EXCHANGE: New York
China Online Education Group (NYSE: COE) is a leading online education
platform in China, with core expertise in English education. The
Company's mission is to make quality education accessible and
affordable. The Company's online and mobile education platforms enable
students across China to take live interactive English lessons with
overseas foreign teachers, on demand. The Company connects its students
with a large pool of highly qualified foreign teachers that it
assembled using a shared economy approach, and employs student and
teacher feedback and data analytics to deliver a personalized learning
experience to its students.
China Online Education Group Announces Third Quarter 2017 Results
Net revenues increased by 95.1% year-over-year
Gross billings increased by 51.5% year-over-year
BEIJING, Dec. 4, 2017 /PRNewswire/ --China Online Education Group
("51Talk" or the "Company") (NYSE: COE), a leading online education
platform in China, with core expertise in English education, today
announced its unaudited financial results for the third quarter ended
September 30, 2017.
Third Quarter 2017 Financial and Operational Highlights
Net revenues were RMB236.1 million (US$35.5 million), a 95.1% increase from RMB121.0 million for the third quarter of 2016.
Gross billings were RMB353.4 million (US$53.1 million), a 51.5% increase from RMB233.2 million for the third quarter of 2016.
Gross margin was 61.8%, compared with 65.8% for the third quarter of 2016.
Percentage of gross billings contributed by K-12 students was 76.3%, compared with 58.1% for the third quarter of 2016.
Net cash used in operating activities was RMB19.8 million (US$3.0 million).