New Oriental established an online education joint venture with Internet giant Tencent.
The venture helps New Oriental integrate its physical presence with an online offering to reach more people with interactive curricula. New Oriental will provide content and Tencent will market the venture, which is called Weixue Mingri, or Learning for the Future.
New Oriental offers over 2,000 courses in language, text preparation and other subjects on its Koolearn.com online website.
As part of its strategy for focusing on quality rather than quantity of locations, and improving margins, New Oriental ended its fiscal year 2014 with 703 locations, down somewhat from the prior year.
For the brand’s fiscal year 2014, which ended in May, net income improved 58 percent to $216 million on $1.1 billion in revenue, a 19 percent rise. The company is traded on the New York Stock Exchange.