Xunlei’s Accounting Windfall Masks Operational Reality

Chinese technology firm Xunlei Limited has reported staggering third-quarter 2025 earnings that initially appear transformative for the cloud and streaming specialist. However, a deeper examination reveals the headline profit figure stems largely from an accounting adjustment rather than operational improvements, leaving market participants cautious despite the impressive numbers.

Xunlei’s operational performance demonstrated solid, if unspectacular, progress during the quarter. Total revenue reached $126.4 million, representing substantial year-over-year growth of 57.7%. The company’s live-streaming division emerged as the standout performer, surging 127.1% primarily through expanded international audio streaming services. Cloud computing operations also showed renewed vigor with a 44.9% revenue increase.

The company’s subscriber base expanded to 6.56 million accounts, with average revenue Read more...