Agora, Inc. (NASDAQ:API) Q1 2024 Results Conference Call May 22, 2024 9:00 PM ET
Company Participants
Tony Zhao - Founder, Chairman and CEO
Jingbo Wang - CFO
Conference Call Participants
Yang Liu - Morgan Stanley
Daley Li - Bank of America Securities
Operator
Good day and thank you for standing by. Welcome to Agora, Inc.'s First Quarter 2024 Financial Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
The company's earnings results, press release, earnings presentations, SEC filing and a replay of today's call can be found on its IR website at investor.agora.io. Joining me today are Tony Zhao, Founder, Chairman and CEO; Jingbo Wang, the company's CFO.
Reconciliations between the company's GAAP and non-GAAP results can be found in its earnings press release. During this call, the company will make forward-looking statements about its future financial performance and other future events and trends. These statements are only predictions that are based on what the company believes today, and actual results may differ materially.
These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could affect the company's financial results and the performance of its business, and -- which the company discussed in detail in its filing with the SEC, including today's earnings press release and the risk factors and other information contained in the final prospectus relating to its initial public offering. Agora, Inc. remain in no obligations to update any forward-looking statements the company may make on today's call.
With that, let me turn it over to Tony. Hi, Tony.
Tony Zhao
Thanks operator and welcome everyone to our earnings call. I'll first review our operating results in the past quarter. Agora revenues were $15.8 million in the first quarter, up 3% quarter-over-quarter. This is a great result considering the macroeconomic challenge under the high interest rate environment and is mainly driven by usage growth from emerging use cases such as live shopping. As of the end of this quarter, Agora had over 1,700 active customers, up 16% compared to 1 year ago.
Shengwang revenues were RMB 122.6 million in the first quarter, down 16% year-over-year, mainly due to challenging macroeconomic and regulatory environment as well as the disposal of the customer engagement cloud business in the first quarter of 2023. As of the end of this quarter, Shengwang had over 3,800 of active customers, down 2% compared to 1 year ago.