Welcome to our dedicated page for New Oriental Education and Technology Group American Depositary Shares (each representing ten (10) Common Shares) news (Ticker: EDU), a resource for investors and traders seeking the latest updates and insights on New Oriental Education and Technology Group American Depositary Shares (each representing ten (10) Common Shares) stock.
New Oriental Education & Technology Group, Inc. (NYSE: EDU, SEHK: 9901) is the preeminent private educational services provider in China, distinguished by its comprehensive range of educational programs, services, and products. Founded in 1993 by Michael Yu, New Oriental has built an extensive portfolio that includes foreign language training, test preparation courses, all-subjects tutoring, primary and secondary education, and specialized online education offerings.
With over 23.4 million student enrollments since inception, New Oriental has become a household name in Chinese private education, embodying a blend of interactive teaching techniques and traditional Chinese educational values. The company's recent ventures, including non-academic tutoring and intelligent learning systems, are gaining traction, evidenced by the 629,000 student enrollments in non-academic tutoring and 99,000 active users of its intelligent learning devices as of May 31, 2023.
New Oriental also boasts significant financial growth, reporting a 64.2% year-over-year increase in net revenues for the fourth fiscal quarter of 2023, mainly driven by its new educational initiatives and East Buy's private label products and e-commerce business. The company achieved an operating income of $48.1 million and a GAAP operating margin of 5.6% for the same period.
Additionally, New Oriental maintains robust liquidity, with cash and cash equivalents totaling approximately $4.5 billion as of the end of fiscal year 2023. The company also actively pursues share repurchase programs, repurchasing approximately $191.7 million worth of ADSs from the open market under its current program.
New Oriental's commitment to quality and innovation is reflected in its sustained revenue growth, diverse educational offerings, and strategic investments in technology and e-commerce. The company's executive leaders, including Michael Yu, Chenggang Zhou, and Stephen Zhihui Yang, underscore its strategic initiatives and financial health, ensuring long-term value for both customers and shareholders.
New Oriental Education & Technology Group Inc. (NYSE: EDU) has been identified by the SEC as a Commission-Identified Issuer under the Holding Foreign Companies Accountable Act (HFCAA) due to the inability of PCAOB to inspect its auditor's working papers. This identification follows the company's filing of its annual report on Form 20-F for the fiscal year ending May 31, 2022. If identified for three consecutive years, the company's shares may face trading prohibitions in the U.S. The company continues to explore solutions to protect stakeholder interests while adhering to regulatory requirements.
New Oriental Education and Technology Group Inc. (NYSE: EDU) will release its financial results for the first quarter ending August 31, 2022, before U.S. markets open on October 26, 2022. The management team will hold an earnings conference call at 8 AM U.S. Eastern Time on the same day. Interested participants can register for the call via a provided link or join through a live webcast. New Oriental offers diverse educational services in China, including test preparation and online education.
New Oriental Education & Technology Group Inc. (NYSE: EDU) has filed its annual report on Form 20-F for the fiscal year ending May 31, 2022, with the SEC on September 29, 2022. The report includes audited consolidated financial statements and is accessible on their investor relations website. Additionally, the company has published its annual report for Hong Kong listing purposes, complying with HKEX regulations. Shareholders can request a hard copy of the report free of charge. The company continues to provide education services across China, expanding its offerings in various sectors.
New Oriental Education & Technology Group (NYSE: EDU) reported significant financial challenges for Q4 FY2022, with total net revenues declining by 56.8% year-over-year to US$524.0 million. The operating loss increased to US$105.6 million, while net loss attributable to the company soared to US$189.3 million. For FY2022, net revenues fell 27.4% to US$3.1 billion, leading to a net loss of US$1.2 billion. Despite restructuring efforts and a strong cash position of US$4.2 billion, the company anticipates continued revenue decline in Q1 FY2023.
Healthera, a health-tech platform based in Cambridge, secured investment from Serafund, a VC fund led by Bob Xiaoping Xu. The funding, structured as a convertible loan note, was oversubscribed with contributions from existing investors. This follows Healthera's previous Series A funding round and aims to enhance its tele-pharmacy platform, expand partnerships, and improve pharmacy operations. Healthera serves millions of patients through over 1500 UK pharmacies and partners with industry leaders like Superdrug and Alliance Healthcare.
New Oriental Education and Technology Group Inc. (NYSE: EDU) will report its financial results for the fourth quarter ended May 31, 2022, on July 27, 2022, before the U.S. market opens. An earnings conference call is scheduled for 8 AM U.S. Eastern Time, with registration required for participants. The press release outlines the company's services, which include test preparation and online education, emphasizing its position as a leading private education provider in China. Details for joining the call and accessing replays are also provided.
New Oriental Education (NYSE: EDU) reported a significant decline in its financial performance for Q3 FY2022, with net revenues dropping by 48.4% year-over-year to US$614.1 million. The operating loss reached US$141.2 million, contrasting with an operating income of US$101.5 million in the same quarter last year. Net loss attributable to New Oriental was US$122.4 million, compared to a net income of US$151.3 million in Q3 FY2021. Despite these challenges, significant growth in overseas test prep and adult education segments was noted, growing by 15% and 59% year-over-year respectively.
New Oriental Education and Technology Group Inc. (NYSE: EDU) announced it will release its third-quarter financial results for the period ending February 28, 2022, on April 26, 2022, before U.S. markets open. A conference call will be held at 8 AM ET on the same day, allowing participants to join via registration or through a live webcast. The earnings report is anticipated to provide insights into the company's performance amid ongoing market challenges in the education sector in China.
New Oriental Education & Technology Group Inc. (NYSE: EDU) announced a change in the ADS Ratio from 1:1 to 1:10, effective around April 8, 2022. This adjustment, akin to a one-for-ten reverse ADS split, requires ADS holders to exchange ten existing ADSs for one new ADS. No fractional ADSs will be issued; instead, any fractions will be sold, and proceeds distributed to ADS holders. The company expects a proportional increase in ADS trading price post-change, though no assurances are made. This change does not impact the underlying common shares.
New Oriental Education & Technology Group Inc. (NYSE: EDU) announced plans to cease K-9 academic tutoring services by the end of 2021 due to new Chinese regulations. This change is expected to significantly decrease revenue, as K-9 services constituted approximately 50-60% of total revenues in recent fiscal years. The company will redirect efforts towards non-academic offerings like test prep and language courses. New Oriental remains committed to compliance and will adjust operations as required amidst ongoing market changes.
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