Tough quarter for China Online Education Group
China Online Education Group, a global online education platform with a core focus on English education, has reported a net loss of $21.2 million for the first quarter of 2022, compared to net income of $1.2 million reported for the first quarter of 2021.
First-quarter revenue for the Beijing-based company was $9.5 million, a dramatic 89.7% drop from $92.4 million reported for the first quarter last year.
The company also announced it is selling off its online tutoring business in mainland China for one dollar to Dasheng Holding, which is owned by China Online Education Group’s chairman and chief executive Jiajia Jack Huang.
