01:27 PM EST, 01/21/2025 (MT Newswires) -- (Updates with the stock price movement in the headline and the first paragraph.)

New Oriental Education & Technology Group ( EDU ) shares fell nearly 23% in recent Tuesday trading after the company's fiscal Q2 profit failed to meet expectations and the education firm set its fiscal Q3 revenue guidance below estimates.

The company reported fiscal Q2 non-GAAP net income Tuesday of $0.22 per diluted American depositary share, down from $0.29 a year earlier.

Analysts polled by FactSet expected $0.30.

Net revenue for the quarter ended Nov. 30 was $1.04 billion, compared with $869.6 million a year earlier.

Analysts polled by FactSet expected $1.01 billion.

The company said it expects fiscal Q3 net revenue of $1 billion to $1.03 billion. Analysts polled by FactSet expect $1.27 billion.

Price: 47.12, Change: -13.72, Percent Change: -22.55