New Oriental Education & Technology (NYSE: EDU) shareholders beat a surging market this week. The Chinese education services specialist's shares rose 17% through Friday afternoon trading, according to data provided by S&P Global Market Intelligence, compared to a 4% surge in the S&P 500. That rally added to a head-turning rebound for the stock, which is up 28% so far in 2022 after having been down by nearly 60% in early May.

It was powered by a well-received earnings update from the management team.

New Oriental on Wednesday announced fiscal fourth-quarter results for the period that ended in late May. Sales fell sharply as the company reduced its footprint in some areas while expanding more deeply into some established markets in big Chinese cities. The closure of some learning centers was part of a wider restructuring plan aimed at reducing costs and aligning the company more closely with government regulations around for-profit teaching services.

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Source Fool.com