New Oriental Education & Technology (NYSE: EDU) shareholders beat a surging market this week. The Chinese education services specialist's shares rose 17% through Friday afternoon trading, according to data provided by S&P Global Market Intelligence, compared to a 4% surge in the S&P 500. New Oriental on Wednesday announced fiscal fourth-quarter results for the period that ended in late May. Sales fell sharply as the company reduced its footprint in some areas while expanding more deeply into some established markets in big Chinese cities.
New Oriental Education & Technology Group Inc (NYSE: EDU) reported a fourth-quarter FY22 sales decline of 56.8% year-on-year, to $524 million. The decline was mainly due to the cessation of K-9 academic after-school tutoring services in compliance with the government policies in China. Non-GAAP operating costs and expenses decreased 53.6% Y/Y to $600.9 million. The operating loss for the quarter was $(105.6) million versus a loss of $(102.4) million last year. The company held $1.1 billion in ca
Today, you will hear from Stephen Yang, executive president and chief financial officer. New Oriental does not undertake any obligation to update any forward-looking statements except as required under applicable law. In addition, a webcast of conference call will be available on the Oriental Investor Relations website at investor.neworiental.org.