Gaotu Techedu Inc. (GOTU) shares plummeted 6.04% intraday on Wednesday, following the release of the company's disappointing third-quarter 2024 financial results.
The Chinese online education company reported an adjusted loss per share of RMB(1.78) for the quarter, significantly missing analyst estimates of RMB(0.97) by 83.51%. Additionally, Gaotu Techedu's revenue of RMB1.208 billion fell short of expectations, missing the consensus estimate of RMB1.211 billion by 0.24%.
The wider-than-expected loss and slight revenue miss appear to be the primary drivers behind the stock's steep decline. Investors reacted negatively to the company's poor performance and lack of profitability, as reflected in the sharp sell-off.
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