Gaotu (GOTU, Financial) released its Q3 2024 financial results, revealing a 53.1% increase in net revenue to RMB 1.2083 billion, driven by strong market demand. However, the company reported a net loss of RMB 471.3 million, compared to a RMB 57.7 million loss in the same period in 2023. Adjusted net loss stood at RMB 457.2 million.
Gross revenue surged 67.2% to RMB 1.0692 billion, while gross profit increased 36.3% to RMB 778.5 million. Operating expenses rose 89.1% to RMB 1.2686 billion, leading to an operating loss of RMB 490.1 million.
Gaotu's board expanded its stock repurchase plan to $80 million, with approximately 11.5 million ADS repurchased by December 3, 2024. The company forecasts Q4 2024 revenue between RMB 1.288 billion and RMB 1.308 billion, marking a 69.2% to 71.9% growth.
