Net profit in the first nine months was US $ 6.47 million, compared with US $ 268 million in the same period last year, a year-on-year decrease of 97.6%.

Before today ’s U.S. stock market, Good Future announced its Q3 financial report for fiscal year 2020. Compared with the losses in the previous two quarters, this quarter turned losses into profits, but the net profit also declined significantly.

Q3 net profit was US $ 28.18 million, which was US $ 124 million in the same period last year, a year-on-year decrease of 77.2%; net profit in the first nine months was US $ 6.47 million, which was US $ 268 million in the same period last year, a year-on-year decrease of 97.6%.

Q3 fiscal year 2020 results:

Revenue of USD 862 million, an increase of 47.2%;

Operating profit of 78 million US dollars, an increase of 9.9%;

Net profit was US $ 28.18 million, compared with US $ 124 million in the same period last year, a year-on-year decrease of 77.2%;

Non-US accounting net profit (excluding equity incentive expenses) was $ 58.3 million, compared with $ 145.8 million in the same period last year, a decrease of 60%.

As of November 30, 2019, the total balance of cash, cash equivalents and short-term investments was US $ 2.7298 billion;

The total number of students (long-term regular price classes) was about 2.318 million, a year-on-year increase of 66.0%.

First 9 months results:

Revenue is 2.502 billion US dollars, an increase of 36.2%;

Operating profit was US $ 205 million, a decrease of 9.5%;

Net profit for the first nine months was US $ 6.47 million, compared with US $ 268 million in the same period last year, a year-on-year decrease of 97.6%.

Non-US accounting net profit (excluding equity incentive expenses) was US $ 91.6 million, compared with US $ 322.6 million in the same period last year, a decrease of 72%;

As of November 30, 2019, Good Future has 794 teaching centers in 70 cities.

In addition, it announced that Bai Yunfeng will serve as chairman of the board of directors, Zhang Bangxin will continue to serve as director of the company, and Liu Yachao will step down as director of the company. Zhang Bangxin, Bai Yunfeng and Liu Yachao will continue to serve as chief executive officer, president and chief operating officer respectively.