Wangdao technology changed from profit to loss in the first half of fiscal year 2022, with a net loss of $43300

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On December 6, Wangdao Technology (NASDAQ: edtk) released the financial report for the first half of fiscal year 2022, with a total revenue of US $11.8518 million in the first half of fiscal year, a year-on-year decrease of 22.61%; The net loss was $43300, from profit to loss, with a profit of $4392700 in the same period last year.
Lower revenue and increased costs led to this result. The financial report shows that with the continuous promotion of urbanization, the training demand of workers in rural areas has decreased, and the total number of paying members has decreased, resulting in a decline in income. In addition, the company turned its target customers to vocational school students, increasing the costs of courseware, software copyright and virtual simulation. In the first half of the year, the operating cost was US $30.1322 million, a year-on-year increase of 26.63%.
Founded in 2019 and listed on NASDAQ in 2020, Wangdao technology is an online education and technology service provider, providing cloud services for communities, higher vocational colleges, secondary vocational schools, technical schools and training institutions all over the country, and providing vocational skills training for blue collar migrant workers.