China Online Education Posts Sequentially Narrower Net Loss In Q2; CFO Resigns, Names New CFO

(RTTNews) - China Online Education Group (COE) reported Tuesday that its net loss for the second quarter was $15.0 million, including net loss from continuing operations of $4.6 million and net loss from discontinued operations of $10.4 million.

Net loss per share was $0.04, and net loss per American depositary share or ADS was $0.67.

In the preceding first quarter, the online education platform's net loss was $21.17 million or $0.06 per share, and $0.95 per ADS.

Adjusted net loss was $14.9 million or $0.04 per share, including non-GAAP net loss from continuing operations of $4.5 million.

Net revenues for the second quarter of 2022 were $3.5 million, while preceding first quarter's revenues were $1.88 million.

Gross billings of continuing operation were $7.8 million.

Looking ahead for the third quarter, the company currently expects gross billings to be between $8.0 million and $8.2 million.

The above outlook is based on current market conditions and reflects the company's current and preliminary estimates of market and operating conditions and customer demand.

Further, the company announced that Min Xu, Chief Financial Officer, has resigned for personal reasons, effective September 30. Chun Tang, Vice President of Finance of the Company, will assume the role of Chief Financial Officer starting on October 1.