Summary by Futu AI
New Oriental Education & Technology Group Inc. (New Oriental), a leading provider of private educational services in China, reported a robust financial performance for the first fiscal quarter ended August 31, 2024. The company announced a significant year-over-year revenue increase of 30.5% to US$1,435.4 million. Excluding revenues from East Buy private label products and livestreaming business, the revenue growth was even higher at 33.5%, reaching US$1,278.2 million. Operating income surged by 42.9% to US$293.2 million, and net income attributable to New Oriental rose by 48.4% to US$245.4 million. The company's educational new business initiatives were the primary growth drivers. New Oriental also reported an expansion in its number of schools and learning centers to 1,089, reflecting its commitment to capacity expansion and operational efficiency. The...Show More