Home Top Movers Here is why Agora Inc (API) stock underperformed on Monday?

Here is why Agora Inc (API) stock underperformed on Monday?

Agora Inc. (API) shares started the new week by losing 2.53% on Monday, May 24, 2021, and closed at $40.39 per share. API stock could not stop the plunging in the after-market and lost a further 3.81% and closed the day at $38.85 per share. API shares have moved up 2.80% in the past week. Over the past three months, the stock has lost 44.85%, while over the past six months, it has gained 12.23%.

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Let’s see if there any recent developments about the company?

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Recent financial results announcement

On May 24, 2021, Agora, Inc released its financial results for the first quarter ended March 31, 2021.

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Q1 2021 financial highlights

  • Agora, Inc reported revenue of $40.2 million for Q1 2021 compared to $35.6 million in Q1 2020.
  • In Q1 2021, the cost of revenues was $16.9 million compared to $11.1 million in the same period last year.
  • Gross profit was $23.4 million in the first quarter of 2021 compared to $24.5 million in Q1 2020.
  • In Q1 2021, the gross margin was 58.1% compared to 68.8% in Q1 2020.
  • The company spent $39.7 million in operating expenses in Q1 2021 compared to $21.2 million in Q1 2020.
  • Research and development expenses were $25.2 million in the first quarter of 2021compared to $11.7 million in Q1 2020.
  • Sales and marketing expenses were $8.7 million in Q1 2021compared with $6.0 million in Q1 2020.
  • General and administrative expenses were $5.7 million in Q1 2021 compared to $3.5 million in Q1 2020.
  • API suffered an operating loss of $16.0 million in the first quarter of 2021, compared to an operating income of $3.3 million in Q1 2020.
  • In the first quarter of 2021, the net loss was $14.7 million compared to a net income of $3.0 million in the same period last year.

Agora & HTC partnership

On May 11, 2021, Agora, Inca partnership with HTC to accelerate the adoption of VR innovation in real-time engagement (RTE) applications.

HTC VIVE is the premier virtual reality (VR) platform and ecosystem creating true-to-life VR experiences for businesses and consumers.

Agora partnership with Wipro

On May 5, 2021, Agora, Inc partnered with Wipro to power the company’s real-time engagement (RTE) and communication solutions.

Agora RTE allows people to connect from anywhere in the world, in ways that capture meaningful human interactions for all who seek them out. The partnership with Wipro will embed Agora’s streaming video and voice solution in various practices to enhance the real-time experience for users.

Agora Startup Program launched

On March 25, 2021, Agora, Inc. debut the Agora Startup Program to provide exclusive backend support for real-time engagement (RTE) and direct access to benefits to global entrepreneurs and startup founders.

Agora Startup Program is made up of many partners such as Global Accelerator Network (GAN), Blume Ventures, Techstars Toronto Accelerator

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Conclusion

The recent financial results announcement is the reason behind its poor performance on Monday and the negative trend can continue for the next few days as well.

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