Leidi.com Lotte On November 17,
intelligent learning company NetEase Youdao (NYSE:DAO) released its unaudited financial report for the third quarter of 2022, and announced that the board of directors has authorized the establishment of a share repurchase plan of no more than US$20 million, with a term of up to 36 months.
According to the financial report, Q3 Youdao net income reached 1.4 billion yuan, and increased by 35.0% year-on-year; gross profit margin was 54.2%, an increase of 1.6 percentage points year-on-year compared with the same period last year. In addition, NetEase Youdao's operating losses narrowed to 220 million yuan in the third quarter, with an operating loss rate of 15.6%, a year-on-year narrowing of 6.1 percentage points. According to reports, the operating loss mainly comes from early investment in innovative businesses, including newly listed AI learning machines and educational informatization, as well as some quality courses. Youdao, who is in a period of transformation, is making itself more and more "hard". He has now become an intelligent learning company with a complete hardware production chain.
"Hardware is the most effective way to implement intelligent learning." Youdao Intelligent Hardware grew rapidly, with revenue reaching 360 million yuan in the third quarter, a year-on-year increase of 40.1%. Since its popular product Youdao Dictionary Pen was launched in 2019, the net revenue of this category has increased by more than 10 times in the past three years. The accumulation of
AI technology and the reuse of content resources shorten the change cycle of Youdao smart hardware. Since the transformation, Youdao has accelerated smart hardware innovation and has successively launched a number of self-developed new products such as Listening Bag, Intelligent Eye Protection Light, AI Learning Machine Y10, Youdao Dictionary Pen X5, Youdao Dictionary Pen P5, and AI Learning Machine X10, and the product matrix is once again enriched.
During the reporting period, with the release of Youdao Dictionary Pen X5, Youdao launched the first OS in the field of dictionary pen, attracting many high-quality content providers such as Himalaya , NetEase Cloud Music, Kaishu storytelling and other high-quality content providers. Users can download and learn applications independently based on their own needs on Youdao Dictionary Pen.
In addition, Youdao also launched its first AI learning machine in Q3 in the third quarter, which marks the company's official entry into the learning tablet field. Youdao believes that user needs are upgrading from traditional learning tablets to intelligent learning tablets, which has opened a window of opportunity for technology companies with comprehensive capabilities of "AI+hardware+content".
Youdao Learning Service achieved revenue of 890 million yuan this quarter, a year-on-year increase of 37.2%. In terms of new services, the sales of digital content services exceeded 400 million yuan, and the gross profit margin has increased to more than 60%. The quality courses that are still in the investment period have grown rapidly during the reporting period, and net income has increased by more than 200% year-on-year.
During the reporting period, Youdao made more investments in the fields of postgraduate entrance examination and vocational education courses and made positive progress. In the third quarter, Youdao's sales of postgraduate entrance examination courses increased by more than 150% year-on-year. In terms of customer acquisition, Youdao makes full use of its own traffic advantages such as Youdao Dictionary and China University Mooch, and the newly added sales amounts to more than 50% of its own traffic. Vocational Education course sales increased by more than 200% year-on-year.
"Since this year, we have launched a total of 5 new hardware products around the learning scenarios of consumers. The successful performance including Youdao Dictionary Pen X5, AI learning machine, etc. has made us see the rewards brought by continuous innovation, which makes us more confident." Youdao CEO, Zhou Feng said: "Our transformation has been basically completed. Despite facing many challenges and uncertain macro environment , we are still seizing such opportunities to achieve a greater picture of company advancement and development."
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