Xunlei (XNET) Q1 FY26 earnings call

Xunlei's pivot to a pure consumer-internet company crystallized this quarter: the cloud computing unit was deconsolidated, leaving a steady subscription cornerstone and a surging overseas audio live streaming engine as twin growth drivers. The headline GAAP loss is a mark-to-market artifact of the appreciated Arashi Vision stake rather than operations, which swung to profit; the durability of overseas hypergrowth against intensifying competition is now the central question.