Q2 2024 Xunlei Ltd Earnings Call Transcript
Key Points
- Subscription business demonstrated robust performance with a year-over-year increase of 10.8% in revenue.
- Successfully launched Xunlei Browser on major platforms, receiving positive user feedback.
- Gross profit margin increased to 51.1% in Q2 2024 from 44% in the same period of 2023.
- Operating income increased to $1 million compared to $0.9 million in the same period of 2023.
- Continued investments in innovation and growth initiatives, positioning the company for long-term sustainable value.
- Total revenues decreased by 23.7% year over year, primarily due to decreased revenues from the live streaming business.
- Cloud computing business faced challenges with a 13.8% year-over-year decline in revenue.
- Revenue from live streaming and other IVAS decreased by 53.9% year over year.
- Net income attributable to common shareholders decreased to $2.8 million from $5 million in the same period of 2023.
- Cash, cash equivalents, and short-term investments decreased to $263.4 million from $272.5 million as of March 31, 2024.
Welcome, ladies and gentlemen, and thank you for your patience. You joined Xunlei's second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the call over to the host, Investor Relations Manager, Ms. Luhan Tang.
Good morning, everyone, and thank you for joining Xunlei's Q2 2024 earnings conference call. With me today are Eric Zhou, CFO; and Hu Lee, VP of Finance. Our IR website has our earnings press release to supplement our prepared remarks during the call. Today's agenda includes a prepared opening remarks from Chairman and CEO, Mr. Jinbo Li, on Q2 operations highlights; followed by CFO, Mr. Eric Zhou, presenting financial result details and the revenue guidance for the Q3 2024, before we open up the floor to your questions in the Q&A session.
Please note that this call is recorded and can be replayed on our Investor Relations website at ir.xunlei.com. Before we get started, I would like to take this
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