TAL - TAL Education posts surprise loss despite topping sales expectations for fiscal Q4

2023-04-27 06:25:18 ET

TAL Education ( NYSE: TAL ) posted a mixed earnings result for the fiscal fourth quarter on Thursday.

The Chinese online education company reported a $0.02 per share loss against the expectation of breakeven EPADS. However, about a 50% drop in revenue year over year to $269M was less steep than analysts had anticipated.

"In fiscal year 2023, we underwent significant transformation. Some of our newer initiatives, such as enrichment learning, smart books and smart devices exhibited material development. While we are encouraged by the development, we continue to upgrade our product offerings and operational efficiency,” CFO Alex Peng said. “As the industry continues to evolve and technology advances, we will endeavor to explore and seize new opportunities in the new fiscal year.”

Shares of TAL Education ( TAL ) edged about 0.7% higher in early premarket trading.

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