Agora.io(NASDAQ: API), a real-time engagement platform for meaningful human connections, recently announces its financial results for the second quarter ended June 30, 2020. The report is the company's first release after listing on Nasdaq Stock Market on June 26.
The report shows that Agora's revenues in Q2 2020 were 33.904 million USD, an increase of 127.5% year-on-year, primarily due to increased usage of its video and voice products as a result of the business expansion. The quarter's net income was $3.0 million, compared to a net loss of $2.0 million in the second quarter of 2019.
The gross profit was $22.5 in Q2 2020, an increase of 118.3% from $10.3 million in the same period last year. Gross margin was 66.4%, a decrease of 2.8% year-on-year, primarily due to international expansion to regions with higher infrastructure costs.
As of June 30, Agora has 1486 active customers, an increase of 85.5% compared to last year. "Our efficient and scalable business model focused on developers also contributed to positive GAAP profitability and free cash flow in the quarter," said Tony Zhao, founder, chairman, and CEO of Agora. Based on currently available information, Agora expects total revenues for the full fiscal year ending December 31, 2020, between $125 million and $130 million.
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