Gaotu Techedu Posts Narrower Loss In Q2

(RTTNews) - Gaotu Techedu Inc. (GOTU) posted a second quarter net loss of RMB 216.0 million, compared with a net loss of RMB 429.6 million, last year. Net loss per ADS was RMB 0.88 compared to a loss of RMB 1.65. Non-GAAP net loss was RMB 206.8 million, compared with a non-GAAP net loss of RMB 418.0 million. Non-GAAP net loss per ADS was RMB 0.84.

Net revenues increased by 37.6% to RMB 1.39 billion from a year ago. Gross billings were RMB 2.25 billion, increased by 36.2%.

Total net revenues for the third quarter are expected to be between RMB 1.56 billion and RMB 1.58 billion.

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