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

Stock Track08-27

Shares of Hong Kong-listed online education company EAST BUY (01797) surged as much as 6.92% in mid-day trading on Monday, August 27th, 2024. The stock's rally was fueled by the company's robust financial results for the first half of 2024, which exceeded market expectations.

According to EAST BUY's interim report for the January-June period, the company's attributable profit soared by 77% year-over-year to 1.72 billion yuan (approximately $245 million). Earnings per share also saw a sharp increase, rising to 1.61 yuan from 0.91 yuan in the same period last year. EAST BUY's revenue grew by an impressive 57% compared to the first half of 2023, reaching 7.07 billion yuan.

The online education sector has witnessed strong growth in recent years, driven by the increasing demand for digital learning solutions. EAST BUY's robust financial performance and subsequent stock price surge demonstrate the company's ability to capitalize on this trend and solidify its position as a leading player in the industry.

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