Chinese online learning and dictionary service company Youdao posted both rising revenue and widening losses in the fourth quarter of 2019.
In the last three months of the year, the NetEase-owned company reported 410.4 million yuan ($59 million) in net revenue, representing a year-on-year increase of 78.4%, according to its latest financial report released Wednesday.
Nearly three-fourths of the total quarterly revenue came from sales of its learning services and products, which Youdao said were driven by a robust 366.3% growth in the number of paid students enrolled on its K-12 courses.
Although Youdao grew its quarterly gross profit by 79.3% to 122.4 million yuan ($17.6 million), the firm saw its net loss widen to 205.7 million yuan from 70 million yuan in the same period of 2018.
Youdao CEO Zhou Feng said the company will continue to expand its engagement with students and create more quality products and learning content. Commenting on the Covid-19 crisis Zhou added that Youdao is pitching in to offer free online courses for students forced to stay home due to the novel coronavirus outbreak.
Youdao listed on the New York Stock Exchange last October.
Contact reporter Ding Yi (email@example.com)