New Oriental Education reports Q4 results, announce $400 million stock buyback
COMPANY NEWS STOCKS
New Oriental Education reports Q4 results, announce $400 million stock buyback
COMPANY NEWS STOCKS

New Oriental Education reports Q4 results, announce $400 million stock buyback

 

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New Oriental Education & Technology Group announced its unaudited financial results for the fourth fiscal quarter and fiscal year ended May 31, 2022.

  • Total net revenues decreased by 56.8% year over year to $524.0 million for the fourth fiscal quarter of 2022.
  • Operating loss was $105.6 million for the fourth fiscal quarter of 2022.
  • Net loss attributable to New Oriental was $189.3 million for the fourth fiscal quarter of 2022.
  • The total number of schools and learning centers was 744, a drop of 103 and 925 compared to 847 as of February 28, 2022 and 1,669 as of May 31, 2021, respectively.

New Oriental’s board of directors authorized the repurchase of up to $400 million of the Company’s common shares during the period from July 28, 2022 through May 31, 2023, it said.