QuantaSing Group Limited QSG, an online learning service provider in China, today announced its fourth quarter and full year unaudited financial results for the fiscal year ended June 30, 2023.
Revenues grew by 31.7% year over year to RMB828.3 million ($114.2 million) in the fourth quarter of FY 2023, primarily due to revenues from other personal interest courses.
Revenues from individual online learning services increased by 25.2% Y/Y to RMB721.1 million ($99.4 million).
Revenues from enterprise services increased by 102.0% Y/Y to RMB103.8 million ($14.3 million), primarily due to the increased demand from existing customers and the gain of new customers.
Revenues from other services increased to RMB3.4 million ($0.5 million), primarily due to the company’s new business expansion.
Gross billings of individual online learning services were RMB748.8 million ($103.3 million), an increase of 23.0% Y/Y.
Total registered users grew by 60.6% to approximately 94.3 million as of June 30, 2023, from 58.8 million as of June 30, 2022.
Paying learners increased by 29.9% Y/Y to approximately 0.4 million.
Adjusted net income was RMB90.4 million ($12.5 million), compared with RMB4.6 million a year ago.
Adjusted EPS was RMB0.52 ($0.07).
The company held RMB930.6 million ($128.3 million) in cash and equivalents as of June 30, 2023.
Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “During the quarter, we enlarged our future growth horizons by building on our core business to strategically enter the live e-commerce sector.”
Outlook: The company expects first-quarter revenue of RMB780.0 million – RMB810.0 million, representing a Y/Y increase of 18.3% – 22.8%.
Price Action: QSG shares closed at $6.42 on Thursday.