Stock Track | EAST BUY Soars 11% on Surging First-Half Profit

Stock Track08-27

Shares of EAST BUY (HKG:01797), an online education company, surged as much as 11.21% in mid-day trading on 2024-08-26, driven by the company's strong earnings results for the first half of 2024.

In its interim results filed on Friday, EAST BUY reported attributable profit of 1.72 billion yuan for the January-June period, a significant increase of 77% compared to 971.3 million yuan in the same period last year. Earnings per share also rose sharply to 1.61 yuan from 0.91 yuan a year ago. The company's revenue grew by 57% year-over-year to 7.07 billion yuan.

EAST BUY's stellar first-half performance fueled investor optimism, pushing the company's stock to a gain of 6.25% to HKD 11.56 by the market close on Monday. The online education sector has benefited from increasing demand for digital learning solutions, and EAST BUY's robust financial results reflect its ability to capitalize on this trend.

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