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Operator

Good day, and thank you for standing by. Welcome to the Agora Inc. Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded.

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.

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 we — based on what the company believes today and actual results may differ materially. These forward-looking statements are subject to risks, 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 press release and the risk factors of other information contained in the final prospectus relating to the initial public offering. Agora Inc. remains no obligation to update any forward-looking statements the company may make on today’s call.

With that, let me turn the call over to Tony. Hi, Tony.

Bin Zhao
Co-Founder, CEO & Chairman

Thank you, operator, and welcome, everyone, to our earnings call. Let me begin with a review of our operating results for the quarter. I’m pleased to report another quarter of accelerating top line growth as well as our seventh consecutive quarter of

Big changes planned at Manchester food hall that has ‘struggled’

A Manchester food hall which has ‘struggled’ to get by is set for a major revamp with a new live music space alongside a pizza venue and bar.

New Century Hall, based near Victoria station in the city centre, submitted its plans to Manchester City Council in July.

A report stated that the food hall ‘has not proven commercially viable’, prompting the venue to take a new approach.

Planning documents explained more about the decision: ‘While the venue has successfully hosted events and performances, the day-to-day food hall operation has struggled due to the scale and character of the space and the building’s location slightly removed from the primary retail and leisure core of the city centre.’

Changes planned for the venue include ‘creating two independently operable yet connected venues capable of supporting a wider range of activities throughout the week.’

The new layout will ‘focus on live music’ alongside hosting a programme of gigs and private hire events.

It was reported in May that the new music space could fit up to 450 people for gigs, and that the new music space in the building would be separated by a sound-proofed partition wall.

Planning reports continued: ‘It will be a mid-sized room with the flexibility to be a band’s first gig venue, a place for the college students to hone their talents, a private party hire, a new community hub for the area.’

New Century is based in the grade II-listed New Century Hall building. The venue reopened in 2022 after a £10m revamp of the 1963-dated building, which was first built for use as offices and a conference hall.

The planning application is set to be decided by mid-September, while the deadline for a consultation on the plans will pass this week.

New Century sits in the NOMA area of central Manchester, part of the city where just a short distance away new apartment blocks have been built for growing numbers of people looking to call Manchester home.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

MSCI’s Asia Pacific equities gauge advanced 0.4%, with South Korea’s Kospi Index jumping almost 3%. Earlier, the S&P 500 rose 0.7% Thursday to a record, while the Nasdaq 100 climbed over 1% to its highest level since late June as increased hyperscaler spending buoyed tech shares.

Read more: Top FPIs ride out storm, outrun Nifty & Sensex in Q1Treasuries rose Thursday as US wholesale inflation cooled in July, sending yields across maturities lower. The yield on the rate-sensitive two-year bond fell six basis points to 4.14%. Money markets now price in less than a 40% chance of a Fed rate increase in September.

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Meanwhile, Brent was little changed around $87.20 a barrel early Friday after dropping more than 2% in the previous session, snapping a six-day rally.Back-to-back benign inflation prints, following last week’s softer-than-expected jobs report and a pullback in oil prices, are easing pressure on the Fed to tighten policy at its meeting next month. While the lack of a deal in the Middle East remains a concern, equity traders are also focusing on a revival in the artificial intelligence trade after a selloff in semiconductor stocks in July.
“The next round of data that we get in September and the lead up to the meeting will be pretty critical,” said BofA Securities economist Stephen Juneau. At the same time, “the market obviously has started to really discount hikes more and more given that the data in recent months has been more dovish.”
US wholesale inflation decelerated by more than forecast in July. The producer price index rose 4.7% from a year earlier, down from a 5.5% annual increase in June, and was unchanged from the previous month.

Even as Treasuries rallied Thursday, the US sold 30-year bonds at the highest yield in a quarter century, underscoring the premium investors are demanding to finance the nation’s deficits.

Long-term yields have surged above 5% this year as higher energy prices fueled concern that inflation would remain elevated and force the Fed to keep rates higher for longer. Those pressures have been compounded by heavy Treasury issuance after years of fiscal deficits and a wave of corporate borrowing to finance the artificial-intelligence boom.

Meanwhile, Fed officials remain divided over the path for rates.

Richmond Fed President Tom Barkin argued for holding steady as inflation eases, while Cleveland Fed President Beth Hammack reiterated her preference for a hike.

Thursday’s benign inflation reading, coupled with last week’s softer jobs report, may give Fed Chair Kevin Warsh enough room to keep rates unchanged, according to Arun Sundaram at CFRA.

“But the Fed’s decision is far from settled,” he said. “Investors still have several potential plot twists to digest.”

Elsewhere, the Trump administration is applying a 100% tariff on imports of unmanned aircraft systems and their components in a bid to cut the US’s reliance on foreign supplies of drones.

In Asia, the yen remained within striking distance of a key level against the dollar, even after Prime Minister Sanae Takaichi’s government was said to support an interest-rate increase. The Japanese currency was little changed early Friday, trading near 159.50 per dollar.

The Bank of Japan is likely to raise rates in either September or October, according to people familiar with the matter. Concerns at the central bank that yen weakness will fuel inflation are converging with the government’s desire to reinforce the impact of recent US-Japan currency intervention, strengthening the case for a near-term hike, the people said.

Landmarc International Properties has purchased a building in West Perth for $4.88 million with a view to converting it to luxury apartments. 

The Nedlands-based developer purchased 80 Colin Street from Knicross Enterprises, in a deal brokered by JLL. 

The deal followed the recent divestment of the Ross Memorial Church on Hay Street to the Faith Community Church, which adjoins 80 Colin Street. 

The two properties were initially offered for sale a part of one sales campaign, but Landmarc managing director Marcus Lip convinced the agent to separate the two assets. 

“I was asked by the church to help identify a suitable property for them, and Ross Memorial Church immediately stood out,” he said. 

“The property was originally being offered as three blocks together [but] given the church was heritage-listed, I felt it would be quite challenging for a developer to maximise the development potential of the entire site while dealing with the heritage constraints associated with the church.” 

80 Colin Street now (left) and a render of Landmarc’s proposed changes. Photo: (left) Claire Tyrrell

Mr Lip, who has developed luxury properties in South Perth, Nedlands, Booragoon and Doubleview, was drawn to the uniqueness of 80 Colin Street. 

He said another developer wanted to turn the two-storey mixed use building into a seven-storey development, which persuaded him to buy it.

“We had been looking at this precinct because of the church, and suddenly we realised that this beautiful old apartment building next door could potentially disappear,” he said. 

“That was the moment we started thinking very seriously about acquiring it ourselves.” 

The property, believed to be built in the 1920s, once housed medical and other professionals across 12 residences. 

Landmarc plans to convert the building into a luxury apartment complex, with dwellings valued at at least $1 million. 

The developer plans to restore the property and strata-title the units, so as to protect the building for the longer term. 

“Rather than treating the property as one development asset that could eventually be acquired and redeveloped, the intention is to create a community of owners who collectively have an interest in maintaining the building’s character,” he said. 

“We’re trying to give [the development] Westcourt the best possible chance of surviving another generation.” 

ASIC shows that the vendor, Knicross Enterprises, is majority owned by Australian catholic group Knights of the Southern Cross. 

That entity purchased the building from the Uniting Church in 1993, RP Data shows. 

Landmarc has embarked on the renovation of the apartments and is going through some council approvals.  

The developer expects completion in the first quarter of 2027.

JLL‘s Sean Flynn and Nigel Freshwater brokered the deal for 80 Colin Street. 

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The UK economy grew in June, according to latest ONS data, surprising many economists

The UK economy expanded by 0.4 per cent between April and June, according to official figures, though the outlook is expected to deteriorate as the year progresses. The Office for National Statistics (ONS) disclosed revealed the quarterly result was accompanied by a surprise growth figure of 0.3 per cent in June, surpassing analysts’ expectations.

Figures for May were revised downwards from 0.1 per cent growth to zero growth. City economists surveyed by Bloomberg had forecast second-quarter growth of 0.4 per cent, while June data was anticipated to show a decline in total product value of 0.1 per cent.

The services sector provided the primary boost to the UK economy over the three-month period, expanding by 0.5 per cent. Production remained stagnant with no change from the first quarter, while the construction sector struggled to gain traction with growth of just 0.3 per cent, as reported by City AM.

“Growth slowed in the second quarter of the year, following a strong start to 2026, but remained relatively robust,” Liz McKeown, director of economic statistics at the ONS, said.

“Within services, computer programming and advertising continued to perform strongly, as they have done throughout the year, while wholesale was a notable area of weakness.”

Second-quarter growth fell short of the activity recorded in the first three months of the year, when the UK’s official statistical body reported that GDP had risen by 0.6 per cent.

Schroders senior economist George Brown said the UK economy had demonstrated “resilient” qualities, though he cautioned that he suspected “seasonal quirks are flattering activity in the first half of the year, with growth likely to lose some steam later in 202”.

Yael Selfin, chief economist at KPMG, agreed, warning that “temporary tailwinds are likely to fade, and higher prices continue to squeeze households’ purchasing power”.

“Growth is expected to moderate in the coming months as the impact of higher prices and borrowing costs filter through to households and businesses,” Selfin said.

She further noted the figures had come as a surprise, with consumers having benefited from warm weather and having thus far weathered recent economic turbulence “remarkably well”. The ONS indicated that “sporting events”, widely interpreted as a reference to the World Cup, had provided a boost to consumer spending.

The deceleration in output and activity may unsettle Prime Minister Andy Burnham and Chancellor John Healey as they brace for a challenging Budget.

Both senior figures were cautioned that the UK economy’s trajectory hinged largely on President Trump’s decisions and Iran’s conduct across the Middle East, as well as the reopening of the Strait of Hormuz.

According to Bloomberg, Treasury officials warned the senior ministers that the UK economy would expand by just 0.3 per cent should the strait remain blocked for the remainder of the year. The Bank of England has similarly indicated it would increase interest rates if the strait stays closed for the rest of the year.

Independent forecasters have painted similarly bleak pictures for the UK economy.

Economists at EY have cautioned that the UK economy could tip into recession in a scenario where oil and gas supplies fail to leave or transit through the Gulf region, which accounts for roughly a fifth of global supplies.

Recent figures have highlighted that government spending has been a substantial driver of economic growth.

Healey faces mounting pressure from business leaders to deliver a confidence-boosting Budget against an increasingly gloomy economic backdrop.

Devolution is expected to be one of the centrepiece policies at the Budget, with the Chancellor having previously championed regional investment bodies to stimulate growth.

However, economists at Capital Economics have cautioned that reduced fiscal headroom and a raft of spending commitments on energy policy support and defence could compel him to raise approximately £25bn through tax increases.

Responding to the latest growth figures, Healey said: “I know people are worried about the impact of the conflict in the Middle East on their cost of living, which has been too high for too long and it has added pressure on British businesses.

“This is an active, hands-on government, putting British interests first – giving breathing space to those feeling the strain, making our country more resilient and bringing hope back”.

“We’ve seen the fastest growth in the G7 this year, but we now need to double down and drive growth in every postcode.”

Shadow chancellor Sir Mel Stride added: “Our economy is struggling because Labour have no plan for growth.

“Labour have mismanaged the economy with their tax and borrowing spree, leaving it weak and vulnerable to the effects of shocks like the Iran War.

“Yet Andy Burnham is gearing up to tax and borrow even more, doubling down on those failures.”