Gaotu Techedu (GOTU) has released an update.
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Gaotu Techedu reported a notable 53.1% increase in net revenues to RMB1,208.3 million for Q3 2024, driven by a surge in student enrollments and market demand. Despite this growth, the company faced a widened net loss of RMB471.3 million, up from RMB57.7 million the previous year, due to increased operational expenses. Gaotu’s strategic investments in education systems and talent development aim to bolster long-term growth, backed by a solid cash reserve exceeding RMB3.3 billion.
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