New Oriental posts strong quarter, sees annual revenue up 14% to 18%
Educational services provider New Oriental Education & Technology Group Inc. (9901.HK; EDU.US) on Wednesday reported its revenue rose 23.1% year-over-year to $1.87 billion in the three months to August, the first quarter of its fiscal year, while it profit climbed 13.5% to $273 million.
Revenue from the company’s overseas test preparation and overseas study consulting businesses increased by 7.7%. Its domestic test preparation business for adults and university students jumped 22.3% year-over-year, and revenue from new educational initiatives grew by roughly 24.7%.
Chairman Yu Minhong, who also uses the English name Michael, said that non-academic tutoring courses have now reached 60 cities, enrolling 476,000 students. Meanwhile, intelligent learning systems and devices have been adopted in about 60 cities, garnering approximately 515,000 active paid users.
New Oriental said it expects revenue for its current fiscal year, which runs through August 2027, to land between $6.45 billion and $6.68 billion, marking a year-over-year rise of 14% to 18%.
Shares of New Oriental fell 14% to close at HK$36.76 on Thursday. The stock is down 26% from its 52-week high.
By Lau Chi Hang
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