On the evening of July 26, New Oriental announced the results for the fourth fiscal quarter and full year of fiscal year 2023 ending May 31, 2023. In the fourth fiscal quarter, New Oriental's revenue was US$860.6 million, better than market expectations of US$817.9 million, an increase of 64.2% over the previous year.
New Oriental said that the increase in revenue was mainly driven by the new education business, Dongfang's selection of self-operated products, and the live e-commerce business.
Revenue for fiscal year 2023 was $2,997.8 billion, a year-on-year decrease of 3.5%. Net profit was 177.3 million US dollars, and net loss for the same period last year was 1,187.7 million US dollars, an increase of 115% over the previous year.
At the same time, New Oriental stated in the financial report that its overseas business accounts for 28% of total revenue; college student-related business accounts for about 3%; new business accounts for 18%; and the rest is high school-related business and Oriental selection.
It can be seen from this that Oriental Selection's share of revenue in the New East should have reached about 50%. The “rebirth” of the New Oriental is also due in large part to the explosion of selection in the East. The subsequent development of Oriental's selection business will largely determine New Oriental's next performance trend. In April of this year, Oriental Selection, which had been at the top of the Douyin Delivery List for 10 consecutive months, was left behind, ranking third with a performance of 439 million yuan.
Meanwhile, New Oriental is optimistic about next quarter's revenue. This may be due to Douyin's general market growth, category expansion, and increased user penetration. Dongfang Selection's GMV limit can be raised. Furthermore, on July 12, the Oriental Selection App had its first independent live broadcast. Some market voices said that the new...