(Yicai Global) Oct. 27 -- Chinese tutoring service provider Tomorrow Advancing Life [NYSE:TAL] saw its share price dive 14.33 percent to close at USD27.73 yesterday, its biggest fall since May 2014, following the release of financial results for the second quarter of the fiscal year ended 31 Aug.
The firm, also known as TAL Education, reported second-quarter non-GAAP profit of USD71 million, an annual increase of 33.7 percent. The increase was 3 percent higher than the estimate made by Sheng Zhong, an analyst at Morgan Stanley & Co. [NYSE:MS], but 4 percent lower than average forecasts.
TAL delivered strong revenue growth due to rapid expansion but its profit fell slightly short of expectations, Sina Finance reported. The proportion of short positions accounted for 4.83 percent of its total floating shares, data from Markit show.