Overnight US stocks | NEW ORIENTAL-S (09901) opened nearly 15% lower, dragged down by EAST BUY's performance, causing New Oriental's stock price to plummet 23%.

Overnight, New Oriental Education & Technology Group, Inc. Sponsored ADR (EDU.US) plummeted 23% after its performance report. NEW ORIENTAL-S (09901) also opened nearly 15% lower in the morning session, and by the time of writing, it had fallen by 14.99% to HK$39.7 with a trading volume of HK$670,900. On January 21st, EAST BUY released its mid-term performance report for the six months ending November 30, 2024. During the reporting period, EAST BUY's continuing operations achieved operating income of approximately 2.187 billion RMB, a year-on-year decrease of 9.32%. The company's net loss from continuing operations was 96.503 million RMB, compared to a net profit of 160 million RMB in the same period last year. Excluding the financial impact of the sale of Equally Competing, the net profit from continuing operations for the reporting period was 32.7 million RMB. The financial report showed that for the quarter ending November 30, 2024, New Oriental Education & Technology Group, Inc. Sponsored ADR had revenue of 1.039 billion USD, an increase of 19.4% from the same period last year which was 870 million USD. Operating profit was 19.255 million USD, a decrease of 9.8% from 21.34 USD in the same period last year. Non-GAAP operating profit was 27.58 million USD, a decrease of 45.8% from 50.9 million USD in the same period last year. Operating profit was 25 million USD, an increase of 102.5% from the same period last year.