API - Why Agora Plunged Over 20% Today
Shares of Agora (NASDAQ: API) plunged today, down just over 20% as of 11:22 a.m. ET. The Chinese enterprise software platform reported earnings last night, which came in below consensus, along with softer-than-expected guidance.
Sentiment also wasn't helped by the broader Chinese economy, as the government began to reinstitute harsh COVID-19 measures in the country this week due to rising cases. In response, virtually all Chinese stocks are generally down after getting a bear market bounce over the past few weeks.
For those unfamiliar, Agora sells its software-based platform-as-a-service to other companies looking to embed video and voice into their applications without having to build the back-end infrastructure themselves. The company does this through its application programming interfaces, or APIs, as its ticker would indicate.
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Why Agora Plunged Over 20% Today