Chinese online learning and dictionary services company Youdao saw ups and downs in the first quarter of 2021 as it suffered wider losses while achieving decent revenue growth.
In the three months through March, Youdao’s net loss nearly doubled to 325.8 million yuan ($49.7 million) from 169.4 million yuan a year ago, mainly due to higher marketing and research costs, which jumped 195.5% and 84.4% respectively, according to its latest earnings report.
First Quarter 2021 Key Operating and Financial Data
Youdao generated 1.3 billion yuan in net revenue, representing a year-on-year increase of 147.5%, a little more than three-fourths of which came from sales of its online courses.
Digital learning products like Youdao Dictionary Pen were Youdao’s second-largest revenue source, with their sales accounting for 15% of quarterly total revenue, the report showed. The company also earned money from providing online marketing services.
Youdao said that the number of paid students enrolled in its K-12 courses doubled to 306,000 in the quarter.
Contact reporter Ding Yi ([email protected])
Youdao Investor Relations: https://ir.youdao.com