The following is a summary of the Xunlei Limited (XNET) Q1 2024 Earnings Call Transcript:
Financial Performance:
Xunlei reported Q1 revenue of $80.4 million, a quarterly increase of 4.2% but a year-on-year decrease of 19% due to the downsizing of their domestic audio live streaming business.
Subscription revenue grew by 12.9% year-over-year to $33.1 million.
Cloud computing revenue decreased by 1.2% quarter-over-quarter and by 7.8% year-over-year to $30.2 million.
Live streaming and Internet Value-Added Services revenue increased by 13.7% quarter-over-quarter but decreased by 54.1% year-over-year to $17.1 million.
Gross profit increased by 8.2% year-over-year to $42.8 million.
The company reported net income of $3.6 million and a non-GAAP net income of $4.5 million.
Diluted earnings per ADS for Q1 2024 was $0.06.
Business Progress:
Improvement is expected in the second half of the year after a revenue decline in Q1.
There has been an increase in the number of subscribers and conversion rate of premium subscribers due to effective marketing promotions and product enhancements.
Sales of hardware device, OEA, saw a more than six-fold increase quarter-over-quarter.
The company plans to implement decentralized and AI-driven technologies in the coming months to boost operational efficiency and user experience.
Xunlei has invested $4.7 million in its share repurchase program as of March 31, 2024.
Revenue guidance for Q2 2024 is projected to fall between $79 million and $84 million.
More details: Xunlei IR
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