BEIJING (dpa-AFX) - Gaotu Techedu Inc. (GOTU), a technology-driven education company, Wednesday announced that net loss widened in the fourth quarter. However, the revenue surged due to consistent year-over-year growth in gross billings, driven by the company's effective response to strong market demand.
For the fourth quarter, net loss widened to RMB 135.83 million or $18.61 million from loss of RMB 119.65 million last year.
Net loss per ordinary share was RMB 0.80 or $0.11 versus loss of RMB 0.69 prior year.
Net loss per American Depository share was RMB 0.53, or $0.07 versus loss of RMB 0.46 last year.
Adjusted net loss was RMB 123.54 million, or $16.93 million, compared to loss of RMB 103.97 million last year.
Adjusted net loss per ADS was RMB0.49 in the fourth quarter of 2024.
Revenue increased 82.5 percent to RMB 1.39 billion, $190.24 million from RMB 761.01 million in the previous year's quarter.
Looking ahead, for the first quarter, the company expects total net revenues to range between RMB 1,408 million and RMB 1,428 million, marking a year-over-year increase of 48.7% to 50.8%.
Tuesday, Gaotu had closed 3.27% higher at $2.53 on the New Yorsk Stock Exchange.
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