TAL Education Q2 Earnings Beat Estimates

TAL Education Group TAL reported a second-quarter FY23 sales decline of 79.6% year-on-year to $294.06 million, beating the consensus of $242.62 million.
Operating costs and expenses declined 84% Y/Y to $292.4 million.
The gross profit decreased 69% Y/Y to $176.9 million with a gross margin of 60.1%.
The company's income from operations totaled $14.9 million compared to a loss from operations of $(379.9) million last year.
The company held $3.1 billion in cash and equivalents as of August 31, 2022.
Adjusted EPS of $0.04 beat the analyst consensus of $0.01.
"We will continue to invest in learning services, learning content solutions and learning technology solutions to lay the foundation for long-term growth." said CEO Alex Peng.
Price Action: TAL shares are trading higher by 2.52% at $4.07 in premarket on the last check Friday.

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