2023-04-19 17:19:00 ET
The largest provider of private-educational offerings in China also made for one of the most popular Chinese stocks on the market Wednesday. New Oriental Education & Technology Group (NYSE: EDU) saw its shares pop by 9%, thanks almost entirely to a highly encouraging set of quarterly results.
Well before market open on Wednesday, New Oriental Education unveiled its third quarter of fiscal 2023 figures. The company's net revenue shot nearly 23% higher on a year-over-year basis to more than $754 million. More dramatically, the education services provider flipped to a non- GAAP (adjusted) net profit of $95.4 million, or $0.56 per American Depositary Share (ADS), from a loss of roughly that total in the same period last year.
Both headline numbers positively trounced analyst estimates. On average, prognosticators following the stock were modeling slightly more than $714 million on the top line and only $0.13 for per-ADS, adjusted net profit.
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Why New Oriental Education Stock Blasted 9% Higher Today