BRIEF: Agora dragged down by slumping China business
Real-time engagement technology company Agora Inc. (API.US) on Monday reported its revenue was flat year-on-year in the second quarter, as its rising global business passed its slumping China division to become the company’s largest revenue source.
Agora reported second-quarter revenue of $34.3 million, up 0.1% from $34.2 million a year earlier. Revenue from its international business rose 16.7% year-on-year to $18.2 million, while its Shengwang China business fell 12.4% to 115.5 million yuan ($16.1 million). Active customers for the company’s international business rose 12.4% year-on-year to 1,880, while the figure rose 1.4% to 1,997 for its China business.
The company reported a profit of $1.5 million for the second quarter, representing its third consecutive quarterly profit. It forecast revenue of $34 million to $36 million for the third quarter, representing year-on-year growth of 7.6% to 13.9%.
Agora’s stock fell 7.8% on Tuesday to close at $3.67 the day after the report’s release. The stock is down 13% this year.
By Doug Young
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