In recent weeks, the education services sector in China has been in considerable focus among investors due to possibility of new regulations and on Wednesday it was the Meten EdtechX Education Group Ltd (NASDAQ:METX) stock that was in focus.
Yesterday, the Meten EdtechX stock was in focus among investors after the company announced its financial results for the second fiscal quarter and the half year, both of which ended on June 30, 2021. Investors seemed to have been impressed with the company’s performance as well and the stock soared by as much as 10% on Wednesday.
In the second quarter, Meten EdtechX managed to bring in revenues to the tune of as much as RMB204.8 million and that reflected a year on year rise of as much as 8.2%. On the other hand, the revenues for the half year soared by as much as 10.9% on a year on year basis and hit RMB411.3 million.
The gross profits for the second fiscal quarter stood at RMB66.2 million and that represented a rise of 23.4% on a year on year basis. The improvement was brought about by a better performance in operational efficiency and gross billings. It now remains to be seen if the Meten stock can continue to add to its gains today.