- Youdao Inc DAO reported third-quarter FY22 sales growth of 35% year-on-year to $197.15 million, beating the consensus of $184.55 million.
- Segment Revenues: Learning Services rose 37.2% to $124.9 million, Smart Devices increased 40.1% to $50.1 million, and Online Marketing Services climbed 14.9% to $22.1 million.
- The gross margin expanded 160 basis points to 54.2%, and the gross profit rose 39% to $106.9 million.
- The loss from operations was $(30.8) million.
- The company held $134 million in cash and equivalents as of September 30, 2022.
- Adjusted income from continuing operations per ADS of $(0.19) missed the analyst consensus of $(0.12).
- The company also announced that its board of directors had authorized a share repurchase program for up to $20 million of its shares in the near future.
- Price Action: DAO shares are trading higher by 8.81% at $4.20 in premarket on the last check Thursday.
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