Chinese private tutoring company New Oriental on Wednesday reported a 64.2% growth in total revenues for the quarter that ended in May, which the company attributed to the increase from its educational new business initiatives and livestream e-commerce business. Total net income, amounted to $29 million during the period, compared to a $189.3 million loss a year prior. Though profits are still less than half from their heyday, the New York and Hong Kong dual-listed company has achieved a fourth consecutive quarter of profitability after it was hit by China’s regulation on private tutoring that began in July 2021. New Oriental is currently preparing for its new cultural tourism operation, with the firm’s CFO saying at the related earnings call they are “excited” about the new business as they did in the e-commerce transition effort. [New Oriental]
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