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Tarena International Inc (NASDAQ:TEDU) reported second-quarter FY23 sales of $75.16 million, beating the analyst consensus of $71.96 million. Net revenues decreased by 16.0% year-over-year to RMB545.0 million.
Total student enrollments in IT-focused supplementary STEAM education increased 0.6% to 177,500.
Gross profit decreased 26% Y/Y to RMB278.7 million ($38.4 million), and the gross margin contracted 690 basis points to 51.1%.
Total operating expenses decreased by 13.1% to RMB285.5 million.
The operating loss for the quarter was RMB(6.8) million versus an income of RMB48 million last year.
The company held RMB368 million ($50.8 million) in cash and equivalents as of June 30, 2023.
Adjusted earnings per ADS of $0.10 beat the consensus estimate of $(0.02).
"Driven by relatively stable market demand for STEAM education, our STEAM education services recovered from the pandemic's impact over the past quarters, with net revenues growing at 39% quarter over quarter and returning to its level in the same period of 2022 thanks to cash receipt growth, demonstrating our business resilience," said CEO Ying Sun.
Price Action: TEDU shares closed higher by 10.96% at $2.53 on Monday.
Posted In: TEDU
