Agora stock rebounds after Q1 results

Agora Inc (API.US), a platform for real-time engagement APIs, announced its results for the first quarter ended March 31, 2021. Total revenues for the quarter stood at $40.2 million, an increase of 13.1% from Q1 2020. Net loss for the quarter was $14.7 million against net income of $3.0 million in a year-ago period. Active customers as of March 31, 2021 amounted to 2,324, an increase of 97.6% from 1,176 as of March 31, 2020. Tony Zhao, founder, chairman and CEO of Agora said that the company opened the year with another quarter of strong growth, as developers and innovators around the world continue to create new immersive experiences with the firm’s real time voice, video, chat and streaming APIs, transforming all industries.

Agora (API.US) share price fell off the cliff in February 2021. The declines were halted by the $37 mark (daily close prices) and a recovery move was eventually initiated in mid-May. Should the impulse continue, traders might expect a resistance near $46 area (previous price action and 23.6% Fibonacci retracement of the recent drop). The mentioned $37 mark may be seen as the nearest support level. Source: xStation5