Xunlei Reports First Quarter Financial Results

Xunlei (NASDAQ:XNET), a company whose principal operations are focused on cloud-computing and blockchain technology announced its unaudited first quarter financial results. Revenue for the quarter declined slightly by 2.3 percent to US$41.3 million since the previous quarter, while subscription revenue for the same time period increased by 16.1 percent to US$21.2 million.

As quoted in the press release:

Mr. Lei Chen, the Chief Executive Officer of Xunlei, stated: “We saw progress and development in many areas during the first quarter of 2019. For our traditional membership subscription business, we are glad to see that the number of membership rebounded over the past months, thanks to our improved services towards subscribers and seasonal promotion activities. For cloud computing and IVAS business, we signed up several major internet customers and expect to increase bandwidth usage in the coming periods. And we continued to make progress on our blockchain development and unveiled several features for ThunderChain to enhance its capability. We are optimistic about our growth prospect against the backdrop of macroeconomic uncertainties due to our strong research and development abilities and our enhanced portfolio of product and service offerings.”

First Quarter 2019 Financial Results

Total Revenues

Total revenues were US$41.3 million, representing a decrease of 2.3% from the previous quarter.

Click here to read the full press release.