Gaotu Techedu Announces Second Quarter 2024 Unaudited Financial Results
Gaotu Techedu Inc. American Depositary Shares (GOTU)
Company Research
Source: PR Newswire
BEIJING, Aug. 27, 2024 /PRNewswire/ -- Gaotu Techedu Inc. (NYSE: GOTU) ("Gaotu" or the "Company"), a technology-driven education company and online large-class tutoring service provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.Second Quarter 2024 Highlights[1]Net revenues were RMB1,009.8 million, increased by 43.6% from RMB703.1 million in the same period of 2023.Gross billings[2] were RMB1,653.7 million, increased by 87.4% from RMB882.3 million in the same period of 2023.Loss from operations was RMB464.8 million, compared with income from operations of RMB43.3 million in the same period of 2023.Net loss was RMB429.6 million, compared with net income of RMB56.2 million in the same period of 2023.Non-GAAP net loss was RMB418.0 million, compared with non-GAAP net income of RMB63.2 million in the same period of 2023.Net operating cash inflow was RMB386.2 million, increased by 33.8% from RMB288.5 million in the same period of 202
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- 8/27/24 - Citigroup Inc.