Xunlei Reports Mixed Financial Results for 2024 Amid Cloud Computing Challenges

Xunlei ( (XNET) ) has provided an update.

Xunlei Limited announced its unaudited financial results for the fourth quarter and full year of 2024, revealing a mixed performance across its business segments. Despite a 9.3% year-over-year increase in total revenues for the fourth quarter, driven by subscription and live-streaming services, the company faced a significant 25.6% decline in cloud computing revenues due to unfavorable industry conditions. The full-year results showed a total revenue decrease of 11.1% from 2023, with a notable impairment charge to goodwill of $20.7 million reflecting challenges in the cloud computing sector. Xunlei’s strategic initiatives, including the acquisition of Hupu, aim to enhance its content ecosystem and drive future growth.

More about Xunlei

Xunlei Limited is a leading technology company based in Shenzhen, China, specializing in distributed cloud services. The company focuses on providing subscription services, cloud computing, and live-streaming and other internet value-added services.

YTD Price Performance: 133.81%

Average Trading Volume: 1,284,978

Technical Sentiment Consensus Rating: Sell

Current Market Cap: $324.9M

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