Shares of Gaotu Techedu Inc. (GOTU) plummeted 9.4% in pre-market trading on Wednesday, reacting to the company's disappointing third-quarter 2024 financial results released earlier.
The Chinese online education company reported a much wider-than-expected adjusted loss per ADS of RMB1.83 for the quarter, significantly missing analyst estimates of a RMB0.97 loss. Additionally, Gaotu Techedu's revenue of RMB1.208 billion fell short of expectations, missing the consensus estimate of RMB1.211 billion by a slight margin.
The substantial earnings miss and slight revenue shortfall appear to be the primary drivers behind the stock's sharp pre-market decline. Investors reacted negatively to the company's poor performance and lack of profitability, as reflected in the steep sell-off.
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