Summary by Moomoo AI
New Oriental Education Technology Group Limited announced on April 24, 2024 unaudited financial results for the third quarter ended February 29, 2024. NET INCOME FOR THE QUARTER WAS $1,207.3 MILLION, UP 60.1% YEAR-ON-YEAR, AND OPERATING PROFIT ROSE 70.6% YEAR-OVER-YEAR TO $113.4 MILLION. New Oriental shareholders accounted for net profit up 6.8% year-on-year to $87.2 million. The company increased its total number of schools and learning centres to 911 during the reporting period and achieved outstanding results in new business education, with revenues up 72.7% year-on-year. New Oriental CEO Zhou Chenggang said that the company will continuously invest resources in the development of the OMO system and use new technologies to improve education and product quality. The Company also extended its share repurchase program to May 31, 2024, and has cumulatively repurchased approximately 6.0 million shares of US Depository Shares. In addition, New Oriental expects net revenue for the fourth quarter of FY 2024 to rise 28% to 31% year-over-year.