The following is a summary of the QuantaSing Group Limited (QSG) Q2 2024 Earnings Call Transcript:
Financial Performance:
QuantaSing reported a notable increase in total revenues to RMB980.5 million, a 24.7% YoY and 12.8% QoQ rise, largely driven by their skills upgrading courses.
Gross profit of RMB835.5 million marked a gross margin of 85.2%, which decreased compared to 87.4% last year.
Sales and marketing expenses were RMB657.1 million, an increment of 5.5% YoY, attributed to increased outsourcing labor and marketing efforts.
An adjusted net income of RMB103.9 million resulted in an adjusted net margin of 10.6%.
The forecast for Q3 2024 expects revenues ranging between RMB900 million and RMB930 million, indicating a YoY increase of 11.5% to 15.2%.
Business Progress:
QuantaSing has debuted into the private label business with the introduction of YUNTING, its first Chinese Baijiu Brand within its live e-commerce offering.
AI technology is being utilized to improve operational efficiency and streamline processes.
The global online education market has been penetrated with the acquisition of Kelly's Education, marking a significant area of expansion for QuantaSing.
The company is focusing on converting repeat customers into paid ones by enhancing the quality of online learning platforms, and organizing various events.
New course offerings include financial literacy, recreations, and personal skills upgrading, indicating a broadening range of business services.
More details: QuantaSing Group IR
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