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Shares of New Oriental Education and Technology are surging by more than 22% in Hong Kong. Shares of its online education and e-commerce subsidiary Koolearn Technology are jumping nearly 15%.
New Oriental Education on Wednesday reported that its revenue for the first quarter of the fiscal year 2023 reached $745 million, sliding 43.1% from a year earlier, but higher than market expectations. First-quarter net profit came in at $83.7 million yuan, falling by 24.7% from the year-ago period, also higher than market consensus.
Koolearn Technology’ earings have also been stronger than expected. During the period of June 1 – August 31, the company’s live-streaming e-commerce brand Dongfang Zhenxuan achieved sales of 2.25 billion yuan, according to the data from the company.
In the period of June – Sept, Dongfang Zhenxun ranked the top live-streaming channel on the platform of Douyin, Chinese domestic version of TikTok, for four consecutive months. On October 26, Dongfang Zhenxuan’s sales exceeded 40 million yuan, according to Huitun Data, a short video and live-streaming data provider.
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