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Youdao Reports First Quarter 2024 Unaudited Financial Results

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Youdao (NYSE: DAO), an intelligent learning company in China, announced its unaudited financial results for Q1 2024. Total net revenues rose 19.7% YoY to RMB1.4 billion (US$192.8 million). Revenue from online marketing services surged by 125.9%, while learning services and smart devices saw declines of 2.0% and 14.8%, respectively. Gross margin decreased to 49.0%, down from 51.7% in Q1 2023. Operating expenses dropped significantly by 18.3%. The company reported a net income of RMB12.4 million (US$1.7 million) compared to a loss of RMB204.4 million in Q1 2023. As of March 31, 2024, cash and short-term investments totaled RMB326.0 million (US$45.2 million). The company executed a share repurchase program, buying back approximately 6.6 million ADSs worth US$30.4 million.

Positive
  • Total net revenues increased by 19.7% YoY to RMB1.4 billion (US$192.8 million).
  • Revenue from online marketing services surged by 125.9% YoY to RMB492.7 million (US$68.2 million).
  • Gross profit increased by 13.2% YoY to RMB681.5 million (US$94.4 million).
  • Operating expenses decreased by 18.3% YoY to RMB651.6 million (US$90.2 million).
  • Net income of RMB12.4 million (US$1.7 million) compared to a net loss of RMB204.4 million in Q1 2023.
  • Non-GAAP net income of RMB20.3 million (US$2.8 million) compared to a non-GAAP net loss of RMB193.9 million in Q1 2023.
  • Earnings per ADS improved to RMB0.11 (US$0.02) from a loss of RMB1.67 per ADS in Q1 2023.
  • The company conducted a share repurchase program, acquiring around 6.6 million ADSs worth US$30.4 million.
Negative
  • Net revenues from learning services decreased by 2.0% YoY to RMB718.0 million (US$99.4 million).
  • Net revenues from smart devices fell by 14.8% YoY to RMB181.2 million (US$25.1 million).
  • Gross margin declined to 49.0% from 51.7% YoY.
  • Cash, cash equivalents, and short-term investments decreased to RMB326.0 million (US$45.2 million) from RMB527.1 million at the end of 2023.
  • Net cash used in operating activities was RMB391.0 million (US$54.1 million) for Q1 2024.
  • The company relies on financial support from NetEase Group, including short-term and long-term loans, to sustain operations.

The latest financial results from Youdao indicate a 19.7% increase in total net revenues year-over-year to RMB1.4 billion (US$192.8 million). This rise is noteworthy, especially given the significant 125.9% growth in net revenues from online marketing services. However, this positive performance is coupled with declines in other revenue segments. The net revenues from learning services decreased by 2.0% and smart devices by 14.8%.

Despite these mixed results, Youdao achieved its first-ever profitable first quarter with net income attributable to shareholders amounting to RMB12.4 million (US$1.7 million), a stark contrast to the net loss of RMB204.4 million in the same period last year. This turnaround is impressive and shows strong financial management and strategic focus on profitable segments.

The gross margin dropped slightly from 51.7% to 49.0%, reflecting perhaps the increased cost structure or market competition impacting margins. The reduction in operating expenses, particularly in sales and marketing and R&D, contributes positively to the bottom line but may affect future growth if under-invested over time.

The decline in short-term cash and equivalents suggests a possible liquidity concern, mitigated by financial support from the parent company, NetEase Group. This could be a red flag for investors concerned about the company's ability to sustain operations independently.

Youdao's financial results indicate a strategic pivot towards AI-driven subscription services and online marketing services, which have shown robust growth. The company's investment in AI technology, particularly in performance-based advertisements, has paid off, driving a 140% increase in AI-driven subscription service sales. This focus on leveraging AI and digital transformation aligns well with current market trends and investor expectations.

However, the 14.8% decline in smart device revenues reflects a broader industry trend where hardware sales are increasingly challenged by software and services growth. Market dynamics in China, competitive pressures and potential regulatory changes should be closely monitored as these could impact future revenue streams and profitability.

The company's gross margin improvement in online marketing services is a positive sign, indicating higher efficiency and better pricing power in this segment. But the drop in smart device margins due to earlier generation promotions suggests a need to innovate and update product lines to maintain profitability.

The application of Youdao's AI capabilities, as demonstrated in the Real-Time API and the company's proprietary large language model, Ziyue, signifies a substantial technological advantage over competitors. This technology underpins the impressive growth in online marketing services and AI-driven subscriptions, offering adaptive learning and tailored content, which enhances user engagement and revenue potential.

However, the integration and scalability of these technologies remain crucial. Any technical challenges or delays in product rollout could affect growth trajectories. Additionally, the educational technology sector is highly competitive and continuous innovation is necessary to maintain a leading position.

The focus on AI-driven solutions is timely and resonates with global trends towards personalized learning experiences. Given the rapid advancements in AI, maintaining a technological edge will be key to sustaining long-term growth and competitiveness.

HANGZHOU, China, May 23, 2024 /PRNewswire/ -- Youdao, Inc. ("Youdao" or the "Company") (NYSE: DAO), an intelligent learning company with industry-leading technology in China, today announced its unaudited financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Financial Highlights

  • Total net revenues were RMB1.4 billion (US$192.8 million), representing a 19.7% increase from the same period in 2023.
    - Net revenues from learning services were RMB718.0 million (US$99.4 million), representing a 2.0% decrease from the same period in 2023.
    - Net revenues from smart devices were RMB181.2 million (US$25.1 million), representing a 14.8% decrease from the same period in 2023.
    - Net revenues from online marketing services were RMB492.7 million (US$68.2 million), representing a 125.9% increase from the same period in 2023.
  • Gross margin was 49.0%, compared with 51.7% for the same period in 2023.

"We achieved first-ever profitable first quarter and first-ever consecutive two-quarters of profitability. In the first quarter, Youdao Lingshi was upgraded with a tiered teaching approach tailored to individual needs and capabilities. The strong momentum of Real-Time API and the rapid growth of domestic KOLs (Key Opinion Leaders) advertising drove our online market services to a record high net revenue of RMB492.7 million with a year-over-year growth of 125.9%. In addition, we leveraged our AI technology to drive a year-over-year growth of over 140% in total sales[1] of the AI-driven subscription services in the first quarter," said Dr. Feng Zhou, Chief Executive Officer and Director of Youdao.

"Looking ahead, our strategy will focus on digital content services, online marketing services and AI-driven subscription services. We will continue to leverage our AI capabilities and understanding of education to expand the applications of our proprietary large language model, Ziyue, in education, advertising and other areas. We will accelerate the implementation of our products and applications, striving to better assist users in improving learning and work efficiency. With our business focus, I am confident that we will reach full-year profitability in the near future," Dr. Zhou concluded.

[1] Total sales of AI-driven subscription services for a specific period refers to the total amount of consideration for our AI-driven subscription services, net of the total amount of refunds in such period.

First Quarter 2024 Financial Results

Net Revenues 

Net revenues for the first quarter of 2024 were RMB1.4 billion (US$192.8 million), representing a 19.7% increase from RMB1.2 billion for the same period of 2023.

Net revenues from learning services were RMB718.0 million (US$99.4 million) for the first quarter of 2024, representing a 2.0% decrease from RMB732.4 million for the same period of 2023.

Net revenues from smart devices were RMB181.2 million (US$25.1 million) for the first quarter of 2024, representing a 14.8% decrease from RMB212.7 million for the same period of 2023, primarily due to decreased demands for learning products in the first quarter of 2024.

Net revenues from online marketing services were RMB492.7 million (US$68.2 million) for the first quarter of 2024, representing a 125.9% increase from RMB218.1 million for the same period of 2023. The year-over-year increase in revenues from online marketing services was primarily due to the increase in the sales of performance-based advertisements through third parties' internet properties, which was driven by our continued investments in cutting-edge AI technology.

Gross Profit and Gross Margin

Gross profit for the first quarter of 2024 was RMB681.5 million (US$94.4 million), representing a 13.2% increase from RMB601.9 million for the same period of 2023. Gross margin was 49.0% for the first quarter of 2024, compared with 51.7% for the same period of 2023.

Gross margin for learning services was 63.1% for the first quarter of 2024, compared with 62.0% for the same period of 2023.

Gross margin for smart devices decreased to 32.6% for the first quarter of 2024 from 39.6% for the same period of 2023. The decrease was due to the promotion on earlier generations of smart devices, which had lower gross margin.

Gross margin for online marketing services was 34.3% for the first quarter of 2024, compared with 29.1% for the same period of 2023. The increase was mainly attributable to improved gross margin profile of performance-based advertisements through third parties' internet properties compared with the same period of last year.

Operating Expenses

Total operating expenses for the first quarter of 2024 were RMB651.6 million (US$90.2 million), compared with RMB797.6 million for the same period of last year.

Sales and marketing expenses for the first quarter of 2024 were RMB455.4 million (US$63.1 million), representing a decrease of 19.4% from RMB565.2 million for the same period of 2023. This decrease was attributable to the reduced marketing expenditures in learning services and smart devices in the first quarter of 2024.

Research and development expenses for the first quarter of 2024 were RMB146.7 million (US$20.3 million), representing a decrease of 19.7% from RMB182.8 million for the same period of 2023. The decrease was primarily due to the decreased headcount for research and development employees, leading to payroll savings in the first quarter of 2024.

General and administrative expenses for the first quarter of 2024 were RMB49.4 million (US$6.8 million), nearly unchanged from RMB49.6 million for the same period of 2023.

Income/(Loss) from Operations

As a result of the foregoing, income from operations for the first quarter of 2024 was RMB29.9 million (US$4.1 million), compared with loss from operations of RMB195.8 million for the same period in 2023. The margin of income from operations was 2.1%, compared with margin of loss from operations of 16.8% for the same period of last year.

Net Income/(Loss) Attributable to Youdao's Ordinary Shareholders

Net income attributable to Youdao's ordinary shareholders for the first quarter of 2024 was RMB12.4 million (US$1.7 million), compared with net loss attributable to Youdao's ordinary shareholders of RMB204.4 million for the same period of last year. Non-GAAP net income attributable to Youdao's ordinary shareholders for the first quarter of 2024 was RMB20.3 million (US$2.8 million), compared with non-GAAP net loss attributable to Youdao's ordinary shareholders of RMB193.9 million for the same period of last year.

Basic and diluted net income per American depositary share ("ADS") attributable to ordinary shareholders for the first quarter of 2024 were RMB0.11 (US$0.02) and RMB0.10 (US$0.01), compared with basic and diluted net loss per ADS attributable to ordinary shareholders of RMB1.67 for the same period of 2023. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders was RMB0.17 (US$0.02), compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of RMB1.59 for the same period of 2023.

Other Information

As of March 31, 2024, Youdao's cash, cash equivalents, restricted cash, time deposits and short-term investments totaled RMB326.0 million (US$45.2 million), compared with RMB527.1 million as of December 31, 2023. For the first quarter of 2024, net cash used in operating activities was RMB391.0 million (US$54.1 million), capital expenditures totaled RMB2.5 million (US$0.4 million). Youdao's ability to continue as a going concern is dependent on management's ability to implement an effective business plan amid a changing regulatory environment, generate operating cash flows, and secure external financing for future development. To support Youdao's future business, NetEase Group has agreed to provide financial support for ongoing operations. As of March 31, 2024, Youdao has received various financial support from the NetEase Group, including, among others, RMB878.0 million short-term loans, and US$123.7 million long-term loans with maturity dated March 31, 2027 drawn down under the US$300.0 million revolving loan facility.

As of March 31, 2024, the Company's contract liabilities, which mainly consisted of deferred revenues generated from Youdao's learning services, were RMB769.1 million (US$106.5 million), compared with RMB1.1 billion as of December 31, 2023.

Share Repurchase Program

On November 17, 2022, the Company announced that its board of directors had authorized the Company to adopt a share repurchase program in accordance with applicable laws and regulations for up to US$20.0 million of its Class A ordinary shares (including in the form of ADSs) during a period of up to 36 months. This amount was subsequently increased to US$40.0 million in August 2023. As of March 31, 2024, the Company had repurchased a total of approximately 6.6 million ADSs for around US$30.4 million in the open market under the share repurchase program.

Conference Call

Youdao's management team will host a teleconference call with simultaneous webcast at 6:00 a.m. Eastern Time on Thursday, May 23, 2024 (Beijing/Hong Kong Time: 6:00 p.m., Thursday, May 23, 2024). Youdao's management will be on the call to discuss the financial results and answer questions.

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-888-346-8982

International:

+1-412-902-4272

Mainland China (toll free):

400-120-1203

Hong Kong (toll free): 

800-905-945

Hong Kong:

+852-3018-4992

Conference ID:

5374784

A live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.youdao.com.

A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until May 30, 2024:

United States:                 

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

5374784

About Youdao, Inc. 

Youdao, Inc. (NYSE: DAO) is an intelligent learning company with industry-leading technology in China dedicated to developing and using technologies to provide learning content, applications and solutions to users of all ages. Building on the popularity of its online knowledge tools such as Youdao Dictionary and Youdao Translation, Youdao now offers smart devices, STEAM courses, adult and vocational courses, and education digitalization solutions. In addition, Youdao has developed a variety of interactive learning apps. Youdao was founded in 2006 as part of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), a leading internet technology company in China.

For more information, please visit: http://ir.youdao.com.

Non-GAAP Measures

Youdao considers and uses non-GAAP financial measures, such as non-GAAP net income/(loss) attributable to the Company's ordinary shareholders and non-GAAP basic and diluted net income/(loss) per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Youdao defines non-GAAP net income/(loss) attributable to the Company's ordinary shareholders as net income/(loss) attributable to the Company's ordinary shareholders excluding share-based compensation expenses and impairment of long-term investments. Non-GAAP net income/(loss) attributable to the Company's ordinary shareholders enables Youdao's management to assess its operating results without considering the impact of these items, which are non-cash charges in nature. Youdao believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. In addition, the non-GAAP financial measures Youdao uses may differ from the non-GAAP measures uses by other companies, including peer companies, and therefore their comparability may be limited.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and non-GAAP Results" set forth at the end of this release.

The accompanying table has more details on the reconciliation between our GAAP financial measures that are mostly directly comparable to non-GAAP financial measures. Youdao encourages you to review its financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2203 to US$1.00, the exchange rate on March 29, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding such risks, uncertainties or factors is included in the Company's filings with the SEC. The announced results of the first quarter of 2024 are preliminary and subject to adjustments. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact: 

In China:
Jeffrey Wang
Youdao, Inc.
Tel: +86-10-8255-8163 ext. 89980
E-mail: IR@rd.netease.com 

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: youdao@thepiacentegroup.com 

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: youdao@thepiacentegroup.com 

 

 

 

YOUDAO, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS 

(RMB and USD in thousands) 



















As of December 31, 


As of March 31, 


As of March 31, 




2023


2024


2024




RMB 


RMB 


USD (1)










 Assets








 Current assets:








Cash and cash equivalents


454,536


262,917


36,414


Time deposits


277


282


39


Restricted cash


395


595


82


Short-term investments


71,848


62,213


8,616


Accounts receivable, net


354,006


365,281


50,591


Inventories


217,067


189,525


26,249


Amounts due from NetEase Group


26,117


47,365


6,560


Prepayment and other current assets


175,705


195,618


27,093


Total current assets


1,299,951


1,123,796


155,644










Non-current assets:








Property, equipment and software, net


70,906


63,426


8,784


Operating lease right-of-use assets, net


89,022


91,871


12,724


Long-term investments


51,396


49,435


6,847


Goodwill


109,944


109,944


15,227


Other assets, net


44,976


55,433


7,677


Total non-current assets


366,244


370,109


51,259










Total assets


1,666,195


1,493,905


206,903










Liabilities, Mezzanine Equity and Shareholders' Deficit








Current liabilities:








Accounts payables


159,005


119,706


16,579


Payroll payable


282,679


158,493


21,951


Amounts due to NetEase Group


82,430


73,037


10,116


Contract liabilities


1,052,622


769,138


106,524


Taxes payable


52,781


54,890


7,602


Accrued liabilities and other payables


591,770


641,085


88,789


Short-term loans from NetEase Group


878,000


878,000


121,602


Total current liabilities


3,099,287


2,694,349


373,163










Non-current liabilities:








Long-term lease liabilities


49,337


47,689


6,605


Long-term loans from NetEase Group


630,360


881,120


122,034


Other non-current liabilities


16,314


17,373


2,406


 Total non-current liabilities


696,011


946,182


131,045


Total liabilities


 

3,795,298


 

3,640,531


 

504,208










Mezzanine equity 


37,961


39,079


5,412










Shareholders' deficit: 








Youdao's shareholders' deficit


(2,186,736)


(2,206,312)


(305,571)


Noncontrolling interests


19,672


20,607


2,854


Total shareholders' deficit


(2,167,064)


(2,185,705)


(302,717)










Total liabilities, mezzanine equity and shareholders' deficit


1,666,195


1,493,905


206,903


















Note 1:

The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB7.2203 on the last trading day of March
(March 29, 2024) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

 

 

YOUDAO, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(RMB and USD in thousands, except share and per ADS data)













Three Months Ended




March 31,


December 31,


March 31,


March 31,




2023


2023


2024


2024




RMB


RMB


RMB


USD (1)


Net revenues:










Learning services


732,421


784,012


717,996


99,441


Smart devices


212,749


222,407


181,198


25,096


Online marketing services


218,100


474,102


492,665


68,233


Total net revenues


1,163,270


1,480,521


1,391,859


192,770












Cost of revenues (2)


(561,420)


(741,720)


(710,356)


(98,383)


Gross profit


601,850


738,801


681,503


94,387












Operating expenses:










Sales and marketing expenses (2)


(565,205)


(441,399)


(455,440)


(63,078)


Research and development expenses (2)


(182,830)


(168,130)


(146,723)


(20,321)


General and administrative expenses (2)


(49,606)


(52,989)


(49,416)


(6,844)


Total operating expenses


(797,641)


(662,518)


(651,579)


(90,243)


(Loss)/Income from operations


(195,791)


76,283


29,924


4,144












Interest income


2,294


1,733


975


135


Interest expense


(15,763)


(18,869)


(20,334)


(2,816)


Others, net


6,378


(2,589)


2,892


401


(Loss)/Income before tax


(202,882)


56,558


13,457


1,864












Income tax (expenses)/benefits


(3,201)


(441)


1,028


142


Net (loss)/income


(206,083)


56,117


14,485


2,006


Net loss/(income) attributable to noncontrolling interests


1,730


365


(2,053)


(284)


Net (loss)/income attributable to ordinary shareholders of the Company


(204,353)


56,482


12,432


1,722












Basic net (loss)/income per ADS


(1.67)


0.47


0.11


0.02


Diluted net (loss)/income per ADS


(1.67)


0.47


0.10


0.01












Shares used in computing basic net (loss)/income per ADS


122,268,844


119,764,891


118,317,220


118,317,220


Shares used in computing diluted net (loss)/income per ADS


122,268,844


120,426,624


118,928,848


118,928,848
































Note 1: 

The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB7.2203 on the last trading day of March
(March 29, 2024) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.































Note 2:










Share-based compensation in each category:










Cost of revenues


1,259


(2,975)


778


108


Sales and marketing expenses


1,131


865


1,136


158


Research and development expenses


4,785


(312)


3,503


485


General and administrative expenses


3,321


5,224


2,479


343












 

YOUDAO, INC.

UNAUDITED ADDITIONAL INFORMATION

(RMB and USD in thousands)













Three Months Ended




March 31,


December 31,


March 31,


March 31,




2023


2023


2024


2024




RMB


RMB


RMB


USD












Net revenues










Learning services


732,421


784,012


717,996


99,441


Smart devices


212,749


222,407


181,198


25,096


Online marketing services


218,100


474,102


492,665


68,233


Total net revenues


1,163,270


1,480,521


1,391,859


192,770












Cost of revenues










Learning services


278,125


285,383


264,759


36,669


Smart devices


128,588


137,150


122,060


16,905


Online marketing services


154,707


319,187


323,537


44,809


Total cost of revenues


561,420


741,720


710,356


98,383












Gross margin










Learning services


62.0 %


63.6 %


63.1 %


63.1 %


Smart devices


39.6 %


38.3 %


32.6 %


32.6 %


Online marketing services


29.1 %


32.7 %


34.3 %


34.3 %


Total gross margin


51.7 %


49.9 %


49.0 %


49.0 %


 

YOUDAO, INC.

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(RMB and USD in thousands, except per ADS data)













Three Months Ended




March 31,


December 31,


March 31,


March 31,




2023


2023


2024


2024




RMB


RMB


RMB


USD












Net (loss)/income attributable to ordinary shareholders of the Company


(204,353)


56,482


12,432


1,722


Add: share-based compensation


10,496


2,802


7,896


1,094


         impairment of long-term investment


-


10,000


-


-


Non-GAAP net (loss)/income attributable to ordinary shareholders of the
Company


(193,857)


69,284


20,328


2,816






















Non-GAAP basic net (loss)/income per ADS


(1.59)


0.58


0.17


0.02


Non-GAAP diluted net (loss)/income per ADS


(1.59)


0.58


0.17


0.02


 

Cision View original content:https://www.prnewswire.com/news-releases/youdao-reports-first-quarter-2024-unaudited-financial-results-302153863.html

SOURCE Youdao, Inc.

FAQ

What were Youdao's total net revenues for Q1 2024?

Youdao reported total net revenues of RMB1.4 billion (US$192.8 million) for Q1 2024, a 19.7% increase year-over-year.

How much did Youdao's revenue from online marketing services increase in Q1 2024?

Revenue from online marketing services increased by 125.9% year-over-year to RMB492.7 million (US$68.2 million) in Q1 2024.

What was Youdao's net income for Q1 2024?

Youdao reported a net income of RMB12.4 million (US$1.7 million) for Q1 2024, compared to a net loss of RMB204.4 million in Q1 2023.

What were Youdao's operating expenses in Q1 2024?

Youdao's operating expenses for Q1 2024 were RMB651.6 million (US$90.2 million), an 18.3% decrease year-over-year.

How much did Youdao's gross margin change in Q1 2024?

Youdao's gross margin for Q1 2024 was 49.0%, down from 51.7% in Q1 2023.

How much cash and short-term investments did Youdao hold as of March 31, 2024?

As of March 31, 2024, Youdao held RMB326.0 million (US$45.2 million) in cash, cash equivalents, and short-term investments.

What was the amount of net cash used in operating activities for Youdao in Q1 2024?

Net cash used in operating activities for Youdao in Q1 2024 was RMB391.0 million (US$54.1 million).

How many ADSs did Youdao repurchase in its share repurchase program?

As of March 31, 2024, Youdao repurchased approximately 6.6 million ADSs worth US$30.4 million under its share repurchase program.

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