluted | (3.7400 | ) | (3.4305 | ) | 8.6070 | ||
| Non-GAAP (loss)/earnings per share for common shares attributable to continuing operations: | |||||||
| Basic | (0.0522 | ) | (0.0063 | ) | 0.0184 | ||
| Diluted | (0.0522 | ) | (0.0063 | ) | 0.0180 | ||
| Non-GAAP (loss)/earnings per ADS for common shares attributable to continuing operations: | |||||||
| Basic | (0.2610 | ) | (0.0315 | ) | 0.0920 | ||
| Diluted | (0.2610 | ) | (0.0315 | ) | 0.0900 | ||
| Weighted average number of common shares used in calculating: | |||||||
| Basic | 315,208,746 | 318,378,628 | 313,202,000 | ||||
| Diluted | 315,208,746 | 318,378,628 | 319,827,505 | ||||
| Weighted average number of ADSs used in calculating: | |||||||
| Basic | 63,041,749 | 63,675,726 | 62,640,400 | ||||
| Diluted | 63,041,749 | 63,675,726 | 63,965,501 | ||||
CONTACT:
Investor Relations
Xunlei Limited
Email: ir@xunlei.com
Tel: +86 755 6111 1571
Website: http://ir.xunlei.com
_________________________
1 In March 2026, the Company completed the disposal of its
2 Non-GAAP net (loss)/income is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.
3 Non-GAAP (loss)/earnings per ADS is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.
4 Non-GAAP reconciliation excludes the operations classified as discontinued operations. The comparative figures have been recalculated to exclude discontinued operations.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Xunlei's Q3 2026 revenue and earnings?
Xunlei reported US$101.3 million revenue, up 12.9% year over year, and a continuing-operations net loss of US$235.8 million. Diluted loss per ADS from continuing operations was US$3.74, compared with diluted earnings of US$8.61 a year earlier.
Why did Xunlei's gross margin decline in Q3 2026?
Xunlei attributed the gross-margin decline primarily to a larger share of revenue from lower-margin live-streaming. Revenue-sharing expenses in overseas audio live-streaming also increased faster than live-streaming and other services revenue.