SINGAPUR (dpa-AFX) - 51Talk Online Education Group (COE), an online education platform, on Monday announced that its net loss narrowed in the first quarter, on higher revenues, compared to the previous year.
For the first quarter, net loss attributable to the company's ordinary shareholders narrowed to $1.47 million from $3.99 million in the same period last year.
Net loss per ADS attributable to ordinary shareholders was $0.25 versus $0.69 last year.
Adjusted net loss per ADS attributable to ordinary shareholders was $0.20 versus $0.64 last year.
Interest income decreased to $20,000 from $82,000 in the previous year.
Loss from operations narrowed to $1.29 million from $3.99 million last year.
Adjusted loss from operations also narrowed to $1.01 million from $3.70 million in the previous year.
Net revenue surged to $18.25 million from $9.45 million in the prior year.
Looking ahead to the second quarter, the company expected net gross billings to be between $24.5 million and $25.5 million, representing a sequential growth of 11.7 to 16.3 percent and an increase of approximately 54.4 to 60.7 percent from the same quarter last year.
On Friday, 51Talk Online Education closed trading 5.41% higher at $24.56 on the New York Stock Exchange.
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