New Oriental reports mixed Q3, core business sees growth

New Oriental Education & Technology Group Inc. (HKEX: 9901) announced unaudited financial results for the third fiscal quarter ended February 28, 2025, revealing a nuanced performance. Total net revenues decreased by 2.0% year-over-year to USD 1,183.1 million, while revenues excluding those from East Buy private label products and livestreaming increased by 21.2% to USD 1,038.3 million. Operating income rose 9.8% to USD 124.5 million. Net income attributable to New Oriental edged up 0.1% to USD 87.3 million. The company's overseas test preparation and study consulting segments saw revenue increases of 7.1% and 21.4%, respectively, while domestic test preparation for adults and university students grew by 17.0%. The company expects Q4 revenues, excluding East Buy, to increase by 10% to 13%. The company repurchased approximately 14.4 million ADSs for about USD 695.5 million under the share repurchase program.