Gaotu (GOTU, Financial) experienced a 7.38% decline in pre-market trading, with shares priced at $2.76. The drop followed the release of its third-quarter financial results. The company reported a 53.1% year-over-year increase in net revenue, reaching 1.208 billion yuan. However, operating losses widened to 490 million yuan, up from 99.5 million yuan in the same period last year. Gross profit margin decreased to 64.4% from 72.4% a year earlier. A significant rise in operating expenses, up 89.1% to 1.268 billion yuan, was attributed to workforce expansion and increased spending on marketing and branding activities.
Gaotu (GOTU) Shares Drop After Q3 Earnings Report
Dec 04, 2024
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