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Puxin Q3 Adj. Profit Declines; Net Revenues Down 16.3% - Quick Facts

Puxin Limited (NEW) reported third quarter adjusted net income attributable to company of RMB 8.6 million, a decrease of 80.3% from a year ago. Adjusted net income per ADS was RMB 0.10, compared to RMB 0.49.

Third quarter net revenues were RMB 833.2 million, a decrease of 16.3% from last year. The company said this decrease was primarily due to the adverse impact of the COVID-19 pandemic on the demand for study-abroad tutoring services. Student enrollments increased by 28.7% to 1,122,167.

For the fourth quarter, the company expects net revenues to be between RMB 730.4 million and RMB 773.4 million, a decrease of 15% to 10% year-over-year.

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