XNET - Xunlei stock rises 7% amid growth in Q1 revenue

Xunlei (NASDAQ:XNET) stock rose ~7% May 17 after the Chinese digital media platform provider's Q1 revenue grew Y/Y. Q1 Non-GAAP EPS decreased -2.27% Y/Y to $0.0215. Meanwhile, Earnings per American Depositary Share (ADS) declined by -19.8% Y/Y to $0.081. Q1 total revenue grew +48.38% Y/Y to $79.05M. The Nasdaq-listed company said the increase was mainly due to increased revenues from live streaming, cloud computing and subscription business. Revenues from cloud computing were $30.2M, driven by increased customer demand. The company said revenues from subscription were $25.3M. There were 4.61M subscribers as of March 31, compared to 4.39M as of Dec. 31, 2021. Meanwhile, revenues from live streaming and other IVAS were $23.5M. Non-GAAP operating income grew +16.52% Y/Y to $5.65M. GAAP net income declined -19.41% Y/Y to $5.43M. Gross profit margin was 44.1% in Q1. Research and development expenses were ~$16.31M, compared to ~$13.28M in Q1 2021. As of March 31, cash, cash equivalents and short-term

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Xunlei stock rises 7% amid growth in Q1 revenue