NEW YORK, April 29, 2021 /PRNewswire/ -- Online education has been one of the industries that has actually benefited during to the pandemic. As a result of various social distancing and quarantine measures, video conferencing platforms such as Zoom and WebEx are now at peek popularity, as many are now utilizing management systems like Instructure's Canvas, Blackboard and Google Classroom. Besides the pandemic and its implications, the other major factors driving the growth of the academic e-learning market size in the long-term are increasing higher education e-learning enrollments and the launch of new online degrees. And, according to a report by Technavio, the online education market is poised to grow by USD 247.46 Billion during 2020-2024, while progressing at a CAGR of over 18% during the forecast period. Meten EdtechX Education Group Ltd. (NASDAQ: METX), TAL Education Group (NYSE: TAL), GSX Techedu Inc. (NYSE: GSX), American Public Education, Inc. (NASDAQ: APEI), Perdoceo Education Corporation (NASDAQ: PRDO).
Around the world, the Asia-Pacific region is leading in terms of market share growth, and the region is expected to provide the highest revenue generating opportunities. This growth is the result of a rapidly expanding internet infrastructure, which has caused many investments in the market. For example, according to a report by Bloomberg from late last year, Alibaba Group Holding Ltd. and Tiger Global Management LLC led a USD 1.6 Billion investment in Chinese online education startup Zuoyebang, highlighting how the pandemic has turned web-based learning into an attractive industry.
Meten EdtechX Education Group Ltd. (NASDAQ: METX) just announced breaking news that, "the gross billing and student enrollment of its junior ELT business increased by 485% and 483% respectively in the first quarter of 2021 compared to the same period of last year. The figures confirm that the Company has returned to its pre-pandemic rapid growth trajectory.
The Company is actively expanding its junior ELT business within its current network of 22 cities and has received positive market feedback. All of the Company's learning centers achieved their profit goals in March, and the centers in 7 out of the 22 cities (Foshan, Guangzhou, Changsha, Dongguan, Chengdu, Shenzhen, and Chongqing) recorded gross billing of over RMB1 million. In addition, the gross billing from student renewals and referrals accounted for 61% of the total gross billing of the Company's junior ELT business in the first quarter, demonstrating that the Company's products and services have been widely appreciated and recognized by students and their parents.
Through leveraging its business experience, vertical expansion strategy and brand influence, the Company expects its junior ELT business to achieve RMB121 million in gross billing in fiscal year 2021, which would represent an 82% increase compared to fiscal year 2020.
About Meten EdtechX: Meten EdtechX is one of the leading ELT service providers in China, delivering English language and skills training for Chinese students and professionals. Through a digital platform and a nationwide network of learning centers, the Company provides its services under three industry-leading brands: Meten (adult and junior ELT services), ABC (primarily junior ELT services) and Likeshuo (online ELT). It offers superior teaching quality and student satisfaction, which are underpinned by cutting edge technology deployed across its business, including AI-driven centralized teaching and management systems that record and analyze learning processes in real time.
The Company is committed to improving the overall English language fluency of the Chinese population to keep abreast of the rapid development of globalization. Its experienced management is focused on further developing its digital platform and expanding its network of learning centers to deliver a continually evolving service offerings to a growing number of students across China."
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TAL Education Group (NYSE: TAL) is K-12 after-school tutoring services provider in China. Back in October the Company announced unaudited financial results for the second quarter of fiscal year 2021 ended August 31st, 2020. Net revenues increased by 20.8% year-over-year to USD 1,103.3 Million from USD 913.2 Million in the same period of the prior year. "TAL's financial results of the second fiscal quarter reflected a combination of the continued strong growth momentum of our online courses and the lingering pressure on our offline business in this period. Although the second fiscal quarter was marked by the extended impact of the COVID-19 outbreak, we are encouraged to see that the public health situation and general economy began to improve in China, and offline teaching and tutoring gradually resumed during the summer months," said Rong Luo, TAL's Chief Financial Officer.
GSX Techedu Inc. (NYSE: GSX) an online K-12 large-class after-school tutoring service provider in China, announced back in November its unaudited financial results for the third quarter ended September 30th, 2020. Net revenues was RMB 4,913.7 Million, a 316.5% year-over-year increase. Net revenues of online K-12 increased 356.5% year-over-year to RMB 4,262.2 Million. Larry Xiangdong Chen, GSX's founder, Chairman and CEO, commented, "We achieved another robust quarter, with net revenues hitting an all-time-high of RMB 1.966 Billion, which is 3.5 times that of the same quarter of last year. These outstanding results speak to our continued focus of providing the highest quality services to our students and parents, our consistent training to frontline employees and our unwavering efforts to improve the operational efficiencies and organizational capabilities."
American Public Education, Inc. (NASDAQ: APEI), parent company of online learning provider American Public University System (APUS) and on-ground pre-licensure Hondros College of Nursing (HCN) – announced financial results earlier in March for the fourth quarter and full year ended December 31st, 2020 that reflect continued momentum in enrollment growth across both institutions. Total consolidated revenue for the fourth quarter of 2020 increased by 15.4% to USD 85.9 Million, compared to total revenue of USD 74.4 Million in the fourth quarter of 2019. The increase was driven by a USD 9.0 Million, or 13.5%, increase in APEI Segment revenue and a USD 2.5 Million, or 31.8%, increase in HCN Segment revenue resulting from increases in student enrollment.
Perdoceo Education Corporation (NASDAQ: PRDO) academic institutions offer postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. Last month the company announced financial results for the quarter and year to date ended September 30th, 2020. Total student enrollments at September 30th, 2020 increased 17.2%. CTU's total student enrollments increased 4.8% while AIU's total student enrollments increased 37.7%. "The year to date results underscore our commitment to student experiences, retention and academic outcomes and I'm proud of the entire Perdoceo team for their efforts to educate, serve and support our students," said Todd Nelson, President and Chief Executive Officer. "Investments in data analytics and technology across our academic platforms have enhanced student learning and strengthened the efficiency and effectiveness of our student support processes. Our financial position continues to strengthen and we remain focused on executing against our objective of sustainable and responsible growth."
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