Agora Inc. (API) reported that its net loss attributable to ordinary shareholders for the fourth-quarter narrowed to $6.18 million or $0.06 per ADS, from $21.57 million or $0.73 per ADS in the same period last year, which was primarily due to accretion of preferred shares to redemption value.
But, quarterly net loss widened to $6.2 million, from of $2.3 million in the previous year.
API closed Monday regular trading at $78.95, down $19.13 or 19.50%. In the after hours trade, the stock further dropped $6.25 or 7.92%.
Non-GAAP net loss for the quarter was $3.2 million, compared to the non-GAAP net loss of $1.5 million in the fourth quarter of 2019.
Active Customers as of December 31, 2020 were 2,095, an increase of 101.2% from 1,041 as of December 31, 2019.
Total revenues for the fourth-quarter were $33.3 million, an increase of 74.1% from $19.1 million in the same period last year, primarily due to increased usage of our video and voice products as a result of our business expansion.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share and revenues of $31.04 million for the fourth-quarter. Analysts’ estimates typically exclude special items.
Agora said that Siming Tao, Agora’s senior vice president of products, is resigning from his senior vice president position at Agora for personal reason, effective from February 28, 2021.
Agora announced that Stanley Wei will join the company as its chief strategy officer, responsible for overall strategic planning, investments and global expansion.
Agora expects that total revenues for the fiscal year ending December 31, 2021 to be between $178 million and $182 million. Analysts expect revenue of $169.26 million for fiscal year 2021.
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