(RTTNews) - Gaotu Techedu Inc. (GOTU) posted a second quarter net loss of RMB 429.6 million, compared with net income of RMB 56.2 million in the same period of 2023. Loss per ADS was RMB 1.65 compared to profit of RMB 0.21. Non-GAAP net loss was RMB 418.0 million, compared with non-GAAP net income of RMB 63.2 million. Non-GAAP net loss per ADS was RMB 1.61 in the second quarter of 2024.
Net revenues were RMB 1.01 billion, increased by 43.6% from RMB 703.1 million in the same period of 2023. Gross billings were RMB 1.65 billion, increased by 87.4% from prior year.
The company expects third quarter total net revenues to be between RMB 1.19 billion and RMB 1.21 billion, an increase of 50.5% to 53.0% on a year-over-year basis.
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