Puxin Limited (NEW) stock surged 20.00% in the pre-market trading session at the price of $0.36 after reporting its financial results for the three and six months ended 30th June 2021.
Puxin Limited provides educational services by improving operational performance and the teaching quality of schools. The company has devised mobile applications to enhance learning experiences.
Q2 2021 Financial Results
On 29th December 2021, Puxin Limited (NEW) published its financial results for the three and six months ended 30th June 2021. Net revenue totaled RMB674.1M for the quarter ended 30th June 2021. It represents a 12.2% gain from RMB601.1M for the Q2 of 2020. For the first six months of 2021, the company has net revenue of RMB1,360.9M. It represents a rise of 0.6% from RMB1,352.4M for the first half of last year.
Net loss attributable to Puxin Limited (NEW) was RMB1,378.0M for the second quarter of 2021. For the same quarter of 2020, net income was RMB36.6M. The company has a net loss of RMB1,340.2M for the first six months of 2021. The net loss was RMB6.9M for the same period of 2020.
Chief Executive Officer of Puxin Limited (NEW), Mr. Yunlong Sha, remarked that they had been committed to ensuring the protection and health of their students and staff under the ongoing pandemic. As per the regulatory requirements, Puxin is determined to deliver tutoring services of academic subjects to all education centers across China.
The current governmental regulations are an opportunity for them to concentrate on their arts education programs and existing foreign programs. As education boosts personal growth, the company will fulfill society’s demand by providing quality educational services for foreign studies and arts. They remain focused on communities’ sustainable growth in line with the government’s guidance, Yunlong added.
Puxin Released Business Updates
On 24th December 2021, Puxin Limited (NEW) published its business updates following the current regulatory developments regarding after-school teaching services. Earlier in July, the competent authorities have enforced rules and regulations related to After-School Tutoring for Students in Compulsory Education and Further Alleviating the Burden of Homework.