Gaotu fell nearly 6% before the market opened, and Q1 adjusted net profit fell 97.7% year-on-year.

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Gelonghui May 21 | Gaotu (GOTU.US) fell 5.87% to US$7.7 before the opening

Gelonghui, May 21 | Gaotu (GOTU.US) fell 5.87% to US$7.7 before the opening.
Gaotu\’s unaudited financial report for the first quarter as of March 31, 2024, released before the market opened, showed that revenue in the first quarter of 2024 was 946.9 million yuan, a year-on-year increase of 33.9%; net loss was 12.3 million yuan. In the same period last year, net profit was 113.9 million yuan Yuan; non-GAAP net profit was 3.04 million yuan. In the same period last year, it was 133.6 million yuan, a year-on-year decrease of 97.7%.
The company\’s current forecast is that revenue in the second quarter of 2024 should be between 908 million yuan and 928 million yuan. The year-on-year growth rate should be between 29.1% and 32.0%.

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