Summary by Moomoo AI
Agora reported Q3 2024 total revenues of $31.6M, down 9.8% YoY, with Agora segment growing 2.6% to $15.7M while Shengwang declined 20% to $15.9M. Net loss widened to $24.2M, impacted by $11.4M in equity award cancellation expenses and $4.8M in severance costs. The company maintained strong liquidity with $362.6M in cash and equivalents.The company announced strategic initiatives including the launch of Conversational AI SDK in partnership with OpenAI's Realtime API, along with organizational restructuring to capitalize on AI opportunities. Active customers for Agora increased 5.9% YoY to 1,762, while Shengwang's decreased 9.7% to 3,641. The company also announced the departure of Chief Security Officer Roger Hale.Looking ahead, Agora projects Q4 2024 revenues between $34M-$36M, up from Q3's $31.6M, with expectations of significant improvement in net income/loss. The company continues its share repurchase program, having bought back approximately 6.8M Class A ordinary shares for $3.9M during Q3 2024.
