Core Viewpoint - Xunlei Limited reported its financial results for Q4 and full year 2024, highlighting a significant impairment charge to goodwill and a notable decline in cloud computing revenue, while subscription and live-streaming revenues showed growth [1][2][14]. Financial Highlights - **Fourth Quarter 2024 Financial Results** - Total revenues reached US$84.3 million, up 9.3% year-over-year [2][4]. - Subscription revenues were US$34.4 million, an increase of 9.0% year-over-year [2][5]. - Cloud computing revenues fell to US$22.7 million, down 25.6% year-over-year [2][6]. - Live-streaming and other IVAS revenues surged to US$27.2 million, up 80.7% year-over-year [2][7]. - Gross profit was US$43.6 million, reflecting an 8.7% increase year-over-year, with a gross profit margin of 51.7% [2][10]. - Net loss was US$9.9 million, compared to a net income of US$3.7 million in Q4 2023 [2][17]. - Non-GAAP net income was US$11.3 million, up from US$4.5 million in the same period last year [2][17]. - Diluted loss per ADS was US$0.16, compared to diluted earnings of US$0.06 in Q4 2023 [2][18]. - **Full Year 2024 Financial Results** - Total revenues were US$324.4 million, down 11.1% year-over-year [22]. - Subscription revenues increased to US$133.7 million, up 12.0% year-over-year [23]. - Cloud computing revenues decreased to US$104.6 million, down 15.3% year-over-year [24]. - Live-streaming and other IVAS revenues fell to US$86.1 million, down 29.5% year-over-year [25]. - Gross profit for the year was US$167.6 million, a 2.8% increase year-over-year, with a gross profit margin of 51.7% [29]. - Net income was US$0.7 million, down from US$14.3 million in the previous year [36]. - Non-GAAP net income remained stable at US$23.9 million [36]. Cost Structure - **Costs of Revenues** - Costs of revenues totaled US$40.4 million in Q4 2024, representing 47.9% of total revenues [8]. - Bandwidth costs were US$23.9 million, accounting for 28.3% of total revenues, down from 34.2% in Q4 2023 [9]. - **Operating Expenses** - Research and development expenses were US$18.7 million, 22.2% of total revenues [11]. - Sales and marketing expenses increased to US$12.5 million, 14.8% of total revenues [12]. - General and administrative expenses were US$12.1 million, 14.4% of total revenues [13]. Impairment and Losses - An impairment charge of US$20.7 million was recorded in Q4 2024 due to a decline in cloud computing revenue growth [14][33]. - Operating loss for Q4 was US$20.5 million, compared to a loss of US$0.7 million in Q4 2023 [15]. Cash Position and Share Repurchase - As of December 31, 2024, cash, cash equivalents, and short-term investments totaled US$287.5 million, up from US$272.0 million as of September 30, 2024 [19]. - The company spent US$5.6 million on share buybacks under a new program authorized in June 2024 [20]. Future Outlook - For Q1 2025, Xunlei estimates total revenues between US$85 million and US$89 million, indicating a potential quarter-over-quarter increase of approximately 3.2% [40].

Core Viewpoint - Xunlei Limited plans to release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, on March 13, 2025, before market open [1] Financial Results Announcement - The earnings press release will be available on the Company's investor relations page [1] - A conference call will be hosted by Xunlei's management at 8:00 a.m. U.S. Eastern Time on March 13, 2025, to discuss the results and recent business developments [2] Conference Call Details - Participants are required to register online to join the conference call and should dial in 10 minutes before the scheduled start [3] - A live audio webcast of the conference call will be available on the investor relations page, and an archive will be accessible after the call [4] Company Overview - Founded in 2003, Xunlei Limited is a leading technology company in China providing distributed cloud services, including cloud acceleration, shared cloud computing, and digital entertainment [4]

Core Viewpoint - Xunlei Limited has announced a definitive agreement to acquire Shanghai Kuanghui Internet Technology Co., Ltd., which operates Hupu, for a total cash consideration of RMB500 million, aiming to enhance its content ecosystem and user engagement in the sports media sector [1][2]. Group 1: Acquisition Details - The acquisition of Hupu is valued at RMB500 million, subject to certain adjustments, and is expected to close in the first half of 2025 [1]. - Hupu is recognized as China's leading sports media and data platform, which will complement Xunlei's existing services [1]. Group 2: Strategic Implications - The acquisition is anticipated to create synergies by leveraging Xunlei's user base and technological expertise alongside Hupu's high-quality sports content and community [2]. - This strategic move aims to foster content downloads, community interaction, and sports consumption in a niche market characterized by high user loyalty [2]. - The integration of Hupu's premium sports content is expected to enhance Xunlei's community operations and overall user experience [2]. Group 3: Company Background - Founded in 2003, Xunlei Limited is a leading technology company in China, providing distributed cloud services, cloud acceleration, shared cloud computing, and digital entertainment [3].

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 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].

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].

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]