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Stock Alert: Youdao Touches New High

Shares of e-learning company Youdao, Inc. (DAO), a unit of Chinese internet company NetEase, continued to build on the momentum on Friday, surging $4.77 or 29.12% to touch a new high of $21.17, before closing at $21.15.

The stock is up more than 50% from the open price of $13.50 on October 25, 2019, its debut on the New York Stock Exchange. Trading volume was much higher on Friday at 1.4 million from the average volume of 71K.

In November last year, when Youdao reported third-quarter results, revenue increased 98.4% year-over-year to RMB345.9 million ($48.4 million), helped by 139.8% increase in gross billings from online courses.

Net loss for the quarter was RMB 242.2 million (US$33.9 million), compared with net loss of RMB77.0 million for the same period of last year. Net loss per ADS was RMB2.63 (US$0.37), compared with loss per ADS of RMB0.84 for the third quarter of 2018. Adjusted earnings per ADS jumped to RMB2.60 (US$0.36), from RMB0.82 for the third quarter of 2018.

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