On October 25th, New Oriental disclosed its unaudited financial performance for the first quarter of the 2024 fiscal year as of August 31, 2023. According to the financial report, New Oriental achieved a net revenue of 1.1 billion US dollars during the reporting period, a year-on-year increase of 47.7%; The net profit attributable to New Oriental shareholders was $165 million, a year-on-year increase of 150.6%.
In response to performance changes, New Oriental stated in its financial report that the increase in net revenue was mainly due to New Oriental's educational attributes and new business, as well as the increase in revenue driven by Eastern Selection's self operated products and live streaming e-commerce business. It is understood that New Oriental's non disciplinary tutoring business has been carried out in nearly 60 cities, with approximately 438000 registrations this quarter. Meanwhile, New Oriental's intelligent learning system and devices are also being adopted in approximately 60 cities, with approximately 181000 active paying users in this quarter.