Why Xunlei Stock Got Crushed Today
Shares of Xunlei Limited (NASDAQ: XNET) have gotten crushed today, down by 14% as of noon EST, after the company reported third-quarter earnings. The Chinese tech specialist, which offers cloud computing and blockchain technology, saw sales shrink and losses widen.
Total revenue fell 8.3% to $43.8 million, with all segments posting lower sales than a year ago. Cloud computing and other services revenue declined to $20.9 million due to a lack of promotional activities and seasonal factors that hurt live-streaming revenue, Xunlei said. Subscription revenue dropped 10% to $19.2 million.
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Source Fool.com
