Xunlei Appoints New Board Members to Strengthen Cloud Services Strategy

Xunlei appoints new board members to boost cloud services By Investing.com

SHENZHEN, China - Xunlei Limited (NASDAQ:XNET), a prominent provider of distributed cloud services in China, announced today the appointment of Mr. Hui Duan and Mr. Xiaosong Li to its board of directors. Mr. Duan returns to Xunlei's board after a one-year absence, bringing with him a wealth of experience from his tenure as the company's vice president and CEO of a major subsidiary. He is also the Chief Technology Officer at Beijing Itui Technology Co., Ltd. Mr. Li, the new Vice President of AGI Business at Xunlei since December 2023, has a background in technology partnership and R&D leadership at Beijing Itui Technology Co., Ltd., with a focus on artificial intelligence. His prior experience includes a decade at Baidu (NASDAQ:BIDU) Search Ads (Phoenix Nest), culminating in the role of Chief Architect. Xunlei's Chairman and CEO, Mr. Jinbo Li, welcomed the new board members, expressing confidence in their industry expertise and management experience to add value for shareholders. Founded in 2003, Xunlei offers a suite of products and services that encompass cloud acceleration, shared cloud computing, and digital entertainment, aiming to enhance the efficiency, intelligence, and security of internet experiences. The company's forward-looking statements in the press release come with the usual caveats of potential risks and uncertainties inherent in the technology industry, including the need to innovate, retain users, and navigate regulatory challenges. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. This news is based on a press release statement. Xunlei has not provided any additional comment on the appointments or their potential impact on the company's operations or market position. In other recent news, Xunlei Limited, a global cloud-based acceleration technology company, has reported mixed financial results for the second quarter of 2024. The company saw a 10.8% revenue increase in its subscription business and gained about 1 million users, while its cloud computing segment experienced a 13.8% revenue decline due to competitive pricing and lower hardware sales. Total Q2 revenues were down 23.7% year-over-year, totaling $79.6 million, and earnings per share fell to $0.04 from $0.08 in the same period last year. Despite these results, Xunlei announced a new share repurchase plan and provided a positive revenue outlook for Q3, expecting a quarter-over-quarter increase of approximately 4.9%. The company's cash and short-term investments stood at $263.4 million as of June 30, 2024. The company is also exploring international markets and improving products and services, with no current plans for dividends as it explores new growth opportunities. These are the recent developments in the company's performance and future plans. In light of the recent board appointments at Xunlei Limited (NASDAQ:XNET), investors may be interested in a snapshot of the company's financial health and market performance. According to InvestingPro data, Xunlei holds a market capitalization of approximately $98.38 million. This relatively modest valuation is accompanied by an attractive price-to-earnings (P/E) ratio of 7.2, which further adjusts to 6.45 when looking at the last twelve months as of Q2 2024. Additionally, Xunlei's price/book ratio during the same period stands at a low 0.3, suggesting the stock could be undervalued relative to the company's net assets. From an operational perspective, Xunlei's gross profit margin impressively reaches 50.34%, indicating a strong ability to convert revenue into gross profit. However, it's noteworthy that the company has experienced a decline in revenue growth, with a -17.42% change over the last twelve months as of Q2 2024. This could reflect market challenges or increased competition affecting the company's top-line growth. InvestingPro Tips highlight that Xunlei has several strengths, including holding more cash than debt, which is a positive sign for financial stability. Furthermore, the company is profitable over the last twelve months, a reassuring factor for potential investors. For those interested in a deeper dive into the company's financials and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/XNET, which can provide a more comprehensive understanding of Xunlei's market position and performance.

Xunlei Announces Appointment of Two New Directors - Xunlei (NASDAQ:XNET)

SHENZHEN, China, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Xunlei Limited ("Xunlei" or the "Company") XNET, a leading technology company providing distributed cloud services in China, today announced that the board of directors of the Company has appointed Mr. Hui Duan and Mr. Xiaosong Li as members of the board of directors of the Company, effective today. Mr. Hui Duan had served as a director of Xunlei from April 2020 to September 2023. He currently serves as the Chief Technology Officer of Beijing Itui Technology Co., Ltd. Prior to that, Mr. Duan founded his own company that provided SaaS tools and services from October 2015 to 2017. From April 2008 to April 2015, Mr. Duan served various management positions at Xunlei including vice president and the chief executive officer of a major subsidiary of Xunlei. Mr. Duan received his EMBA degree from China Europe International Business School in 2015, and bachelor's degree in computer science from Peking University in 2001. Mr. Xiaosong Li has been serving as the Vice President of AGI Business at Xunlei since December 2023. From March 2018 to November 2023, he held the position of technology partner at Beijing Itui Technology Co., Ltd., where he was responsible for leading research and development in the field of artificial intelligence. From March 2008 to March 2018, he gained valuable experience working at Baidu Search Ads (Phoenix Nest), where he progressively advanced his career and ultimately served as the Chief Architect. He obtained a bachelor's degree in software engineering from Northwestern Polytechnical University in 2005 and a master's degree in computer system architecture from Chinese Academy of Sciences in 2008. Mr. Jinbo Li, Chairman and Chief Executive Officer of Xunlei, stated, "On behalf of the board of directors, I extend our warmest welcome to Hui Duan and Xiaosong Li for joining the Board. We look forward to working closely with them, leveraging their industry expertise and exceptional management experiences, to create value for our shareholders in the future." About Xunlei Founded in 2003, Xunlei Limited XNET is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience. This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "future," "intends," "plans," "estimates" and similar statements. Among other things, the management's quotes in this press release, as well as the Company's strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company's ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company's ability to keep up with technological developments and users' changing demands in the internet industry; the Company's ability to convert its users into subscribers of its premium services; the Company's ability to deal with existing and potential copyright infringement claims and other related claims; the Company's ability to react to the governmental actions for its scrutiny of internet content in China and the Company's ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Investor Relations Xunlei Limited Email: [email protected] Tel: +86 755 6111 1571 Website: http://ir.xunlei.com Market News and Data brought to you by Benzinga APIs