Core Viewpoint - Xunlei Limited has appointed JPMorgan Chase Bank as the successor depositary for its American Depositary Receipt (ADR) program, effective December 31, 2024 [1][2]. Company Overview - Xunlei Limited, founded in 2003, is a leading technology company in China that provides distributed cloud services, including cloud acceleration, shared cloud computing, and digital entertainment [4]. Changes in Depositary - The company has entered into an amended and restated deposit agreement with J.P. Morgan to replace the previous deposit agreement, and a registration statement on Form F-6 has been filed with the Securities and Exchange Commission [2]. - Holders of Xunlei's ADRs are not required to take any action regarding the change of depositary [3]. J.P. Morgan's Role - J.P. Morgan is recognized as a global leader in financial services, providing customized depositary receipt solutions since 1927 [3].

Group 1 - Xunlei Limited (NASDAQ: XNET) is expected to finish 2024 positively, with gains for the year, following a stock turnaround since late 2022 [1]

Financial Data and Key Metrics Changes - The company reported its Q3 2024 earnings, with specific financial results to be detailed by the CFO later in the call [4]. - Forward-looking statements indicate that management's expectations are based on current market conditions, which may lead to actual results differing from projections [5]. Business Line Data and Key Metrics Changes - The operational highlights for Q3 will be presented by the Chairman and CEO, which will include insights into various business lines [4]. Market Data and Key Metrics Changes - The call will address market conditions and how they impact the company's performance, with specific metrics to be discussed by the CFO [4]. Company Strategy and Development Direction - The agenda includes a focus on operational highlights and revenue guidance for Q4 2024, indicating a strategic outlook for the upcoming quarter [4]. Management Comments on Operating Environment and Future Outlook - Management will provide insights into the operating environment and future prospects during the call, particularly in the prepared remarks [4]. Other Important Information - The earnings press release is available on the company's IR website, which supplements the prepared remarks during the call [4]. Q&A Session Summary - The Q&A session will open after the financial results are presented, allowing participants to ask questions regarding the company's performance and outlook [4].

Core Viewpoint - Xunlei Limited announces the resignation of independent director Mr. Ya Li and the appointment of Mr. He Huang as his replacement, effective November 14, 2024, highlighting a transition in the company's board composition [1][3]. Company Overview - Xunlei Limited, founded in 2003, is a leading technology company in China that provides distributed cloud services, including cloud acceleration, shared cloud computing, and digital entertainment, aimed at delivering an efficient and safe internet experience [4]. Leadership Changes - Mr. Ya Li has resigned for personal reasons, and Mr. He Huang has been appointed as an independent director, also joining the compensation committee, audit committee, and corporate governance and nominating committee [1][2]. - Mr. He Huang has a background as the CEO of Beijing Duwo Technology Co., Ltd. since 2015 and holds degrees in computer science from Beijing University of Technology [2]. Management Statements - The CEO of Xunlei, Mr. Jinbo Li, expressed gratitude for Mr. Ya Li's contributions and welcomed Mr. He Huang, emphasizing confidence in his ability to provide valuable insights and enhance strategic decision-making [3].

Core Viewpoint - Xunlei Limited reported mixed financial results for Q3 2024, with total revenues decreasing year-over-year, but achieving continued profitability driven by growth in subscription services [5][7][20]. Financial Highlights - Total revenues for Q3 2024 were US$80.1 million, a decrease of 4.9% year-over-year [2][7]. - Cloud computing revenues were US$25.3 million, down 14.4% year-over-year [2][8]. - Subscription revenues increased to US$33.2 million, up 15.6% year-over-year, driven by a rise in the number of subscribers to 5.51 million [2][9]. - Revenues from live streaming and other IVAS were US$21.6 million, a decrease of 16.7% year-over-year [2][10]. Profitability Metrics - Gross profit was US$40.5 million, an increase of 7.8% year-over-year, with a gross profit margin of 50.8% compared to 44.6% in Q3 2023 [3][14]. - Net income remained stable at US$4.4 million, the same as in Q3 2023, while non-GAAP net income was US$4.9 million, down from US$5.5 million [3][20]. Cost Structure - Costs of revenues were US$39.4 million, representing 49.1% of total revenues, down from 55.1% in the same period of 2023 [11]. - Research and development expenses were US$17.7 million, accounting for 22.1% of total revenues, a decrease from 23.1% year-over-year [15]. - Sales and marketing expenses increased to US$11.5 million, representing 14.3% of total revenues, up from 11.3% in Q3 2023 [16]. Cash Position and Share Repurchase - As of September 30, 2024, the company had cash, cash equivalents, and short-term investments totaling US$272.0 million, an increase from US$263.4 million as of June 30, 2024 [22]. - The company initiated a share repurchase program in June 2024, with approximately US$1.5 million spent on buybacks by the end of Q3 2024 [23]. Guidance - For Q4 2024, Xunlei estimates total revenues to be between US$77 million and US$82 million, indicating a potential quarter-over-quarter decrease of approximately 0.7% [24].

SHENZHEN, China, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Xunlei Limited (“Xunlei” or the “Company”) (NASDAQ: XNET), a leading technology company providing distributed cloud services in China, today announced that it plans to release its unaudited financial results for the third quarter ended September 30, 2024 before market opens on Thursday, Nov 14, 2024. The earnings press release will be available on the Company's investor relations page at http://ir.xunlei.com. Conference Call Xunlei's management will host a ...

Core Viewpoint - Xunlei Limited has appointed Mr. Hui Duan and Mr. Xiaosong Li to its board of directors, aiming to leverage their expertise to enhance shareholder value [1][2][3] Company Overview - Xunlei Limited, founded in 2003, is a leading technology company in China that provides distributed cloud services, including cloud acceleration, shared cloud computing, and digital entertainment [4] New Board Members - Mr. Hui Duan has a history with Xunlei, having served as a director from April 2020 to September 2023, and has held various management roles within the company [1] - Mr. Xiaosong Li has been the Vice President of AGI Business at Xunlei since December 2023 and has extensive experience in artificial intelligence and technology development [2] Leadership Statement - Jinbo Li, Chairman and CEO of Xunlei, expressed a warm welcome to the new board members and emphasized the expectation of leveraging their industry expertise for future value creation [3]

Financial Data and Key Metrics Changes - Total revenues for Q2 2024 were $79.6 million, a decrease of 23.7% year-over-year, primarily due to reduced revenues from the live streaming business [11] - Subscription revenues increased to $32.9 million, reflecting a year-over-year growth of 10.8%, driven by an increase in the subscriber base to 5.71 million [12] - Cloud computing revenues decreased by 13.8% year-over-year to $26.4 million, attributed to reduced sales volume and competition [13] - Gross profit was $14.7 million, down 11.3% year-over-year, with a gross profit margin of 51.1%, an increase from 44% in the same period of 2023 [15] - Net income attributable to common shareholders was $4.8 million, compared to $5 million in the same period of 2023, with diluted earnings per ADS at approximately $0.04 [18] Business Line Data and Key Metrics Changes - The subscription business saw a significant increase in user engagement, with a growth of about 1 million users over the past year [6] - The cloud computing business faced challenges, leading to a revenue decline of $26.4 million, a decrease of 13.8% year-over-year [8] - Revenue from live streaming and IVAS reached $20.3 million, showing a quarter-over-quarter increase of 18.7% but a year-over-year decline of 53.9% due to strategic downsizing [9][13] Market Data and Key Metrics Changes - The company is focusing on expanding its overseas market to mitigate the decline in domestic audio live streaming revenues [9] - The average revenue per subscriber decreased to RMB 39.5 from RMB 42.9 year-over-year, attributed to increased promotional activities [12] Company Strategy and Development Direction - The company aims to maintain its position as a leading distributed cloud service provider by focusing on innovation and user-centric strategies [10] - Xunlei has launched a new browser that integrates with its subscription services, enhancing user experience and engagement [6][22] - The company is exploring strategic partnerships to drive growth and improve product exposure [22] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitability and highlighted the importance of adapting strategies to the evolving industrial landscape [8][10] - The company anticipates total revenues for Q3 2024 to be between $81 million and $86 million, indicating a quarter-over-quarter increase of approximately 4.9% [20] Other Important Information - The company has authorized a share repurchase program of up to $20 million, with approximately $4.7 million spent as of June 30, 2024 [19] - Cash, cash equivalents, and short-term investments totaled $263.4 million as of June 30, 2024, down from $272.5 million as of March 31, 2024 [18] Q&A Session Summary Question: Any new initiatives for the subscription business? - Management highlighted the evolution of the subscription product over 20 years, incorporating new features and launching a browser that synergizes with existing services, receiving positive user feedback [22] Question: Will the company consider dividends to boost investor confidence? - Management stated that the Board has not discussed any relief measures yet but will keep investors updated, focusing on capital allocation for growth opportunities [24]

SHENZHEN, China, Aug. 13, 2024 (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 second quarter ended June 30, 2024. Second quarter 2024 Financial Highlights: Total revenues were US$79.6 million, representing a decrease of 23.7% year-over-year. Cloud computing revenues were US$26.4 million, representing a decrease of 13.8% year-over-year. Subscripti ...

Financial Data and Key Metrics Changes - In Q1 2024, total revenue was $80.4 million, a decrease of 19% year-over-year but an increase of 4.2% compared to the previous quarter [7][12] - Gross profit for Q1 2024 was $42.8 million, representing an increase of 8.2% year-over-year, with a gross profit margin of 53.3% compared to 39.9% in the same period of 2023 [15] - Net income was $3.6 million, up from $1.2 million in Q1 2023, while non-GAAP net income was $4.5 million compared to $5.5 million in the same period last year [18] Business Line Data and Key Metrics Changes - Subscription revenue reached $33.1 million, a year-over-year growth of 12.9, driven by an increase in subscribers to 5.76 million from 4.84 million [8][13] - Cloud computing revenue was $30.2 million, reflecting a decline of 7.8% year-over-year, attributed to pricing competition and reduced hardware sales [9][12] - Live streaming and Internet Value-Added Services generated $17.1 million, a decrease of 54.1% year-over-year due to downsizing of the domestic audio live streaming business [10][13] Market Data and Key Metrics Changes - The company noted that the impact of the domestic audio live streaming business downsizing will continue to affect revenue comparisons for a few more quarters, but expects this impact to fade in the second half of 2024 [7][10] - The company is expanding international operations to mitigate the impact of the downsized domestic business [10][23] Company Strategy and Development Direction - The company plans to embrace decentralized and AI-driven technologies to enhance operational efficiency and user experience [11] - Focus will remain on building a sustainable ecosystem, enhancing user benefits, and expanding the user base [21] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about operations in 2024 despite current market challenges, expecting resilience in business performance [7] - The company anticipates that the impact of the domestic audio live streaming business will diminish in the latter half of the year [7][23] Other Important Information - As of March 31, 2024, the company had cash, cash equivalents, and short-term investments of $272.5 million, a slight increase from $271.9 million a year earlier [19] - The company has authorized a share repurchase program of up to $20 million, with approximately $4.7 million spent on buybacks as of March 31, 2024 [19] Q&A Session Summary Question: Insights into the current strategy for the subscription business and user acquisition - Management noted that the decline in subscribers was seasonal due to the Chinese New Year, and they are implementing strategies to enhance user loyalty and acquire new users through collaborations [21] Question: Future impact of downsizing the domestic audio live streaming business - Management confirmed that the downsizing has been completed and expects minimal impact on future earnings, with no plans to resume this business [22][23]