Online English Education Platform 51Talk Reports Its Third Consecutive Quarterly Profit

Online Education Group ("51Talk" or the "Company") (NYSE:COE), China's leading online English education brand and the first online English education brand listed in the United States, released its second quarter 2020 financial results. In the second quarter, non-GAAP net income was RMB39.6 million, and GAAP net income was RMB32.8 million, amounting to the Company's third consecutive quarter of profitability and becoming China's only online English education brand to achieve it. 51Talk also continued to maintain a high gross margin of more than 70% and record high gross billings of RMB676.4 million. Operating cash flow was RMB172.1 million, a year-over-year increase of RMB72.9 million while net revenue was RMB493.5 million, a 40% increase year-over-year.