Xunlei Q3 Results Down; Sees Sequentially Lower Q4 Revenues

(RTTNews) - Xunlei Limited (XNET), an innovator in shared cloud computing and blockchain technology in China, reported Tuesday that its third-quarter net income was $4.4 million, compared to $8.3 million in the same period of 2022.

Earnings per ADS was around $0.07, down from prior year's $0.12 per ADS.

Adjusted net income was $5.5 million, compared to $9.0 million a year ago.

Total revenues were $84.24 million, a decrease of 4.6 percent from last year's $88.28 million.

Looking ahead for the fourth quarter, Xunlei estimates total revenues to be between $70 million and $75 million, and the midpoint of the range represents a quarter-over-quarter decrease of approximately 8.6 percent.

According to the company, the decline is due to the impact of the downsizing of domestic live streaming businesses. Meanwhile, the operations of subscription and cloud computing businesses are not affected.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.