New Oriental Education stock dropped 8% in premarket trading after announcing its financial results for the fourth fiscal quarter and fiscal year ended May 31, 2022.
Total net revenues decreased by 56.8% year over year to US$524.0 million for the fourth fiscal quarter of 2022.
Operating loss was US$105.6 million for the fourth fiscal quarter of 2022.
Net loss attributable to New Oriental was US$189.3 million for the fourth fiscal quarter of 2022.
The total number of schools and learning centers was 744 as of May 31, 2022, a decrease of 103 and 925 compared to 847 as of February 28, 2022 and 1,669 as of May 31, 2021, respectively. The total number of schools was 107 as of May 31, 2022.
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