Xunlei Reports Q3 Revenue Decline and Net Loss, Announces $20 Million Share Buyback
Xunlei Limited (XNET) reported its third-quarter financial results, characterized by a significant year-over-year decline in revenue and profitability. Total revenue fell 19.9% to $101.3 million, while the company transitioned from a net income of $5.6 million in the prior year to a non-GAAP net loss from continuing operations of $16.4 million. Despite the earnings contraction and a decline in gross margin to 55.7%, the company maintains a strong liquidity position with $265.1 million in cash, equivalents, and short-term investments. To support shareholder value amidst these headwinds, the Board has approved a new share repurchase program of up to $20 million to be executed over the next 12 months.