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Earnings Call Summary | 17 Education & Technology(YQ.US) Q4 2023 Earnings Conference

Futu News ·  Mar 21 12:08  · Conference Call

The following is a summary of the 17 Education & Technology Group, Inc. (YQ) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • 17 Education & Technology Group reported Q4 net revenues of RMB47.3 million, up 19.7% year-on-year.

  • The net loss for Q4 2023 was RMB98.4 million, an improvement from the RMB103.1 million loss in Q4 2022.

  • The adjusted net loss (non-GAAP) for Q4 2023 was RMB81.8 million compared to RMB70.1 million in Q4 2022.

  • The gross margin for Q4 2023 was 43.4%, lower than the 52.1% reported in Q4 2022.

  • As of December 31, 2023, the company had cash reserves of RMB476.7 million.

Business Progress:

  • The company reported increased revenue from its teaching and learning SaaS business, indicating potential for future growth.

  • Operational efficiency has improved through successful expense management.

  • A strong commitment to educational digitalization exists, which is expected to sustain development and boost operational efficiency.

  • A share repurchase agreement involving 58,453,168 Class B ordinary shares has been entered with founder, Chairman, and CEO Mr. Andy Chang Liu, reflecting his confidence in the company's long-term growth.

More details: 17 Education & Technology IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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