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Xunlei swings to loss in Q1

Xunlei Ltd. said its first-quarter normalized net income was a loss of 5 cents per share, compared with 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.5 million, compared with income of $1.5 million in the prior-year period.

The normalized profit margin fell to negative 9.0% from 4.9% in the year-earlier period.

Total revenue climbed 27.0% year over year to $38.3 million from $30.1 million, and total operating expenses increased 46.4% from the prior-year period to $46.2 million from $31.6 million.

Reported net income came to a loss of $5.4 million, or a loss of 8 cents per share, compared to income of $2.7 million, or 4 cents per share, in the prior-year period.