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 third fiscal quarter ended February 29, 2024. The company announced unaudited financial results, revealing a 60.1% year-over-year increase in total net revenues, reaching US$1,207.3 million. Operating income saw a substantial rise of 70.6% to US$113.4 million, while net income attributable to New Oriental grew by 6.8% to US$87.2 million. The company's growth was primarily driven by its educational new business initiatives and East Buy private label products and livestreaming e-commerce business. New Oriental also reported an expansion in the number of schools and learning centers to 911, reflecting an increase in both domestic and overseas student...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 third fiscal quarter ended February 29, 2024. The company announced unaudited financial results, revealing a 60.1% year-over-year increase in total net revenues, reaching US$1,207.3 million. Operating income saw a substantial rise of 70.6% to US$113.4 million, while net income attributable to New Oriental grew by 6.8% to US$87.2 million. The company's growth was primarily driven by its educational new business initiatives and East Buy private label products and livestreaming e-commerce business. New Oriental also reported an expansion in the number of schools and learning centers to 911, reflecting an increase in both domestic and overseas student enrollments. The company's share repurchase program was extended through May 31, 2024, with approximately 6.0 million ADSs repurchased for about US$195.3 million as of April 23, 2024. Looking ahead, New Oriental expects total net revenues for the fourth fiscal quarter of 2024 to increase by 28% to 31% year over year. The company remains confident in its ability to achieve healthy growth across all business lines while enhancing operational efficiency.