Agora, Inc. reports a slight increase in total revenues for the second quarter of 2024.

From GlobeNewswire: 2024-08-19 18:00:00

Agora, Inc. (NASDAQ: API) reported total revenues of $34.2 million for the second quarter of 2024, a 0.5% increase from the same period in 2023. Agora specifically saw revenues of $15.6 million, up 2.0%, while Shengwang reported revenues of RMB131.9 million ($18.6 million), a 0.3% increase. The company’s active customer base also saw growth, with Agora’s customer count up 7.2% and Shengwang’s down 5.5%.

Despite a decrease in operating expenses, Agora reported a net loss of $9.2 million for the quarter. However, after adjusting for certain expenses, the non-GAAP net loss was $6.0 million. The company also saw a decrease in adjusted EBITDA and free cash flow. With a solid financial position, including $371.0 million in cash and equivalents, Agora looks to focus on real-time engagement technology and conversational AI applications for future growth.

Looking ahead, Agora expects total revenues for the third quarter of 2024 to be between $31.5 million and $33.5 million. This outlook takes into account the planned discontinuation of certain products with low profitability. The company will host a conference call on August 19, 2024, to discuss these financial results in more detail.



Read more at GlobeNewswire:: Agora, Inc. Reports Second Quarter 2024 Financial Results