Xunlei's 2025 Q2 Call: Contradictions in Hupu's Impact, Live Streaming Growth, and Shareholder Value

Hupu's financial impact, live streaming business growth, subscription business growth, shareholder value enhancement, and growth rate of overseas live streaming business are the key contradictions discussed in Xunlei's latest 2025Q2 earnings call.



Revenue Growth Across Segments:
- Xunlei Limited reported total revenues of $104 million in Q2 2025, representing an increase of 30.6% year-over-year.
- The growth was primarily driven by strong performance in key business segments, including a 10.5% increase in subscription revenues, an 85.5% increase in live streaming and other services revenues, and a 13.6% increase in cloud computing revenues.

Subscription Business Expansion:
- Subscription business generated $36.4 million in revenue, reflecting a 10.5% increase year-over-year, with 6.4 million subscribers.
- Growth was driven by improved features, evolving user needs, and refined marketing strategies, resulting in an increased percentage of premium subscribers.

Live Streaming and Overseas Expansion:
- Live streaming and other services achieved a year-over-year revenue growth of 85.5%, reaching $37.6 million.
- This growth was largely fueled by the expansion of the overseas audio live streaming business and advertising revenue from the Hupu acquisition.

Investment and Capital Gains:
- Xunlei booked approximately $720 million in realized pretax capital gains on its investment in Arashi Vision Inc.
- The IPO of Arashi Vision highlighted Xunlei's strategic investment capabilities and potential for future returns in emerging industries.