Photo/Shetuwang

Dec. 10 (NBD) -- China Online Education Group ("51Talk", NYSE: COE) on Monday (ET) announced its unaudited financial results for the third quarter ended September 30, 2019.

51Talk grossed 409.2 million yuan (58.1 million U.S. dollars) in net revenues for the quarter, up 35 percent from 303.2 million yuan for the third quarter of 2018. The online education platform also saw a narrowed non-GAAP net loss, decreasing 97.8 percent year over year to 1.8 million yuan.

"Our primary growth driver remains our K-12 mass-market one-on-one offering in non-tier-one cities," said Huang Jiajia, founder, chairman and CEO of 51Talk.

Noticeably, the Beijing-based online education firm delivered over 100 million one-on-one online English lessons, including free trial lessons, from its inception in 2011 through the end of November this year. K-12 mass-market one-on-one gross billings grew 52 percent year-over-year in the third quarter of 2019 to reach 504.6 million yuan and represented 92.2 percent of 51Talk's total gross billings.

Email: lansuying@nbd.com.cn