China Online Education Group, the online and mobile education platforms that enable students to access live interactive English lessons with international foreign teachers, has announced 2021 net income of ¥105.7 million (£12.6 million), down from net income of ¥147 million for 2020. Net revenue for 2021 was ¥2.17 billion, up from ¥2.05 billion reported for 2020.
The Beijing-based company also reported results for the fourth quarter of 2021. Its net income for the quarter was ¥52 million, compared to net income of ¥31.8 reported for the fourth quarter of 2020. Net revenue for the quarter was ¥412.8 million, compared to net revenue of ¥535.1 million reported for Q4 2020.
In addition, China Online Education announced third-quarter 2021 net income of ¥72.7 million and third quarter 2021 revenue of ¥573.6 million.
Jack Jiajia Huang, founder, chairman and chief executive of 51Talk, subsidiary of China Online Education said: “In response to the changes in regulations related to after-school tutoring promulgated by the Chinese government, we have taken measures to restructure our business so that the company’s 2022 strategy will keenly focus on overseas business. In the fourth quarter, net gross billings of overseas business have reached $2.9 million, representing 222.1% sequential growth.
“As the overseas business momentum continue to build, we have extended our product offerings to students in more than 50 countries and regions outside mainland China. We have been able to leverage our strength in high-quality teacher resources, interactive curriculum, and advanced technology platform to quickly establish presence in a new market. We will stick with our business model which balances growth with profitability and was proven in the mainland China market. We are excited in exploring opportunities in oversea markets and allow our Filipino teachers to help more students to be able to talk to the world.”
Date published: 24 March 2022