Gaotu Techedu Q2 Revenue Lags Consensus - Gaotu Techedu (NYSE:GOTU)

Gaotu Techedu Inc GOTU reported second-quarter FY21 revenue growth of 35.3% year-on-year, to RMB 2.2 billion ($345.7 million), missing the analyst consensus of $387.5 million.
The revenue of online K-12 courses increased 51.0% Y/Y to RMB 2.1 billion.
Gross billings rose 12% Y/Y to RMB 2.7 billion. Paid course enrollments climbed 4.1% Y/Y to 1,631 thousand.
Gross profit rose 16.9% Y/Y to RMB 1.5 billion, and the profit margin decreased 1050 basis points to 67.6%.
The company incurred a net loss of RMB (918.8) million, compared to a net income of RMB 18.6 million in Q2 FY20.
The operating loss for the quarter was RMB (854.7) million. Non-GAAP loss per ADS was RMB(2.99).
Gaotu Techedu held RMB 4.97 billion ($769 million) in cash and equivalents as of June 30, 2021.
Price action: GOTU shares are trading lower by 2.44% at $2.40 in premarket on the last check Wednesday.