51Talk parent China Online Education Group (COE) on Friday announced its fourth-quarter results before the opening bell.
For the three-month period ended Dec. 31, 2018, net revenues jumped 14.4% to $43.4 million (RMB298.1 million), while gross billings climbed 27.9% to $73.2 million (RMB503.2 million.)
Gross billings for the K-12 mass-market one-on-one offering soared 63% higher to $52.3 million (RMB365.7 million). Gross margin was 62.5% for the period, vs. 62.4% for the fourth quarter of 2017.
Net loss for the quarter was $20.36 million, while loss per share was $0.07 on a diluted basis.
Net loss per ADS attributable to ordinary shareholders was $1.05 for the quarter.
For the first quarter of 2019, China Online Education Group now sees net revenues between RMB300 million to RMB305 million, with total gross billings of RMB425 million to RMB435 million.
Gross billings for the company’s one-on-one business are expected to be between RMB411 million to RMB421 million. Gross billings for 51Talk’s small class business are expected to be about RMB14 million.
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