New Oriental Education & Technology Group's GAAP loss for 9 months of fiscal year 2022 was $1.034 billion, compared to a profit of $0.305 billion in the previous year. Revenue declined 15.8% to $2.581 billion from $3.065 billion a year earlier.

BlingABC, owned by New Oriental Education, has begun offering online Chinese language courses in the United States. The courses meet the international language proficiency standard for Chinese education.

The Chinese authorities are considering turning tutoring companies into non-profit ones. Such platforms would be prohibited from raising capital or going public. In addition, China will prohibit other companies from acquiring or investing in educational firms. All of these actions threaten to destroy China's $120 billion private tutoring industry.

New Oriental Education & Technology Group reported GAAP net income of $305.255 million for 9M 2021, down 17.5% from $370.035 million in the prior year. Revenue increased 10.3% to $3.065 billion compared to $2.78 billion a year earlier.