New Oriental saw its revenue up 262.7 percent year on year to 2.08 billion yuan (US$306.6 million) in the second half of the fiscal year ended November 30, 2022, the company said Tuesday night. Its e-commerce live streaming business Dongfang Zhenxuan contributed 1.77 billion yuan. The company turned a profit of 585 million yuan, while it lost 544 million yuan in 2021.
After China banned off-campus schools for K12 students, New Oriental shut down most of its education businesses and shifted focus to e-commerce. By the end of November, the college education business that left contributed 295 million yuan, up by 10.3 percent.