Summary by Moomoo AI
New Oriental Education & Technology Group announced its 2024 financial year report, as of May 31, 2024, the company's net income increased by 43.9% compared to the previous financial year, reaching 4.3136 billion US dollars. Service net income increased by 37.6% to 3.501 billion US dollars, mainly benefiting from new educational initiatives such as the growth of non-academic tutoring programs. Product net income from brand products and live e-commerce business increased by 79.4% to 0.8126 billion US dollars, with significant sales growth on the live e-commerce platform. Operating costs and expenses totaled 3.9632 billion US dollars, an increase of 41.2% from the previous year, primarily due to the rise in costs related to revenue growth and business expansion. The company's net income increased by 38.2% to 0.3252 billion US...Show More