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(RTTNews) - Gaotu Techedu Inc. (GOTU) reported that its net loss for the first quarter ended March 31, 2024 was RMB12.3 million or RMB0.05 per ADS, compared to net income of RMB113.9 million or RMB 0.42 per ADS in the first quarter of 2023.

Non-GAAP net income was RMB3.0 million, compared to RMB133.6 million in the first quarter of 2023.

Net revenues for the first quarter increased by 33.9% to RMB946.9 million from RMB707.3 million in the first quarter of 2023, which was mainly due to the continuous year-over-year growth of gross billings in 2023 as a result of sufficient and effective response to the strong market demand.

The company projects total net revenues for the second quarter of 2024 to be between RMB908 million and RMB928 million, representing an increase of 29.1% to 32.0% on a year-over-year basis.

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