Meten EdtechX Educations Group Ltd (NASDAQ:METX) Jumped 10%after announcing unaudited Q2 and financial results for six months ending June 30, 2021.The company reported an 8.2% growth in revenue in Q2to $31.7 million, with revenue for the six months increasing 10.9% YoY to $63.7million attributed to string gross billing rebound after the effect of the pandemic waned.
In addition, junior ELT revenue under the Meten brand was up 256% YoY in Q2 2021 to $3.3 million and up 269.3% YoY for the six months to $6.1 million supported by new product development and investments.
The company reported gross profit growth of 23.4% YoY in Q2to $10.2 million attributable to gross billing improvement and operational efficiency.For the first half of the year, gross profit was up 52% to $21.2 million. As of the end of the quarter, the company had around 1-02 learning centers working. In addition, the company closed an additional eight offline learning centers during the quarter to maximize offline centers’ layout. So, in the coming months, METX is worth keeping an eye on.
On Tuesday, METX stock moved up 9.60% at $0.5865 with more than 3.20 million shares, compared to its average volume of 4.88 million shares. The stock has moved within a range of $0.5400 – 0.6100 after opening the trade at $0.5454.