Gaotu Techedu Inc (NYSE:GOTU) shares are trading higher at $1.50 after the company reported fourth-quarter earnings results.
Gaotu Techedu missed estimated earnings by 26.92%, reporting an EPS of 19 cents versus an estimate of 26 cents. Revenue was down $138.90 million from the same period last year.
Shannon Shen, CFO of the Company, added, "Following the restructuring which was completed in the third quarter, our new strategic focus achieved rapid and healthy growth. Both net revenues and gross billings generated from our comprehensive tutoring services increased quarter-over-quarter. Their gross billings secured a 72.8% growth. The increase reflects our prompt and decisive restructuring, strong organization, solid talent pool, and deep industry experience. In the future, we will continue to explore new businesses and remain dedicated to refining our products and services, with the goal of offering superior-quality courses and services that exceed our students' expectations."
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Gaotu Techedu has a 52-week high of $93.32 and a 52-week low of $1.39.
