Zhangmen Education Inc. (ZME) is a leader in providing the best quality online education to students in China. The company also provides on-campus education solutions to different educational institutions. The company had worked hard over the years to successfully garner widespread recognition established its name as a reliable digital education provider.
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ZME stock price during the regular trading of March 29, 2022, was $1.22 with a considerable deceleration of 8.96%. Its price rose slightly as of the writing in the premarket trading on March 30, 2022, by 5.74%.
ZME: Key Financials
ZME disclosed its unaudited and consolidated fourth quarter 2021 financials on March 30, 2022, for the three months ended December 31, 2021. Some notable points are discussed here.
The company posted net revenues of RMB505.6 million or $79.3 million during the fourth quarter of 2021 in comparison to RMB946.0 million during the comparable quarter in 2020. The company’s net revenues decreased by 46.6% over the year. Its revenue decreased YoY due to multiple reasons including a decrease in online education courses offered from Grade 1-9 along with the suspension of purchase or renewal from Grade 1-9 of its online education business.
Per-share diluted net income during the fourth quarter of 2021 was RMB146.3 million or RMB7.37 per ADS corresponding to a net loss of RMB599.9 million or RMB193.38 per ADS during the comparable period of 2020. The company’s net earnings increased over the year
ZME: CEO Comments
Speaking at the occasion, ZME CEO Yi Zhang stated that the company reported net earnings of RMB146.3 million during Q4 2021, which is the first time it had generated net earnings in a single quarter. He further added that the company made certain strategic shifts during Q4 2021, to its online education business including the establishment of a SaaS business division to provide digital SaaS solutions to institutes globally.
ZME: Events and Happenings
On November 19, 2021, ZME updated on appointing Marcum Bernstein & Pinchuk LLP as its independent registered public accounting company and accepted the voluntary resignation from Deloitte Touche Tohmatsu Certified Public Accountants LLP.
ZME stock price plunged deep during the past year and went to a new low of 99%. Its price jumped slightly in today’s premarket as the company reported financial outcomes for the fourth fiscal quarter of 2021. The company’s management was optimistic to maintain the progressive approach.