TAL - TAL Education stock sinks after revenue and bottom-line disappoints in Q1

• TAL Education ( NYSE: TAL ) stock down around 8% at last check after the company reported revenue decline of ~84% Y/Y in Q1.
• The company's bottom-line shed about 50% Y/Y.
• As per the consensus estimate , the company's revenue is expected to fall ~78% for FY2023, due to the Chinese government's crackdown on private tutoring.
• "Our performance this quarter demonstrates the combined efforts of our experienced management team, innovative employees, and our extensive business partners. In the process of our transformation, we are focused on developing new initiatives that match the mega trends in our industry and the broader ecosystem." said Alex Peng, TAL's President & Chief Financial Officer. We believe TAL's trusted brand, operational excellence and pedagogical know-how will position the company for the transformation we are going through."
• In the last week of June, was added to a list of companies that may face delisting from U.S. exchanges under the Holding Foreign Companies Accountable Act failing to meet U.S. auditing standards.
• On YTD basis, stock has outperformed the broader market index:

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