QuantaSing Group Ltd. (NASDAQ:QSG), the Chinese online learning service provider, posted double-digit revenue growth in Q2 of fiscal year 2024, buoyed by growing demand for the company's courses aimed at seniors.
For the three months ended December 31, 2023, QuantaSing reported revenue of RMB 980.5 million ($138.1 million), up 24.7% year-over-year. Net income in the quarter was RMB 107.6 million ($15.2 million). That compares to a net loss of RMB 41.4 million in the year-ago fiscal second quarter.
The growth seen in the quarterly results was driven by a 44.6% increase in total registered users to 112.4 million from 77.8 million as of December 31, 2022. Paying learners increased 24.2% year-over-year to about 0.4 million.
Looking out to the full fiscal year 2024, QuantaSing expects revenue to come in between RMB 900 million to RMB 930 million, representing a year-over-year increase of 11.5% to 15.2%.
Capitalizing On The Aging China Population
QuantaSing is one of the largest providers of online education for adults in China, focusing on both the learning and personal interest markets. Using cutting-edge technology including livestreaming and artificial intelligence, QuantaSing provides seniors with easy-to-understand, affordable and accessible online courses. It's capitalizing on the aging population in China, which is growing at such rates the World Bank designated it a "super-aged society."
As of 2023 China had more than 297 million residents aged 60+, accounting for 21.1% of the total population. This group has money to spend and is on a quest to pursue hobbies ...