使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good day and thank you for standing by. Welcome to the Agora Inc second quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
美好的一天,感謝您的支持。歡迎參加 Agora Inc 2024 年第二季財務業績電話會議。 (操作員指示)請注意,今天的會議正在錄製中。
The company's earnings results press release, earnings presentation, SEC filings 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.
該公司的獲利結果新聞稿、獲利演示、美國證券交易委員會 (SEC) 文件和今天電話會議的重播可在其投資者關係網站 Investor.agora.io 上找到。今天加入我的是創辦人、董事長兼執行長托尼趙。王靜波,該公司財務長。
The conciliations between the company's GAAP and non-GAAP results can be found in 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.
該公司的 GAAP 和非 GAAP 業績之間的調整可以在收益新聞稿中找到。在本次電話會議中,該公司將對其未來財務表現以及其他未來事件和趨勢做出前瞻性陳述。這些陳述只是基於公司目前認為的預測,實際結果可能有重大差異。
These forward-looking statements are subject to risk, 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 filings 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 remains no obligation to update any forward-looking statements the company make on today's call.
這些前瞻性陳述受到風險、不確定性、假設和其他可能影響公司財務表現和業務表現的因素的影響,公司在向 SEC 提交的文件中詳細討論了這些因素,包括今天的收益新聞稿和風險最終招股說明書中包含的與其首次公開發行相關的因素和其他資訊。 Agora Inc 沒有義務更新該公司在今天的電話會議中所做的任何前瞻性聲明。
With that, let me turn it over to Tony. Hi, Tony.
那麼,讓我把它交給東尼。嗨,托尼。
Tony Zhao - Chief Executive Officer and Chairman
Tony Zhao - Chief Executive Officer and Chairman
Hi. Thanks, operator. And welcome, everyone, to our earnings call. First, our operating results in the past quarter. Agora revenue were $15.6 million in the second quarter, up 2% year-over-year, mainly driven by business extensions in certain use cases such as live shopping. Shengwang revenue were RMB132 million in the second quarter, up 0.3% year-over-year and 8% quarter-over-quarter, mainly due to usage growth of digital transformation and Internet of Things customers.
你好。謝謝,接線生。歡迎大家參加我們的財報電話會議。首先,我們上季的經營業績。 Agora 第二季度營收為 1,560 萬美元,較去年同期成長 2%,主要受到直播購物等某些用例的業務擴展所推動。聲網第二季營收為人民幣1.32億元,年增0.3%,季增8%,主要得益於數位轉型和物聯網客戶的使用成長。
I'm glad to see that both Agora and Shengwang delivered year-over-year revenue growth despite a very challenging market environment. This success is due to our relentless innovation in driving new use cases and enhancing the quality and value of our products in existing use cases.
我很高興看到聲網和聲網在市場環境充滿挑戰的情況下仍實現了同比收入成長。這項成功歸功於我們在推動新用例以及提高現有用例中產品的品質和價值方面的不懈創新。
Now, moving on to our business products and technology updates for this quarter. Let's first talk about Agora. Recently, our real-time speech-to-text product transitioned from beta to general availability. As I mentioned in our previous earnings call, this product enables customers to transcribe the audio of each user in the channel. Text can be distributed as live caption to all channel participants to enhance accessibility and user experience.
現在,繼續我們本季的業務產品和技術更新。我們先來說說Agora。最近,我們的即時語音轉文字產品從測試版過渡到正式版。正如我在先前的財報電話會議中提到的,該產品使客戶能夠轉錄頻道中每個用戶的音訊。文字可以作為即時字幕分發給所有頻道參與者,以增強可訪問性和用戶體驗。
Throughout the development and beta testing stage, we have improved the performance of our product to accommodate up to three simultaneous speakers and added support for all major languages and dialects. Additionally, our product is integrated with large language models, allowing customers to receive automatically generated summaries of meetings or events and gain insights at the end of each session.
在整個開發和 Beta 測試階段,我們改進了產品的性能,以容納最多三個同時發言者,並增加了對所有主要語言和方言的支援。此外,我們的產品與大型語言模型集成,使客戶能夠接收自動生成的會議或活動摘要,並在每次會議結束時獲得見解。
For example, HelloTalk, a leading language learning platform with more than 50 million users, has been one of our customers to first adopt our real-time speech-to-text product. With the integration of our product and a large language model, HelloTalk can now provide their users advanced capabilities, including live language analysis, live translation, language proficiency assessment, creating contextual and personalized learning experiences.
例如,擁有超過 5000 萬用戶的領先語言學習平台 HelloTalk 是我們最早採用我們的即時語音轉文字產品的客戶之一。透過我們的產品和大型語言模型的集成,HelloTalk 現在可以為用戶提供先進的功能,包括即時語言分析、即時翻譯、語言能力評估、創建情境化和個人化的學習體驗。
Additionally, I'm happy to announce the launch of Agora's new website. At Agora, we believe all our customers are developers at heart. Recognizing the innovative spirit of our new website boosts an intuitive interface, enhanced navigation, and a more modern design to create a cool and sleek user experience. It also offers a wealth of resources tailored to both developers and key business decision makers.
此外,我很高興地宣布 Agora 新網站上線。在 Agora,我們相信所有客戶本質上都是開發者。認識到我們新網站的創新精神,增強了直覺的介面、增強的導航和更現代的設計,以創造酷炫時尚的用戶體驗。它還為開發人員和關鍵業務決策者提供了豐富的資源。
Next, let's turn to Shengwang. We are excited to announce our recent partnership with Unity China to integrate our in-game voice calling capabilities in Unity China's UOS engine. This collaboration allows game developers to seamlessly add multi-player voice channels into their games. It is especially appealing to small game studios and intervention developers who often lack the skill set and resources to address all technical challenges on their own.
接下來我們來談談勝王。我們很高興地宣布最近與 Unity China 合作,將我們的遊戲內語音通話功能整合到 Unity China 的 UOS 引擎中。這種合作使遊戲開發者能夠將多人語音通道無縫添加到他們的遊戲中。它對小型遊戲工作室和乾預開發人員尤其有吸引力,他們往往缺乏獨自解決所有技術挑戰的技能和資源。
In addition, our proprietary advanced features such as 3D spatial audio, AI noise suppression, and echo cancellation are available to developers, enabling them to create immersive experiences for players. In this quarter, we have also facilitated wider application of AI in our customers' use cases.
此外,我們專有的高級功能(例如 3D 空間音訊、AI 噪音抑制和迴聲消除)可供開發人員使用,使他們能夠為玩家創造身臨其境的體驗。在本季度,我們也促進了人工智慧在客戶用例中的更廣泛應用。
For example, we helped XiaoTianCai to add real-time transcription for video calling in their latest flagship smartwatch. Previously, when users conducted video calls on a smartwatch in a noisy environment, it was often difficult to hear the other party clearly. Moving the wrist and watch closer to the ear would make it impossible to see video on the screen, therefore forcing users to make a hard choice between audio and video.
例如,我們幫助小天才在他們最新的旗艦智慧手錶中添加了視訊通話的即時轉錄功能。在此之前,用戶在吵雜的環境中透過智慧手錶進行視訊通話時,往往很難聽清對方的聲音。將手腕和手錶移近耳朵將導致無法在螢幕上看到視頻,從而迫使用戶在音頻和視頻之間做出艱難的選擇。
Now, with our cloud AI real-time transcription capabilities, users can enjoy video calls with captions on their smartwatch, significantly enhancing their user experience. Last September, we became the first company to offer a real-time voice SDK that enables conversation with generative AI models.
現在,透過我們的雲端AI即時轉錄功能,用戶可以在智慧手錶上享受帶有字幕的視訊通話,顯著提升用戶體驗。去年 9 月,我們成為第一家提供即時語音 SDK 的公司,該 SDK 可以與生成式 AI 模型進行對話。
Since then, we have facilitated our customers to launch conversational AI applications in various use cases, such as AI campaigning, productivity assistant, language tutor, and customer service. Although these applications are still in their early stage, we have already seen promising user adoption and engagement trend.
從那時起,我們幫助客戶在各種用例中推出對話式人工智慧應用程序,例如人工智慧行銷、生產力助理、語言導師和客戶服務。儘管這些應用程式仍處於早期階段,但我們已經看到了有希望的用戶採用和參與趨勢。
Looking forward, we are committed to staying at the forefront of technology advancement to enable developers to innovate at a faster pace and build the conversational AI application of tomorrow. This year marks the 10th anniversary of our iconic real-time engagement or RTE conference.
展望未來,我們致力於保持技術進步的最前沿,使開發人員能夠更快地創新並建立未來的對話式人工智慧應用程式。今年是我們標誌性的即時參與或 RTE 會議十週年。
This coming October, we will host our RTE conference in Beijing, focusing on the intersection of AI and RTE technologies and the exciting possibilities that lie ahead. Experts and practitioners from both the AI and RTE community will gather to share their vision and efforts to create revolutionary technologies, products, and applications.
今年 10 月,我們將在北京舉辦 RTE 會議,重點關注人工智慧和 RTE 技術的交叉以及未來令人興奮的可能性。來自人工智慧和 RTE 社群的專家和從業者將齊聚一堂,分享他們的願景和努力,以創造革命性的技術、產品和應用。
There will also be forums focusing on more traditional verticals, such as digital transformation, entertainment, education, and Internet of Things. We welcome you all to attend the conference and experience firsthand the vibrant spirit of the industry. Before concluding my prepared remarks, I want to thank both Agora and Shengwang teams for their hard work and commitment during the challenging period. Let's stay focused on creating long-term customer value and strengthen our leading market position.
還將舉辦專注於更傳統垂直行業的論壇,例如數位轉型、娛樂、教育和物聯網。我們歡迎大家參加會議,親身體驗充滿活力的業界精神。在結束我準備好的演講之前,我要感謝 Agora 和聲網團隊在充滿挑戰的時期所做的辛勤工作和奉獻。讓我們繼續專注於創造長期客戶價值並鞏固我們的領先市場地位。
With that, let me turn things over to Jingbo, who will review our financial results.
接下來,讓我把事情交給景波,他將審查我們的財務表現。
Jingbo Wang - Chief Financial Officer
Jingbo Wang - Chief Financial Officer
Thank you, Tony. Hello, everyone. Let me start by first reviewing financial results for the second quarter of 2024, and then I will discuss outlook for the third quarter. Total revenues were $34.2 million in the second quarter, an increase of 3.6% quarter-over-quarter, and an increase of 0.5% year-over-year. We have finally overcome the impact of the pandemic, the macroeconomic turmoil, and regulatory changes, and returned to a year-over-year revenue growth for the first time since 2021.
謝謝你,托尼。大家好。首先讓我回顧一下 2024 年第二季的財務業績,然後再討論第三季的前景。第二季總營收為3,420萬美元,較上季成長3.6%,較去年同期成長0.5%。我們終於克服了疫情、宏觀經濟動盪和監管變化的影響,自2021年以來首次恢復收入年增。
Agora revenues were $15.6 million in the second quarter, a decrease of 1.3% quarter-over-quarter, and an increase of 2% year-over-year. The quarter-over-quarter decrease was primarily due to reduced usage from customers in emerging markets. The year-over-year increase was primarily due to business expansion and usage growth in certain verticals, such as live shopping.
Agora 第二季營收為 1,560 萬美元,季減 1.3%,較去年同期成長 2%。環比下降主要是由於新興市場客戶的使用量減少。年比成長主要是由於直播購物等某些垂直行業的業務擴張和使用量增長。
Show on revenues were RMB131.9 million in the second quarter, an increase of 7.6% quarter-over-quarter, and an increase of 0.3% year-over-year. Increase were primarily due to increasing revenues from certain verticals, such as internet of things. Dollar-based net extension rate is 92% for Agora and 79% for Shengwang, excluding revenues from discontinued business.
第二季營收為人民幣1.319億元,季增7.6%,年增0.3%。成長主要是由於物聯網等某些垂直領域的收入增加。以美元計算的淨延伸率為 Agora 92%,聲網為 79%(不包括已終止業務的收入)。
Moving on to cost expenses, for my following comments, I will focus on non-GAAP adjusted financial measures, which exclude share-based compensation expenses, acquisition related expenses, compensation expenses of acquired intangible assets, income tax related to acquired intangible assets, impairment of goodwill, depreciation of property and equipment, and amortization of land use right.
談到成本費用,在我的以下評論中,我將重點關注非公認會計準則調整後的財務指標,其中不包括股權補償費用、收購相關費用、收購無形資產的補償費用、與收購無形資產相關的所得稅、減損商譽、財產設備折舊、土地使用權攤提。
Adjusted gross margin for the second quarter was 63.4%, which was 3.8% lower than Q2 last year and 0.2% higher than Q1 this year. The year-over-year decrease was mainly due to changing pandemics. The quarter-over-quarter increase was mainly due to improving utilization rate of infrastructure.
第二季調整後毛利率為63.4%,比去年第二季下降3.8%,比今年第一季高0.2%。年比下降主要是由於流行病的變化。環比成長主要是由於基礎設施利用率提高。
Adjusted R&D expenses decreased 6.6% year-over-year to $15.5 million in Q2, mainly due to continuous cost improvement measures. Adjusted R&D expenses represented 45.4% of total revenues in the quarter compared to 48.8% in Q2 last year. Adjusted sales and marketing expenses were $5.9 million in Q2, decreased to 16.9% year-over-year.
第二季調整後研發費用年減 6.6% 至 1,550 萬美元,主要得益於持續的成本改善措施。調整後的研發費用佔本季總營收的 45.4%,去年第二季為 48.8%。第二季調整後的銷售和行銷費用為 590 萬美元,年減 16.9%。
Sales and marketing expenses represented 17.3% of total revenues in the quarter compared to 20.9% in Q2 last year. Adjusted G&A expenses were $6.6 million in Q2, slightly increased 6.5% year-over-year, primarily due to increase of expected credit loss. G&A expenses represented 19.1% of total revenues in the quarter compared to 18.2% in Q2 last year.
銷售和行銷費用佔本季總收入的 17.3%,而去年第二季為 20.9%。第二季調整後的一般管理費用為 660 萬美元,年比小幅增加 6.5%,主要是由於預期信用損失增加。 G&A 費用佔本季總收入的 19.1%,而去年第二季為 18.2%。
Overall, adjusted operating expenses were 6.1% lower than the same period last year, thanks to a defective cost control. Adjusted operating expenses were 2.2% higher than Q1 this year. The sequential increase was mainly because we decided to replace certain share-based compensation with cash compensation for employees in order to reduce dilution for our shareholders when shares are trading at below cash value.
總體而言,由於成本控制有缺陷,調整後的營運費用比去年同期下降了 6.1%。調整後營運費用比今年第一季高出 2.2%。持續成長的主要原因是我們決定用現金補償取代某些員工的股票薪酬,以減少當股票交易價格低於現金價值時對股東的稀釋。
Adjusted EBITDA was net $6 million, translating to a 17.6% adjusted EBITDA loss margin for the quarter compared to 19.5% in Q2 last year. Non-GAAP net loss was $6 million in Q2, translating to a 17.5% net loss margin for this quarter, lower than the net loss margin of 19.4% in Q2 last year.
調整後 EBITDA 淨額為 600 萬美元,意味著本季調整後 EBITDA 虧損率為 17.6%,而去年第二季為 19.5%。第二季非 GAAP 淨虧損為 600 萬美元,相當於本季淨虧損率為 17.5%,低於去年第二季 19.4% 的淨虧損率。
Now turning to cash flow. Operating cash flow was negative $7.6 million in Q2 compared to negative $5.3 million last year. Free cash flow was negative $7.9 million compared to negative $5.6 million last year.
現在轉向現金流。第二季營運現金流為負 760 萬美元,去年為負 530 萬美元。自由現金流為負 790 萬美元,而去年為負 560 萬美元。
Moving on to balance sheet, we ended Q2 with $371 million in cash, cash equivalents, bank deposits, and financial products issued by banks, or $4.03 per ADS. Net cash offload in the quarter was mainly due to free cash flow of negative $7.9 million and repurchase of $2.3 million.
轉向資產負債表,第二季結束時,我們擁有 3.71 億美元的現金、現金等價物、銀行存款和銀行發行的金融產品,即每份美國存託憑證 4.03 美元。本季淨現金卸載主要是由於自由現金流為負 790 萬美元和回購 230 萬美元。
Now turning to guidance, for the third quarter of 2024, we currently expect total revenues to be between $31.5 million and $33.5 million. This forecast reflects enough sale of certain products with unsatisfactory profitability. Such products generated approximately $2.4 million of revenue in the third quarter of 2023, and $3.3 million of revenue in the second quarter of 2024.
現在轉向指引,我們目前預計 2024 年第三季的總收入將在 3,150 萬美元至 3,350 萬美元之間。這項預測反映了某些產品的銷售充足,但獲利能力不理想。這類產品在 2023 年第三季產生了約 240 萬美元的收入,在 2024 年第二季產生了 330 萬美元的收入。
The average cost margin of such products was below 10%. So we expect enough sale of such products will lead to a meaningful increase in our gross margin and a positive impact on bottom line in the third quarter. This outlook also reflects our current and preliminary views on the market and operating conditions which are subject to change.
此類產品的平均成本利潤率低於10%。因此,我們預計此類產品的足夠銷售將導致我們的毛利率大幅增加,並對第三季的利潤產生積極影響。這項展望也反映了我們對市場和經營狀況的當前和初步看法,這些看法可能會改變。
In closing, returning to year-over-year growth is an inspiring turning point under a challenging operating environment. We are excited about emerging use cases, especially the intersection between real-time engagement and conversational AI. And we remain confident about our long-term growth potential.
最後,在充滿挑戰的經營環境下,恢復年成長是一個鼓舞人心的轉捩點。我們對新興用例感到興奮,尤其是即時參與和對話式人工智慧之間的交叉點。我們對我們的長期成長潛力仍然充滿信心。
Thank you to both the Agora and Shengwang teams for your hard work and contribution during this period. Thank you everyone for attending the call today. Operator, let's open it up for questions
感謝聲網和聲網團隊在此期間的辛勤工作和貢獻。感謝大家參加今天的電話會議。接線員,讓我們打開提問吧
Operator
Operator
(Operator Instructions) Yang Liu, Morgan Stanley.
(操作員指示) Yang Liu,摩根士丹利。
Yang Liu - Analyst
Yang Liu - Analyst
Good morning. Thanks for the opportunity to ask questions. I have two questions here. The first is regarding the business outlook. As Jingbo just mentioned that you faced some of the low-margin business. Could you please elaborate more about the reason behind that, related to the competition or the outlook of that business?
早安.感謝您有機會提問。我在這裡有兩個問題。首先是關於業務前景。正如景波剛才所提到的,你們面臨著一些低利潤的業務。您能否詳細說明一下背後的原因,與競爭或該業務的前景相關嗎?
You mentioned that that business has a quite low growth margin and I'm not sure whether that business OP margin or net margin is also very bad or what is the potential impact to the bottom line. And the second question is based on the company's pipeline, what is your expectation of the future of emerging applications or use cases for RTE or whatever AI-related application? If you see any potential booming of the RTE usage, could you please share more about that? Thank you.
您提到該業務的成長率相當低,我不確定該業務的營運利潤率或淨利潤率是否也很糟糕,或者對利潤的潛在影響是什麼。第二個問題是基於公司的管道,您對 RTE 或任何人工智慧相關應用程式的新興應用程式或用例的未來有何期望?如果您發現 RTE 使用有任何潛在的蓬勃發展,您能否分享更多相關資訊?謝謝。
Jingbo Wang - Chief Financial Officer
Jingbo Wang - Chief Financial Officer
Thank you. I'll take the first question. So, yes, RTE is already in the sale of certain products in this quarter. And these products we mentioned a few years back, these were more [XTDM] based technology. And given how competitive the market is, these products have pretty low cost margin in the low single-digit range. And there are also related other expenses.
謝謝。我來回答第一個問題。所以,是的,RTE 已經在本季銷售某些產品。我們幾年前提到的這些產品,更多的是基於 [XTDM] 的技術。考慮到市場競爭的激烈程度,這些產品的成本利潤率相當低,只有個位數。並且還有相關的其他費用。
So, actually, on a net operating margin basis, it's close to even slightly negative. And as we know, we have been very focused on improving the overall operating efficiency and drive business towards sustained profitable growth. And that's why we believe this business is not generating profit.
因此,實際上,在淨營業利潤率的基礎上,它甚至接近小幅負值。據我們所知,我們一直非常注重提高整體營運效率並推動業務實現持續獲利成長。這就是為什麼我們認為這項業務沒有產生利潤。
And we don't see that market turning around very quickly in the near term. And that's why we decided to basically terminate the sale of such products. That doesn't mean we will exit the entire kind of this medium-latency live streaming market.
我們認為市場短期內不會很快好轉。這就是為什麼我們決定基本上終止此類產品的銷售。這並不意味著我們將退出整個中延遲直播市場。
We are doing other innovative products, not based on the traditional XTDM technology, but more based on the RTC-related technology. So, we continue to be competing in the market, but we will be more focused on innovation rather than offering more traditional and legacy products.
我們正在做其他的創新產品,不是基於傳統的XTDM技術,而是更多基於RTC相關技術。因此,我們繼續在市場上競爭,但我們將更專注於創新,而不是提供更多傳統和遺留產品。
Tony Zhao - Chief Executive Officer and Chairman
Tony Zhao - Chief Executive Officer and Chairman
I'll take the general AI side of the question. We have been actively talking to leading large language modal companies globally with very positive feedback in general. The importance of multimodal capabilities and a highly reliable low-latency transmission network is well recognized by all players.
我將回答這個問題的一般人工智慧方面。我們一直在積極與全球領先的大型語言模態公司進行對話,整體回饋非常積極。多式聯運能力和高可靠低延遲傳輸網路的重要性已獲得所有參與者的認可。
We are working closely with many of them to develop multimodal products and solutions. Some of our consumer applications have already -- some of there consumer applications integrated with our SDK. Meanwhile, we have also worked together in engaging with the AI developer community.
我們正在與其中許多公司密切合作,開發多式聯運產品和解決方案。我們的一些消費者應用程式已經與我們的 SDK 整合。同時,我們也與人工智慧開發者社群進行了合作。
If you look at Hugg & Fizz, there are almost 500,000 different models. We have been working with them to engage with developer communities on that to bring the models into real use cases. We have also partnered with companies like SmallShot for the toy startup program to help developers to innovate. Please stay tuned for more announcements in our RT conference in October.
如果你看看 Hugg & Fizz,你會發現幾乎有 500,000 個不同的型號。我們一直在與他們合作,與開發者社群合作,將模型引入實際用例。我們也與 SmallShot 等公司合作進行玩具創業計劃,幫助開發者進行創新。請繼續關注我們 10 月份 RT 會議上的更多公告。
Yang Liu - Analyst
Yang Liu - Analyst
Thank you.
謝謝。
Operator
Operator
(Operator Instructions) Daley Li, Bank of America Securities.
(操作員指示)Daley Li,美國銀行證券。
Daley Li - Analyst
Daley Li - Analyst
Hi, management. Thanks for taking my question. I have two questions here. Number one is about the revenue by segment. It seems that Shengwang Revenue is getting a stronger recovery in Q2 compared to Agora. What are the key drivers and how do we see the trend in Q3 for the domestic market and the international one?
嗨,管理層。感謝您提出我的問題。我在這裡有兩個問題。第一個是按細分市場劃分的收入。與 Agora 相比,聲網營收在第二季的復甦似乎更為強勁。主要驅動因素是什麼?
The second question is about our work-even target as we have been trying to control the expenses and also kill down the low margin business. Do we have an update about the work-even target in the following quarters or sometime? Thank you.
第二個問題是關於我們的工作平衡目標,因為我們一直在努力控制費用並消滅低利潤業務。我們是否會在接下來的幾季或某個時間更新工作平衡目標?謝謝。
Tony Zhao - Chief Executive Officer and Chairman
Tony Zhao - Chief Executive Officer and Chairman
In terms of the Q3 demand for US and international markets, we see growth momentum in live shopping and IoT verticals, particularly in the developer market. Since we become the first company to offer real-time voice SDK that enables a conversation with generative AI models, competitors have also followed us and provide similar products. We believe this will be the new battlefield of RT.
就美國和國際市場第三季的需求而言,我們看到直播購物和物聯網垂直領域的成長勢頭,特別是在開發者市場。自從我們成為第一家提供能夠與生成式人工智慧模型對話的即時語音 SDK 的公司以來,競爭對手也紛紛效仿我們並提供類似的產品。我們相信這將是RT的新戰場。
With our recent launch of our conversational AI framework, we will gain significant competitive edge to engage with AI developers and serve their applications. In the China market, we see growth potential in IoT customers. Also, some strong demand for conversational AI applications. Competitive landscape largely unchanged during the past quarter. Competitive pressure stabilized.
隨著我們最近推出對話式人工智慧框架,我們將在與人工智慧開發人員合作並為其應用程式提供服務方面獲得顯著的競爭優勢。在中國市場,我們看到了物聯網客戶的成長潛力。此外,對話式人工智慧應用程式的需求也很強烈。上一季的競爭格局基本上沒有變化。競爭壓力趨於穩定。
Jingbo Wang - Chief Financial Officer
Jingbo Wang - Chief Financial Officer
Okay. I'll take the second question. From what we see right now, demand for our core products remain pretty robust. We do expect sequential revenue growth in Q3 compared to Q2 and hopefully Q4 compared to Q3 as well. The growth margin of our core products remain very healthy. So you will see a pretty nice uptick in the growth margin in Q3 and Q4.
好的。我來回答第二個問題。從我們目前來看,對我們核心產品的需求仍然相當強勁。我們確實預期第三季的營收將比第二季有所成長,希望第四季的營收也能比第三季有所成長。我們的核心產品的成長幅度仍然非常健康。因此,您會看到第三季和第四季的成長率出現相當不錯的上升。
As I mentioned, the combination of the low-margin products will not impact the bottom line. In terms of the OpEx, we'll continue to manage OpEx very cautiously, and we do not expect OpEx to be higher than Q2 in the coming quarters. If anything, we might try to further improve efficiency.
正如我所提到的,低利潤產品的組合不會影響利潤。在營運支出方面,我們將繼續非常謹慎地管理營運支出,我們預計未來幾季的營運支出不會高於第二季。如果有的話,我們可能會嘗試進一步提高效率。
So at this point, I cannot promise exact timing of the gap break-even given there are still a lot of moving parts, but we are committed to achieving profitable and sustainable growth. So if we think about business, right, in this quarter, we return to year-over-year growth after a lot of the macro challenges, the pandemic, the macroeconomic environment in both China and in the US, getting all these rate hikes and funding environment changes and all the regulations.
因此,鑑於仍有許多變化因素,目前我無法保證盈虧平衡的確切時間,但我們致力於實現盈利和可持續增長。因此,如果我們考慮商業,對吧,在經歷了中國和美國的許多宏觀挑戰、疫情、宏觀經濟環境、所有這些升息和融資環境的變化和所有規定。
So now we have finally come back to revenue growth, and we believe this is the turning point, and core business will continue to grow from this point on. And as we maintain our cost-based planning and drive efficiency, I believe it's just a matter of time before we achieve that goal, that break-even, and continue to grow from there. And in any case, we expect to achieve such a break-even on a GAAP basis and on a continued basis in 2025.
所以現在我們終於回到了收入成長的狀態,我們相信這是一個轉捩點,核心業務將從現在開始繼續成長。當我們維持以成本為基礎的規劃並提高效率時,我相信我們實現這一目標、實現收支平衡並繼續成長只是時間問題。無論如何,我們預計在 2025 年按照 GAAP 計算並持續實現收支平衡。
Well, thank you, Tony and Jingbo. Thank you.
嗯,謝謝你們,托尼和靜波。謝謝。
Operator
Operator
Thank you. And as there are no further questions, I want to thank everybody for attending the company's call today. As a reminder, the recording of the earnings release will be available on the company's website at investor.agora.io.
謝謝。由於沒有其他問題,我要感謝大家今天參加公司的電話會議。提醒一下,收益發布的記錄將在公司網站 Investor.agora.io 上提供。
And if there are any questions, please feel free to email the company. Thank you, everyone.
如果有任何疑問,請隨時給公司發送電子郵件。謝謝大家。