TAL Education recently released its unaudited financial report for the third quarter of the 2024 fiscal year as of November 30, 2023.
Revenue exceeded expectations, loss narrowed by 53.6%
During the reporting period, TAL's net revenue increased from $233 million in the same period last year to $374 million in the current quarter, a year-on-year increase of 60.5%, exceeding market expectations of $330 million.
In the third fiscal quarter, TAL's operating loss was 32.185 million US dollars, a decrease of 2.1% from the same period last year's operating loss of 32.882 million US dollars; The net loss attributable to Good Future was $23.946 million, compared to a loss of $51.579 million in the same period last year, a year-on-year decrease of 53.6%.
In terms of expenses, the operating costs and expenses for the third quarter of fiscal year 2024 were $406 million, an increase of 52.4% compared to $266 million in the same period of fiscal year 2023.
Among them, sales and marketing expenses increased from 70.4 million US dollars in the third quarter of fiscal year 2023 to 173 million US dollars, a year-on-year increase of 68.2%; Administrative expenses increased from $93 million in the same period last year to $111 million, a year-on-year increase of 19%.
Good Future's gross profit for the third quarter of fiscal year 2024 was $200 million, an increase of 54.4% from $130 million in the same period last year.
As of the end of this fiscal quarter, TAL Holdings held a total of $3.168 billion in cash, cash equivalents, and short-term investments, compared to $3.172 billion as of the end of fiscal year 2023.
In the financial report, Peng Zhuangzhuang, President and Chief Financial Officer of TAL, stated, "In this past quarter, we have continued to operate our core business while exploring additional development opportunities."
Peng Zhuangzhuang added, "In addition, we recognize the transformative potential of the new technology wave for our business operations and will leverage its power to serve our customers."
As of the close on January 25th Eastern Time, TAL's stock price rose 5.66% to close at $11.94 per share.
Baiyun Feng resigns as director, Liu Yachao takes over
It is worth noting that the quarterly report disclosed that Haomei Baiyun Feng has resigned from his position as a director of the company due to personal reasons, and this change will take effect from January 23, 2024.
Baiyun Feng graduated from Beihang University. I joined TAL Education in 2005 and have been serving as Senior Vice President since April 2011. I have been serving as President of TAL Education Group since October 2016. On January 21, 2020, TAL announced the appointment of Baiyun Feng as a director of the company. Resigned from the position of Group President on December 31, 2021 and continued to serve as Chairman.
Good Future stated that the board of directors has appointed Liu Yachao, the current Chief Operating Officer of the company, as a new director, effective from January 23, 2024.
It is reported that Liu Yachao joined TAL Education (formerly known as Xueersi Education) as a co-founder in 2005. He has served as the General Manager of the Online School and the General Manager of the Investment Business Unit, and has rich practical experience in strategic management, user operations, marketing, teaching and research and development.