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- Xunlei Ltd (NASDAQ:XNET) reported third-quarter FY21 revenue growth of 8.8% quarter-on-quarter to $59.8 million.
- The increase in total revenues was mainly attributable to increased revenues from cloud computing and other IVAS businesses.
- Segments: Cloud computing and other internet value-added services revenues increased 21.8% Q/Q to $35.2 million; Subscription revenues were flattish Q/Q at $22.7 million; Online advertising revenues decreased 40.5% Q/Q to $2.1 million.
- The gross margin contracted 360 bps Q/Q to 48.9% due to decreased revenue portion of subscription and online advertising business, which had higher gross margins than other business lines.
- Non-GAAP EPS loss was $(0.05).
- Xunlei held $228.3 million in cash and equivalents.
- We significantly exceeded our previously issued revenue guidance and delivered total revenues of $60 million for the third quarter of 2021, with significant growth in our cloud computing and other internet value-added services, Chair and CEO Jinbo Li said.
- Outlook: Xunlei sees Q4 revenue of $67 million - $71 million.
- Price Action: XNET shares traded higher by 8.21% at $3.03 in the market session on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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