BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Gaotu Techedu (GOTU) posted a third quarter net loss of RMB 471.3 million, compared with a net loss of RMB 57.7 million, prior year. Net loss per ADS was RMB 1.83 compared to a loss of RMB 0.22. Non-GAAP net loss was RMB 457.2 million, compared with a non-GAAP net loss of RMB 41.7 million. Non-GAAP net loss per ADS was RMB 1.78, for the quarter.
Third quarter net revenues increased by 53.1% to RMB 1.21 billion from a year ago. Gross billings were RMB 1.07 billion, up 67.2%.
The company projects fourth quarter total net revenues to be between RMB 1.29 billion and RMB 1.31 billion, representing an increase of 69.2% to 71.9% on a year-over-year basis.
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