17 Education & Technology Group Inc. (NASDAQ:YQ) is moving higher in the pre-market session on Tuesday .
YQ Issued Earnings Late Monday
17 Education & Technology Group Inc. Announces First Quarter 2021 Unaudited Financial Results
- Net revenues were RMB474.2 million (US$72.4 million), which exceeded the high-end of the Company’s guidance by RMB4.2 million and represented a year-over-year increase of 107.1% from RMB229.0 million in the first quarter of 2020.
- Net revenues from online K-12 tutoring services were RMB463.0 million (US$70.7 million), representing a year-over-year increase of 118.0% from RMB212.4 million in the first quarter of 2020.
- Gross billings of online K-12 tutoring services2 (non-GAAP) were RMB603.5 million (US$92.1 million), representing a year-over-year increase of 125.7% from RMB267.4 million in the first quarter of 2020.
- Paid course enrollments3 were approximately 543 thousand, representing a year-over-year increase of 105.7% from approximately 264 thousand in the first quarter of 2020.
- Gross margin was 60.4%, compared with 64.1% in the first quarter of 2020.
- Net loss was RMB659.7 million (US$100.7 million), compared with net loss of RMB224.2 million in the first quarter of 2020.
- Adjusted net loss4 (non-GAAP), which excluded share-based compensation expenses of RMB70.8 million (US$10.8 million), was RMB588.8 million (US$89.9 million), compared with adjusted net loss (non-GAAP) of RMB178.7 million in the first quarter of 2020. Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 124.2%, compared with negative 78.0% in the first quarter of 2020.
- Based on management’s current estimates, total revenues for the second quarter of 2021 are expected to be between RMB640.0 million and RMB660.0 million, representing a year-over-year increase of 135.8% to 143.2% from the second quarter of 2020.
Market Action
As of 7:40, YQ stock is increases by 18 cents or 4% to trade at $3.26. So far more than 92K shares have exchanged hands.
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