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Xunlei Limited 7% lower after guiding to sequential revenue drop

Published 05/15/2018, 10:50 AM
© Reuters.  Xunlei Limited 7% lower after guiding to sequential revenue drop
XNET
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  • Xunlei Limited (NASDAQ:XNET) is 7% lower after posting Q1 earnings where revenue more than doubled and the company swung to a gain, but it guided to as much as a 28% sequential drop in revenues.
  • Gross profit was down 5.2% sequentially to $37.7M, and gross margin declined to 47.8% from last quarter's 48.2%.
  • Operating income rose to $7.4M from last quarter's $3.9M. And non-GAAP net income rose to $7.9M from the prior quarter's $4.8M (and a year-ago loss of $7M).
  • Revenue by segment: Cloud computing and Internet value-added services, $48.1M (up 316.4%); Subscription, $23.4M (up 12.3%); Online advertising, $7.3M (up 92.2%).
  • Cash, equivalents and short-term investments came to $355.6M, down from $372.4M as of Dec. 31.
  • For Q2, it's guiding to revenues of $56M-$62M (53.2% growth at the midpoint).
  • Earnings call transcript
  • Press release
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