Youdao Q2 Net Loss Narrows, Revenues Down; Says Confident In H2

(RTTNews) - Chinese internet communication company, Youdao, Inc. (DAO) reported Thursday that its second-quarter net loss attributable to ordinary shareholders was RMB 453.89 billion or $67.8 million, compared to loss of RMB 524.35 million last year.

The prior year's net loss from continuing operations attributable to shareholders was RMB234.9 million.

Net loss per American depositary shares or ADSs from continuing operations was RMB3.67 or $0.55, compared to last year's reported net loss of RMB 4.29 and loss from continuing operations of RMB1.92.

Adjusted net loss was RMB435.8 million or $65.1 million, compared adjusted net loss from continuing operations of RMB215.0 million in the prior year.

Adjusted net loss per ADS was RMB3.52 or $0.53, compared to adjusted net loss from continuing operations of RMB1.76 per ADS a year ago.

Total net revenues were RMB956.2 million or $142.8 million, down 2.4 percent from RMB979.9 million for the same period of 2021.

Looking ahead, Feng Zhou, Chief Executive Officer and a Director of Youdao, said, "We are on the right track and confident in the second half of this year boosted by the new products and services."

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