On August 13th, Thunder released its unaudited financial report for the second quarter ending on June 30th, 2024. The financial report shows that in the second quarter, the company's total revenue was 79.6 million US dollars, a year-on-year decrease of 23.7%. Net profit of 2.5 million US dollars, compared to 5 million US dollars in the same period last year. Under non GAAP accounting standards, the net profit was $3.2 million, compared to $8.4 million in the same period last year.
The company explained in its financial report that the decline in total revenue for this quarter was mainly due to Thunder's proactive reduction of domestic voice live streaming business since June 2023, resulting in a decrease in live streaming revenue.
In terms of business, in the second quarter, Thunder's membership business increased, with revenue of 32.9 million US dollars, a year-on-year increase of 10.8%. As of June 30, 2024, the number of member users is approximately 5.71 million; During the same period last year, the number of member users was approximately 4.72 million. In the second quarter, the average revenue per member was 39.5 RMB.
In the second quarter, the company's cloud computing revenue was 26.4 million US dollars, a year-on-year decrease of 13.8%. The main reason is the decrease in revenue generated by certain major customers of the company's cloud computing services, as well as the decline in sales of cloud computing hardware equipment. Thunder stated that it will continue to increase its research and development investment in the field of cloud computing, improve its technological strength and service quality, in order to cope with the challenges brought by market changes. In the long run, the prospects of this business are optimistic.
The revenue of live broadcast and other Internet value-added services was US $20.3 million, down 53.9% year on year, mainly due to the reduction of domestic voice live broadcast business, but the initial results of overseas business expansion, to some extent, led to the growth of revenue after the reduction of business. The revenue of live broadcast and other Internet value-added services in the last quarter was US $17.1 million.
As a technology-based company, Thunder still maintained stable R&D investment this quarter. According to the financial report, in the second quarter, Thunder's research and development expenses amounted to $17.5 million, accounting for 21.9% of total revenue, compared to $17.2 million in the same period last year, accounting for 16.5% of total revenue.
In June last year, Thunder announced that its board of directors had authorized the repurchase of up to $20 million worth of shares within the next 12 months. As of June 30, 2024, the company has spent approximately $4.7 million on stock buybacks under this plan. Thunder announced in the second quarter that it will launch a new round of repurchase plans, stating that it will repurchase up to $20 million worth of stocks in the next 12 months. As of June 30, 2024, under the new repurchase plan, the company has repurchased Thunder stocks worth $500000.
As of June 30, 2024, the company held cash, cash equivalents, and short-term investments of $263.4 million.
In the second half of 2024, our core strategy is to focus on deepening customer service, continuously enriching our product line, innovating interactive experiences, and implementing precise and efficient localized operation strategies to enhance product penetration and accelerate global business expansion. We will confidently invest in emerging projects and strive to transform innovation into long-term growth drivers. Looking ahead, we will continue to expand our business scale, create long-term value, and promote sustainable growth, "said Li Jinbo, Chairman and CEO of Thunder Group.
Thunder expects a total revenue range of $81 million to $86 million for the third quarter of 2024. On average, the third quarter revenue increased by approximately 4.9% month on month.