The following is a summary of the Agora, Inc. (API) Q1 2024 Earnings Call Transcript:
Financial Performance:
Agora reported a Q1 revenue of $15.8 million, marking a 3% increase from the previous quarter due to the growth in use of live shopping and a 16% increase in active customers from the previous year.
However, the company's Shengwang revenues decreased by 16% primarily due to a challenging regulatory environment and a 2% decrease in active customers year-over-year.
Overall, the total revenue for Q1 came in at $33 million, a drop of 8.4% from the previous quarter.
The company holds cash equivalents of $380.8 million as of the end of Q1.
For Q2, Agora expects its total revenues to fall between $34 million and $36 million.
Business Progress:
Despite operating obstacles, Agora successfully launched its new Adaptive Video Optimization technology, which enhances live video quality and user experience.
The Adaptive Video Optimization technology, after being integrated into the Kumu application, resulted in a 30% increase in user engagement and session length.
Agora has effectively engaged with Twilio customers following the sunset of Twilio's programmable video product.
A shift in the interaction paradigm between humans and AI models was predicted by the company, which gives Agora an opportunity to become the critical infrastructure in the AI first future of human-computer interaction.
Shengwang launched a new solution for live sports broadcasting to provide an alternative to traditional broadcasting methods.
Development programs for start-ups and plans to increase market share and achieve profitability in 2024 are underway.
More details: Agora IR
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