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New Oriental | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Jan 24 20:54
Summary by Futu AI
New Oriental Education & Technology Group Inc. (New Oriental), a leading provider of private educational services in China, reported a significant increase in financial performance for the second fiscal quarter ended November 30, 2023. The company announced unaudited financial results, revealing a 36.3% year-over-year increase in total net revenues, reaching US$869.6 million. Notably, the operating income for the quarter was US$21.3 million, a substantial improvement from a loss of US$2.5 million in the same period of the previous fiscal year. Net income attributable to New Oriental saw an extraordinary rise of 4,007.4% year over year to US$30.1 million. The company's growth was driven by its educational new business initiatives and East Buy private label products and livestreaming e-commerce business. New Oriental...Show More
New Oriental Education & Technology Group Inc. (New Oriental), a leading provider of private educational services in China, reported a significant increase in financial performance for the second fiscal quarter ended November 30, 2023. The company announced unaudited financial results, revealing a 36.3% year-over-year increase in total net revenues, reaching US$869.6 million. Notably, the operating income for the quarter was US$21.3 million, a substantial improvement from a loss of US$2.5 million in the same period of the previous fiscal year. Net income attributable to New Oriental saw an extraordinary rise of 4,007.4% year over year to US$30.1 million. The company's growth was driven by its educational new business initiatives and East Buy private label products and livestreaming e-commerce business. New Oriental's expansion included an increase in the total number of schools and learning centers to 843, up from 793 as of August 31, 2023. The company's board of directors authorized a share repurchase program extension through May 31, 2024, with approximately 6.0 million ADSs repurchased for about US$194.2 million as of January 23, 2024. Looking ahead, New Oriental forecasts total net revenues for the third quarter of fiscal year 2024 to increase by 42% to 45% year over year. The company's management remains confident in sustaining healthy growth and operational efficiency moving forward.

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