Gaotu misses Q2 revenue target, records net losses · TechNode

Second quarter revenue for Gaotu Techedu Inc. increased 35% compared to Q2 2020, reaching a record high of RMB 2.2 billion ($340.2 million). But the New York-listed edtech company missed the consensus target of $387.5 million, according to unaudited earnings results released on Wednesday. Net losses were RMB 918.8 million, compared with a net income of RMB 18.6 million in the same period last year. Gaotu’s share price since late July has fallen more than two-thirds following an industry-wide government crackdown on private tutoring companies. [Gaotu]

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Written by Aakash Malu


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