STG - Sunlands Technology Group shares gain on increase in gross billings and new student enrollments in Q1

Sunlands Technology Group (STG) shares up 5.9% premarket in response to Q1 results.Net revenues grew 22.9% Y/Y on the back of gross billings growth of 14.9% Y/Y and new students enrollments growth of 107.6% Y/Y.Gross profit grew 25.6% Y/Y.As of March 31, 2021, the company's deferred revenue balance was RMB2,902.5M.For 2Q21, the company currently expects net revenues to be between RMB600M-RMB620M, +17.1% to +21% Y/Y.CEO comment: "As a result of Sunlands' consistent focus on expanding and refining its master's degree-oriented programs, gross billings for these programs grew 73.6% year-over-year. New enrollments in Sunlands' master's degree programs jumped 72.8% year-over-year in the first quarter, significantly outpacing the market growth rate."

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Sunlands Technology Group shares gain on increase in gross billings and new student enrollments in Q1