Why Agora Stock Plunged Today
Shares of Agora (NASDAQ: API) have plunged today, down by 14% as of 12:05 p.m. EST, after the company reported third-quarter earnings. The results were mixed compared with analyst expectations. This was Agora's second earnings release as a public company after following its IPO over the summer.
Revenue in the third quarter increased 81% to $30.8 million, which topped the consensus estimate of $27.4 million in sales. That resulted in a net loss of approximately $2.9 million, or $0.03 per American depository share (ADS). The China-based technology company, which operates a real-time engagement platform, saw active customers nearly double to 1,815 during the quarter. Agora reported a dollar-based net expansion rate of 188% on a constant currency basis.
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Source Fool.com
