Agora, Inc. (Nasdaq: API) reported widened losses for the fourth quarter of 2020, sending its stock 7% lower Tuesday to $73.23 per share.
The real-time engagement API provider said its revenues reached $33.3 million, up 74% from the fourth quarter of last year. Net loss, however, widened to $6.2 million from $2.3 million in the preceding year.
The company, which has headquarters in Shanghai and Santa Clara, attributed the increase in revenue to its video and voice products as a result of its business expansion.
“We closed the year with solid fourth quarter results, which demonstrate the power of contextual real-time engagement and our developer-first business model. We are happy to see that Agora powers some of the most exciting innovations and new experiences on the internet,” said Tony Zhao, the founder, chairman and chief executive officer of Agora.
Zhao added, “Looking into 2021, we will continue to invest in product and technology innovation to solidify our position as the go-to platform for real-time engagement APIs”.
Looking forward, the company said it expects to generate revenues of between $178 million and $182 million for the full year 2021.
Agora lifted off in June 2020 on the Nasdaq Global Select Market in an initial public offering worth $350 million.
The company provides software modules for developers to embed real-time engagement capabilities into an application. These may include "video and audio capturing, rendering, pre- and post-processing, encoding and decoding, packet loss compensation, as well as first- and last-mile transmission."