BRIEF: Agora’s loss widens as China business slumps
Real-time interactive technology provider Agora Inc. (API.US) announced on Monday its revenue for the third quarter fell 9.8% year-on-year to $31.6 million, as its net loss widened to $24.2 million from $22.5 million over the same period.
Agora said revenue from its China-focused Shengwang service totaled 112.9 million yuan ($15.9 million) in the third quarter, down 20% year-on-year, mainly due to a challenging macroeconomic and regulatory environment, the discontinuation of certain products, and reduced usage by customers in certain industries. Agora’s non-China revenues totaled $15.7 million, up 2.6% year-on-year.
Shengwang’s active customer count totaled 3,641 at the end of September, down 9.7% year-on-year, while the customer count for its international-focused Agora service was 1,762, up 5.9% year-on-year.
Founder and Chairman Tony Zhao said the company has partnered with OpenAI’s Realtime API to launch a Conversation AI SDK that enables developers to bring voice-driven AI experiences to any app. Agora stock rose 2.52% to $4.88 in after-hours trade in New York on Monday after the report’s release.
By Lee Shih Ta
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