New Oriental Education & Technology reported a net revenue of $860.8 million for the fourth quarter of fiscal year 2023, well above market expectation of $693 million and surging 64.2% from $524 million a year earlier.Â
Net profit for the period reached $29 million, compared to market expectation of $2 million and surging 115.3% from a net loss of $189 million a year ago.Â
The company expects its net revenue for the first quarter of fiscal year 2024 to reach $983 million – $1 billion, surging 32% – 35% from a year earlier.Â
The company’s board of director has approved a plan to spend up to $400 million repurchasing shares.
The company’s stocks are surging more than 7% in the pre-trading session in the US.
