Xunlei Shares Higher On Q2 Earnings

Xunlei Limited XNET reported second-quarter diluted loss per ADS was 3 cents compared with a diluted loss of 13 cents in the previous quarter. The company reported total revenues were $47.8 million, representing an increase of 15.7% from the previous quarter.

Xunlei Limited reported subscription revenues were $21.4 million, representing an increase of 0.9% from the previous quarter.

"For the second quarter, we exceeded the top end of our earnings guidance as a result of revenue growth from our cloud computing and other internet value-added services,” said CEO Lei Chen. “We believe the increased demand for our shared cloud computing products and services, and expanded IaaS customer base, validated the potential of our shared cloud computing business.

"We will continue growing our network capacity and maintain the momentum going forward. In addition, we have accumulated extensive blockchain-related experience in both academic and industrial practice, and applied for additional blockchain patents based on our recent blockchain initiatives.”

Xunlei Limited shares were trading up 2.91% at $2.12 in Wednesday’s pre-market session. The stock has a 52-week high of $10.30 and a 52-week low of $1.87.

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Posted In: EarningsNews