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Why Agora Stock Took a Hit on Tuesday

Why Agora Stock Took a Hit on Tuesday

Shares of Agora (NASDAQ: API) were slammed on Tuesday. Agora, a provider of a cloud platform that developers use to build video and voice engagement functionalities into their applications, reported fourth-quarter revenue of $33.3 million, up 74% year over year. "We closed the year with solid fourth quarter results, which demonstrate the power of contextual real-time engagement and our developer-first business model," explained Agora CEO and Chairman Tony Zhao in the company's earnings release.