In Q2, they reeled in revenue of over $982 million, a year-over-year increase of 116%. (NYSE: SNAP), the company behind Snapchat, posted some very good numbers. Today continues a busy week of earnings, and most companies who are reporting today are nothing short of impressive. TAL stock dropped 71%, EDU dropped 58% and GOTU lost 63%. Some of the biggest losers from this crackdown are companies like TAL Education (NYSE: TAL), New Oriental Education NYSE: EDU) and Gaotu Techedu (NYSE: GOTU). By removing the cost obstacles associated with for-profit tutoring, the country can ensure more children are educated.
This move, like the new three child policy, is meant to spur long-term economic growth. This class of assets is lagging today because the Chinese Communist Party is considering forcing for-profit educational tools to become non-profits. InvestorPlace’s Chris MacDonald is reporting on Chinese education stocks in particular. Likewise, the government is halting initial public offerings (IPOs) for companies that the Chinese Communist Party is not seeing eye to eye with, like Jack Ma’s Ant Group. markets is finally catching up to stocks.įines are being handed out by the Chinese government to companies like Alibaba (NYSE: BABA) to crack down on monopolization. It appears the Chinese government’s crackdown on monopolization and listing on U.S. A whole host of stocks from the Asian nation were trading in the red today. Today saw lots of trending stocks from China, but unfortunately, they were seeing interest for the wrong reason.
What Did the Stock Market Do Today? Chinese Stocks Tumbled on the U.S.
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