Why QuantaSing Stock Jumped Thursday
QuantaSing (NASDAQ: QSG) was trouncing the market on Thursday -- the stock was up 24% as of 1 p.m. ET, compared to a 0.9% rally in the S&P 500. However, that increase erased just a small portion of its recent declines, and shares of the Chinese online education services provider remain below their initial trading price from its public offering in late February.
Thursday's rally was sparked by the company's positive quarterly earnings update.
Before the U.S. markets opened Thursday, QuantaSing reported that its fiscal Q3 revenue was up 17% year over year on strong demand for adult education services. Several engagement metrics, including active user growth and repeat purchases, improved in the period, which ended March 31. Management also said the company's wider array of courses helped push sales higher. "We maintained our growth momentum," CFO Dong Xie said in the earnings press release.
Source Fool.com
