Koolearn Technology surges over 25% to hit highest since June after reported narrower losses for fiscal year 2022
COMPANY NEWS STOCKS
Koolearn Technology surges over 25% to hit highest since June after reported narrower losses for fiscal year 2022
COMPANY NEWS STOCKS

Koolearn Technology surges over 25% to hit highest since June after reported narrower losses for fiscal year 2022

 

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Koolearn Technology, the online education and e-commerce arm of New Oriental Education, surges more than 20% to hit HK$28.9 in Hong Kong, the highest level since June.

The company has reported that its net loss for the fiscal year of 2022 ended May 31 narrowed by 67.8% from the previous year and its adjusted net loss narrowed by 72% to 364 million yuan. Its live-streaming e-commerce revenue for the fiscal year reached 24.6 million yuan, with gross profit margin at 37.8%. Notably, the earnings result doesn’t include the strong performance after its live-streaming e-commerce business went viral in June.

Industry data showed that GMV of Dongfang Zhenxun, Koolearn Technology’s online live-streaming brand, in the recent 90 days reached 2 billion yuan, with average daily sales more than 22 million yuan.

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