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

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 company's board of directors has extended and increased the Share Repurchase Program, with US$457.9 million already spent on repurchasing approximately 9.8 million ADSs. Looking ahead, New Oriental provided a positive outlook for the second quarter of fiscal year 2025, expecting a year-over-year revenue increase of 25% to 28%. The company's management expressed confidence in sustaining value for customers and shareholders through a balance of growth and profitability.